CMA Terminals, a subsidiary of CMA CGM Group, divested its holdings in Russia by reaching a swap agreement with Russian terminal operator Global Ports Investments PLC. The two parties entered a binding agreement to swap shares of three assets cash-free, said Global Ports in a press release issued on 29 December 2022. “In exchange for 25% of Multi Link Terminals Ltd Oy, Finland, the Group will receive 25% of CD Holding Oy, Finland, and 25% of Multi Link Terminals Ltd, Ireland, which own Yanino Logistics Park (LP) and Moby Dik (MD) respectively,” announced the company. Moby Dik is a container-oriented terminal with general cargo, bulk, and ro-ro capacities in the Baltic Sea and Yanino is an inland terminal near St Petersburg. Commenting on the agreement, CMA CGM told Lloyd’s List, "In 2021 CMA CGM decided and took action to swap the Russian assets with a bigger participation into Finland. The conclusion of this swap transaction has taken effect on the 28th of December 2022. With this finalized transaction and the decision to suspend all new bookings to and from Russia since March 1st, 2022, the CMA CGM Group will no longer be involved in any entities operating in Russia”. This move by CMA Terminals comes as part of western companies’ attempts to comply with the financial sanctions against Russia in the wake of its conflict with Ukraine. The financial sanctions, which continue to grow as the conflict continues, prohibit western companies from transferring money to Russian companies. With this agreement, both parties now hold 50% interest in the Finnish company, reported Maritime Executive. On the other hand, Global Ports gained full control of the two Russian terminals with this transaction.