Russia’s invasion of Ukraine, which has added to disruptions caused by the ongoing coronavirus pandemic, has created greater uncertainty for industry, including shipbuilders in north Asia, the South China Morning Post reported.
South Korean and Chinese shipbuilders rank among the industry’s top players, and as tensions grow in eastern Europe, the impact of the geopolitical decisions made in both Seoul and Beijing over the Ukraine crisis are starting to filter through. Firms in South Korea face the risk of delayed payments from Russian owners as Seoul has supported sanctions that ban major Russian banks from the Swift International payments network.
Read the full report: South China Morning Post.
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