In August, GTLK Europe, an Irish subsidiary of the Russian-owned craft leasing business, wound up in the news and in court when sanctions stopped its Cypriot clients from exercising options on more than €130 million worth of chartered shipping vessels. In limbo and unable to make good on their “hire-purchase” type agreements with the GTLK group, the Cypriot companies, Pola Logistics, Gravelor Shipping Ltd, Avonburg Finance, Capstans Holdings, and Valbridge Ltd, went to the High Court in Dublin for orders aimed at enforcing their contracts. The orders were granted.  That meant the Cypriot firms were free to conclude the purchase of…

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