Russian sanctions left the SH Minerva polar cruise ship stranded in Uruguay. Its operators are suing two Irish companies linked to Russian state lessor GTLK, claiming multi-million euro damages. Complicating matters is that one of the companies, GTLK Europe, is now in liquidation.
Concave Investments is finding it hard to sell three private jets it bought with finance from a black-balled Russian bank even thought the $15 million loans have been paid in full.
Last year, LetterOne was forced to cut ties with some of its Russian founders following the invasion of Ukraine. It is now financing one of Ireland’s fastest-growing institutional landlords.
The flight of Western capital from Russia since its invasion of Ukraine has so far been replaced with inflows from other partners led by China. The real threat for Moscow lies in the longer-term effects of shrinking investment.
An offshoot of Rusal, the parent company of Aughinish Alumina, is suing the Irish subsidiary of the Russian GTLK group for $20 million arising from the breakdown of a shipping deal, seemingly as a result of western sanctions.
Following recent missed payments on debts totalling $2.75 billion, bondholders including a British investment firm with Irish connections are considering their options against GTLK Europe.
The government has been looking at a number of options for Aughinish Alumina’s extraction plant in Limerick. One of those options involves nationalising the plant, a move designed to secure 400 jobs.
Russia’s largest bank has sold its Irish aircraft leasing unit in the face of sanctions, with a new mystery backer appearing on its books. Meanwhile, Irish lessors threatened with the seizure of their Russian-based aircraft are combing through their insurance contracts.
Ireland's Covid policy responses needed speed, scope, and scale. The Ukraine policy response has to be broad and fast to ensure households and businesses, just recovering from Covid, make it to the end of 2022.
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