Logistics company UPS announced the suspension of work in Russia

UPS, which suspended the delivery and shipment of goods to RUSSIA and Ukraine at the end of February,decided to suspend commercial activities in the region

The American logistics company UPS announced the suspension of commercial activities in Russia and Belarus, as well as in Ukraine, according to a service announcement on the company's website.

"UPS continues to monitor the situation closely," the statement said.

As REUTERS clarifies with reference to these companies, the contribution of the markets of Ukraine, Russia and Belarus to the company's consolidated revenue amounted to less than 1% of the revenue of the entire business in 2021 and does not significantly affect the company.

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According to the company's report, consolidated revenue for the first quarter of 2022 was $24.4 billion, up 6.4% from the first quarter of 2021, and consolidated operating income was $3.3 billion, up 17.6%, than last year.

UPS temporarily suspended the delivery of goods to Russia and Ukraine a few days after the start of Russia's special military operation in Ukraine on February 27. At the same time, the transport company FedEx reported on the suspension of the delivery of goods in Russia and Ukraine.

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Russia is facing a lot of sanctions. In particular, the United States and the European Union froze the gold and foreign exchange reserves of the Russian Central Bank, disconnected some Russian banks from SWIFT, imposed sanctions against top officials of the state and sectoral sanctions.

In addition, the US and European authorities have banned aircraft of Russian airlines from entering the airspace of the US and the EU, both passenger and cargo flights fell under this restriction. Later, in early April, the EU imposed restrictions on the delivery of goods to Russia by land transport, and Russian ships were banned from entering European ports. These restrictions "will undermine trade carried out by road and sea transport both from Russia and to Russia," the European Commission expects.

Russia has so far decided not to ban trucks from the European Union from entering Russia, RBC found out. Entrepreneurs who attended the meeting at the Ministry of Transport pointed out that such a ban could disrupt important supplies of equipment, including European machine tools, conveyors, consumables and spare parts.

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