Transport Constraints Caused by the Invasion of Ukraine and Sanctions against Russia

「Although the economy is showing signs of stabilization as monetary policy in Europe and the United States is eased, the outlook is expected to remain uncertain because of heightened geopolitical risks, including a review of U.S. trade policy following the change in the U.S. administration, the situation in the Middle East and Russia’s prolonged invasion of Ukraine.」

「Geopolitical risks have increased further, including the prolonged invasion of Ukraine by Russia and heightened tensions in the Middle East, adding to uncertainty about the outlook.」

「The outlook is expected to remain uncertain because of heightened geopolitical risks, including the prolonged invasion of Ukraine by Russia and the situation in the Middle East.」

「During the first six months of the current fiscal year, the global economy began to show some positive signs, including moderate growth in emerging markets, a recovery in economic activity in China and a pause in the sharp rise in resource prices such as energy and food. However, downside risks remained, including weakening domestic demand due to the continued effects of monetary tightening and the prolonged invasion of Ukraine by Russia, leaving the outlook uncertain.」

「During the first quarter of the current fiscal year, the global economy began to show some positive signs, including the reopening of economic activity in China and a pause in the sharp rise in resource prices such as energy and food. However, the global economy remained fragile because of weaker domestic demand resulting from higher prices and monetary tightening, while downside risks such as the prolonged Russian invasion of Ukraine remained, leaving the outlook uncertain.」

「International ocean transportation was significantly affected in the first half of the fiscal year by containers remaining at major European ports following the suspension of ocean transportation to Russia and temporary supply-demand imbalances caused by lockdowns in the Shanghai area of China.」

「As Russia’s military invasion of Ukraine continued, energy and raw-material prices rose and inflationary pressure increased, leading central banks in various countries to tighten monetary policy to contain inflation.」

「Russia’s invasion of Ukraine has caused sharp increases in energy and raw-material prices, raising the risk of an economic downturn associated with further inflation.」