A.P. Moller-Maersk, the Danish shipping and logistics giant has announced it will sell off both of its logistics sites in Russia to Cyprus-registered IG Finance Development. The move is the company’s latest step in a plan to pull out of Russia completely.

The company noted in a press release that it has obtained regulatory approval from both the EU and Russia, to sell an inland depot in Novorossiysk which contains a chilled and a frozen warehouse in St Petersburg, as well as a capacity for 1,500 containers.

Chief Commercial Officer Karsten Kildahl said, “We are pleased to have found a new owner of our two logistics sites in Russia and thereby execute on our decision to divest all our assets in the country.”

The release also reported that IG Finance Development had inked a deal with Arosa, a Russian food importer, to operate the sites

Shortly after the Russian invasion of Ukraine, in March of 2022, Maersk announced that due to Western sanctions, it would cease taking non-essential orders to and from Russia. The company went on to sell off a 30.75% stake in Russian port operator Global Ports Investments to Delo Group, Russia’s largest container operator.

Reuters reported that the company’s only remaining assets in Russia were four tug boats held under its Svitzer brand, and is would be selling them off shortly.