Market News & Headlines >> Ukraine's Ports to Remain Closed

Ukraine’s ports will remain closed until Russia’s invasion ends, the head of Ukraine’s Maritime Administration told Reuters News Service on Monday, adding that the port of Mariupol has sustained damage from Russian shelling.

"The ports will be shut until the end of Russian aggression on our territory and (we) restore the ability to provide maritime security for commercial vessels,” Vitaliy Kindrativ told Reuters in emailed comments. Kindrativ said the authorities were still assessing the extent of damage in Mariupol, a prominent port located on the Sea of Azov, adding that other ports had also seen some damage, which was "not critical".

"But I think that final calculation will be done after the end of Russian aggression as there is still a great threat of landing of Russian troops through ports, which may cause great destruction of port infrastructure," he said. Many shipping companies have suspended sailings to affected Black Sea ports with insurance premiums for voyages soaring in recent days and at least three commercial ships hit by bombs since Feb. 24.

Kindrativ added that there were about 100 foreign flagged ships now “blocked in Ukrainian seaports by the Russian navy”.