(Bloomberg) -- Vietnam's catfish and tuna exporters suspended shipments to Russia and Ukraine and are refraining from entering new contracts after the U.S. and Europe imposed sanctions on Russia after its invasion of Ukraine.
The shippers said their Russian buyers declined to pay for their orders because of the plunge in the ruble to a record low, while payments through their banks are at a virtual standstill because of the sanctions, according to the Vietnam Association of Seafood Exporters and Producers.
Shipping lines have stopped accepting containers for Russia, the association, known as VASEP, said on its website Monday.
Vietnam, the third-largest exporter of white fish to Russia last year behind Argentina and China, shipped catfish worth $32.5 million, a jump of 73% from a year earlier, according the group. Shipments to Russia in January dropped 30% from a year earlier to $2.2 million, it said.
Exports of tuna to Russia and Ukraine are also halted with some earlier shipments being returned, the association said in a separate post.
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