Fall out over Ukraine
A new situation has developed for businesses who are either Russian firms trading in the UK or are UK firms trading with Russia. Essentially the billion pound business has had been halted due to the sanctions over Ukraine war which has seen the West turn against the forces of Putin in disgust as the actions that have created the largest European war since 1945.
One casualty is the former Strictly Come Dancing business-woman Kristina Rihanoff who has had a backlash over her endorsement of Putin’s war against innocent civilians in the Ukraine (hurriedly retracted when she realised public opinion). According to The Sun newspaper her dance business is £500,000 in debt due to not being able to work normally during the pandemic.
Another Russian on the run is the incredibly wealthy Roman Abramovich who famously owns Chelsea FC in London. The owner of the club is thought to be close to Putin but suddenly changed the ownership of the business to the trustees of the club. They are seeking clarification as they are not sure about the move. It’s a mess as the Kremlin sycophant tries to save his reputation. His wealth is reported to be losing its value by several million since the Russian army invaded Ukraine.
The EU announced today Russian billionaires will no longer be able to dock their yachts in European docks and have added sanctions against a number of Russian individuals including Alisher Usmanov and Oleg Deripaska.
The net is closing but for those who trade with Russian businesses in the UK, but there is a problem as if the firms are in free fall as Kristina Rihanoff’s firm is then the question is will suppliers get paid?
About ICSM Credit
ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.
For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.firstname.lastname@example.org on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.
To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.email@example.com
For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk