Maersk nears total Russia exit, selling 2 sites

STORY: Shipping and logistics firm A.P. Moller-Maersk nears its complete exit from Russia.

The firm announced on Monday (February 20) that it has agreed to sell its two logistics sites in Russia to IG Finance Development Limited.

This consists of a depot facility in Novorossiysk, which has a capacity of 1,500 containers, and a chilled and frozen warehouse in St. Petersburg.

The group said the sale has obtained regulatory approvals in the EU and Russia.

The new owner, a Cyprus-registered company, will operate the sites after making an agreement with Arosa, a large food importer in Russia.

Once Maersk sells four tug boats under its Svitzer brand, the firm will not have any business in Russia.

The process to sell these vessels is ongoing, a spokesperson told Reuters.