Finnish Shipyard Hit by Sanctions on Russia as European Bank Closes Accounts

By The Moscow Times

Aug. 14, 2014

In an instance of Western sanctions striking closer to home, European lender Nordea Bank is closing the bank accounts of a Finnish shipyard after a major Russian shipbuilder that owns part of the company was blacklisted by the U.S., a Finnish news outlet reported.

Finland's Arctech Helsinki Shipyard is part owned by Russia's state-owned United Shipbuilding Corporation, or USC, which was blacklisted by the U.S. last month when the West stepped up its sanctions against Moscow over Russia's support for separatist rebels in war-torn eastern Ukraine.

"Nordea is an international bank with offices in the U.S., as such it must comply with U.S. sanctions," the bank told Yle news.

Arctech is also partially owned by Korean shipyard holding company STX.

Yle said that Esko Mustamyaki, the head of Arctech confirmed that their Nordea accounts had been closed, and said they do not expect this to impact the firm's orders, which include civilian icebreakers for use in the Arctic.

… we have a small favor to ask.

As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just 2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

Continue