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21 Feb, 2023 05:47

Maersk sells logistics sites in Russia – report

The shipping giant has been winding down its business activities in the sanctions-hit country
Maersk sells logistics sites in Russia – report

Danish shipping and logistics group A.P. Moller-Maersk announced on Monday it has agreed to sell its two logistics sites in Russia to Cyprus-registered company IG Finance Development. The move is part of the company’s efforts to completely pull out of the country.

According to the company’s press release, the sale of an inland depot in Novorossiysk, with capacity of 1,500 containers, and a chilled and frozen warehouse in St. Petersburg, has obtained regulatory approval in the European Union and Russia.

“We are pleased to have found a new owner of our two logistics sites in Russia and thereby execute on our decision to divest all our assets in the country,” Chief Commercial Officer Karsten Kildahl stated.

The report noted that IG Finance Development has concluded an agreement with Arosa, a large food importer in Russia, to operate the sites.

In March 2022, Maersk announced it would stop taking new non-essential orders to and from Russia due to Western sanctions. In August, the company sold a 30.75% stake in Russian port operator Global Ports Investments to Russia's largest container operator, Delo Group.

According to Reuters citing Maersk spokesperson, the shipping company still needs to sell four tug boats under its Svitzer brand, which are its only remaining assets in Russia.

For more stories on economy & finance visit RT's business section

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