Two New Cruise Lines Unexpectedly Impacted by Russian Sanctions

Havila CapellaTwo new cruise operations found themselves the unintended targets of the international sanctions imposed on Russia and its financial institutions after the invasion of Ukraine.

While many of the worlds’ cruise lines scheduled to operate in Europe this summer have been working to reorganize itineraries to replace ports, especially in the eastern Baltic, Swan Hellenic and Havila Voyages have the added challenge that they had financed their new ships through Russia’s GTLK, a well-established financier to the maritime industry.

Many people were surprised that GTLK, the State Transport Leasing Company, and its subsidiaries in Europe and Asia, were not included in the early rounds of sanctions led by the United States and European Union.

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