FX.co ★ Dutch shipbuilding company hurt by sanctions against Russia

European magnates, who have been feeling the sting of Moscow's retaliatory sanctions, are taking a leaf out of their Russian counterparts' book. It appears they too have developed a sudden taste for governmental handouts.

Big Russian businesses, having been smothered by sanctions, received generous compensations from the state. It seems their European peers were watching with a mix of envy and inspiration, and now they are saying, "We'd like some of that, please!"

Damen, the Netherlands' behemoth shipbuilding company, has formally requested the local authorities either fully or partially compensate them for losses incurred due to the Russian counter-sanctions. And just to show they mean business, they have thrown in a legal suit at the Rotterdam court against the government for good measure. The legal proceedings are expected to commence in 2024.

Damen Shipyards is a family-run Dutch firm established way back in 1927. They produce various types of vessels, from warships to posh yachts.

Prior to sanctions, Damen had been happily inking deals with Russian ship buyers. But alas, that ship (pun intended) sailed after February 2022, following a decision by the Dutch authorities. "Once the sanctions were in place, the Dutch government prohibited execution of such contracts by the local business community. And what's worse, they didn't even give us a penny for our troubles," lamented Rick van de Veg, a representative from Damen.