Although the Dutch Republic was no longer a major power, prior to 1774 they still dominated the European carrying trade, and Dutch merchants made large profits by shipping French-supplied munitions to the Patriots. This ended when Britain declared war in December 1780 and the conflict proved disastrous to their economy. The Dutch were also excluded from the First League of Armed Neutrality, formed by Russia, Sweden and Denmark in March 1780 to protect neutral shipping from being stopped and searched for contraband by Britain and France. While of limited effect, these interventions forced the British to divert men and resources away from North America.