Image: Shutterstock Image: Shutterstock HIGH COURT ORDERS have been made permitting a Cypriot shipping firm and its related entities to purchase vessels it currently leases from an Irish registered company that is ultimately owned by the Russian state – before the looming deadline of international economic sanctions against Russia for its invasion of Ukraine.
Applications for orders and reliefs had been brought by Pola Logistics Limited and its companies, which are not the subject of any international sanctions, against leasing companies GTLK Europe and GTLK Malta Four with addresses in Hume Street, Dublin and Malta respectively which are subject to sanctions.
Judge Sanfey directed that under the terms of the leasing agreements the applicants were entitled to purchase the vessels which were still in their possession.
Or to put it another way, sanctions evasion. Because if owned by Cyprus, they are still owned by Russia anyway.
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Source: IrishTimes - 🏆 3. / 98 Read more »