The largest Dutch shipbuilder, Damen Shipyards Group NV, is suing the Amsterdam government for losses suffered due to sanctions imposed on Russia; This is a rare case of a European company taking action to court over the “institutional” consequences of the occupation. Europe’s reaction to the invasion is Ukraine. Spokesperson Rick van de Weg told Bloomberg that the company was seeking compensation because it was “damaged” as a result of the sanctions. “Before the sanctions, Damen had signed contracts with Russian ship buyers, and after the invasion of Ukraine, the Dutch government decided that such contracts could not be fulfilled by Dutch business.” “He offered compensation to Damen for this damage.”
As the US agency announced, Damen, based in Gorinchem, the Netherlands, submitted the case to the Rotterdam Court on May 10, according to the court spokesman. The lawsuit has not yet been filed but is expected to begin officially next year. Damen Shipyard is a Dutch family-owned company founded in 1927 that produces a variety of ships, from battleships to dredgers. According to the Guardian, he also repaired a yacht belonging to Russian oligarch Roman Abramovich at the beginning of the war. Before the war, the enterprise had offices in Novorossiysk and St. Petersburg in the Russian Federation. It had an engineering subsidiary that serviced shipbuilding projects as well as “service centers” in St. Petersburg.
Days before Vladimir Putin ordered an attack on Ukraine, Damen delivered a dredger to Moscow for use in the Arctic region. The war was “having a huge impact” on the company, according to a statement last year. A week after the invasion, the company announced that it was suspending ship deliveries and the signing of new contracts with Russian and Belarusian customers. The company also said it expects “finding solutions for ships under construction and related legal procedures will be a difficult task.”
It’s unclear what kind of presence it currently has in Russia, and the company did not respond to questions about its current operations in that country. Following the start of the war, Damen closed its operations in the Ukrainian cities of Kherson and Mykolayiv, killing one of its workers, and said it evacuated hundreds of Ukrainian employees and their relatives safely abroad.
The company, which said it was suffering due to sanctions, achieved strong results last year despite blaming the measures taken against Russia for the decrease in the number of completed ships. However, according to what was announced at the beginning of the year, the production value reached a record of 2.5 billion euros in 2022. The order book reached the previous year’s record of 8.8 billion euros.
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Source: Today IT

Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.