Paul Goble
Staunton, Jan. 14 -- Russia’s venerable Northern Shipping Company has announced its intention to seek bankruptcy protections because of the difficult financial situation it finds itself in as a result of Western sanctions imposed in 2022 and the inability of the company’s ships to enter the harbors of Western nations.
The company has chosen bankruptcy so as to protect its remaining assets while it reorganizes rather than being compelled to sell off portions of the company to meet its obligations (ru.thebarentsobserver.com/severnoe-morskoe-parohodstvo-obavilo-o-nacale-procedury-bankrotstva/443455).
What Russia’s Northern Shipping Company is doing not only reflects one of the ways in which sanctions imposed because of Putin’s launching of his expanded war in Ukraine but also represents an approach that other victims of Western sanctions will probably employ, using Russian courts as a last line of defense of their assets.
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