Most global shipping companies have suspended cargo bookings temporarily to and from Russia amid the Russia-Ukraine crisis, according to GlobalData, but it said that COSCO Shipping continues to transport goods to the country.

The data and analytics firm said COSCO Shipping's tanker fleet continues to transport crude oil, which is Russia's major export commodity to China.

Nonetheless, GlobalData said that essential goods such as medical equipment, food, and humanitarian aid continue to be transported.

"The decision by many global shipping companies to halt their services to Russia could put the country in a difficult position as it will struggle to import goods such as motor vehicles and spare parts, industrial machinery and equipment, apparel and electrical machinery," commented Sathiya Jalapathy, business fundamentals analyst at GlobalData.

GlobalData noted that the key shipping companies that have suspended their operations are MSC Mediterranean Shipping, CMA CGM RUS, Maersk, HMM, Ocean Network Express (ONE), and Hapag-Lloyd.

"COSCO is offering economic succor for Russia as it faces a barrage of economic sanctions from various governments," Jalapathy added.