“It’s like when you were a little kid and played a game where you laid siege to a castle, and you surrounded it, trying to starve the people out. But in this siege — Russian sanctions — half the castle has been left unsurrounded. They can just open the doors and get resupplied with food and trade every day,” said Robert Bugbee, president of Scorpio Tankers (NYSE: STNG).
One year ago, Russia invaded Ukraine. Bugbee’s comments, delivered at the Norwegian-Hellenic Chambers of Commerce shipping conference last month, sum up how the war has played out for shipping markets and global trade over the past 12 months.
There have been a multitude of sanctions. Russia has indeed faced challenges importing and exporting. But cargo has continued to flow, like water drawn by gravity around a stone.
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