The bilateral influence between Russia and Ukraine has shifted sharply to multilateralism.

It is worth noting that as the crisis turned to war, energy majors opted to exit their Russian operations and projects. Oil and gas major Shell has joined other companies like BP, Wintershall Dea, TotalEnergies, ExxonMobil and Equinor in a decision to exit Russia-related businesses following Russia’s attack on Ukraine and the widespread sanctions the country and its companies have been facing.

Five of the top six ocean carriers - save for China Cosco - have fully or partially exited the Russian market.

The list of foreign companies pulling out of Russia keeps growing and the list extends to a broad range of consumer goods and services. Samsung Electronics Co. has suspended product shipments to Russia due to current geopolitical developments, joining a growing list of companies from Apple Inc. to Microsoft Corp. that are halting sales and services in the country following its invasion of Ukraine. Exports to Russia of all Samsung products ranging from chips to smartphones and consumer electronics have been suspended.

Over the weekend, Visa and Mastercard announced that they would suspend their operations in Russia. A day later, American Express followed suit, adding Belarus as the Russian invasion continues in Ukraine. According to the companies, cards issued by Russian banks will no longer receive support on their networks, and cards issued by non-Russian banks will not work if used with Russian merchants or ATMs.

Damen Shipyard Group, a globally operating company with more than 50 shipyards, repair yards, and related companies - as well as numerous partner yards that can build Damen vessels locally, will also no longer enter into new shipbuilding contracts for ships that will be delivered to Russia. The company says it will remain in close contact with the relevant authorities about the situation around Russia.

Just on February 22nd of this year, PortNews Media Group has successfully wrapped up the 5th International Congress “Hydraulic Engineering Structures and Dredging” in Moscow. During the two days of the Congress, which was held at the Chamber of Commerce and Industry of the Russian Federation, an interesting topic and fact were presented at the event that Damen Shipyards Group has built 36 vessels in Russia by today.

“We build a lot of ships in Russia and worldwide… Over the recent years we have built 36 ships in Russia including several dredgers and lots of tugs,” told Olivier Marcus, Dredging Product Director, Damen Shipyards Gorinchem at the event. He also added that besides this, Damen has established an engineering company in Saint-Petersburg which, apart from designing, is engaged in procurement of Russian equipment, management of supply chains, assistance and support of production.

But now, the new decision will make a “firm impact” on the company financially, a spokesperson said, although they declined to name a specific number. “It is a significant amount,” the spokesperson said. It will affect several working vessels already contracted or under construction, like tugs and fishing boats. It will also have an impact on dozens of Damen's suppliers.

In addition, Damen Shipyards expressed concern for its employees in Ukraine, who are in a very serious situation, a spokesperson said. "Where possible, we provide our colleagues with intensive support 24 hours a day. Our thoughts are with them."

The shipbuilding company has 35 shipyards and 12,000 employees in Europe, the Middle East, Africa, Asia and South America. It also has branches in Russia.