DP World Temporarily Halts Ukraine Operations, Trafigura Freezes Russia Investments

Dubai’s DP World has temporarily halted its Ukraine operations after attacks in different parts of the country, according to a company source. The sources added that the port operator was also reviewing its business in Russia due to the sanctions imposed by EU and its allies. DP World however, declined to comment on how the sanctions will affect its portfolio in Russia, as well as Ukraine.

In related news, Trafigura announced on March 2 that it has frozen its investments in Russia and will be reviewing its minority stake in a multibillion-dollar Russian arctic oil project. The oil project is backed by Russia’s President Vladimir Putin. WSJ notes that Trafigura has a longstanding commercial relationship with Russian oil giant Rosneft and is one of the biggest traders in Russian oil. In 2020, Trafigura took a 10% stake in Vostok for €7bn ($7.8bn) in 2020 – Trafigura invested €1.5bn ($1.7bn) and borrowed the rest from banks.

Trafigura’s USD 5.875% Perps were down 4.6 points to 90.9, yielding 7.9% and its EUR 7.5% Perp was down 6.7 points to 90.6, yielding 12.1%.