Vietnam has suspended exports of pangasius and tuna to Russia due to the impacts of the war that Russia has launched in Ukraine, according to Vietnam Association of Seafood Exporters and Producers (VASEP).
International sanctions imposed on Russia following to its invasion of Ukraine have complicated commerce between the two countries. Several Russian banks were banned from using Society for Worldwide Interbank Financial Telecommunication (SWIFT) payment system, impeding the completion of financial transactions, such as payments for shipments. Some Russian importers have functioning bank accounts in third countries, but those are more time-consuming and also at risk of being blocked, VASEP reported. Additionally, a sharp decline of the value of the Russian ruble has resulted in many Russian importers either being unwilling or unable to pay the full value for cargoes, VASEP said, citing information provided by several major Vietnamese pangasius exporters to Russia.
Further complicating trade between Vietnam and Russia is the fact that international shipping companies have announced they will no longer provide services to Russia.
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