Russian news outlet Kommersant reports that a court of arbitration in the Yaroslavl region of Russia has begun insolvency proceedings against local company Yaroslavl Shipyard (YaSZ).
Court documents stated that the proceedings against YaSZ were filed after the company incurred debt totalling RUB14.4 million (US$190,000) from its failure to pay Nakhodka Ship Repair Yard (NSRY) for repairs done on the Russian Navy Project 23470 icebreaking tug Kapitan Sergeev.
The company has had some of its accounts frozen due to failure to pay taxes, and since late last year, it has reportedly been experiencing difficulty in paying the salaries of many of its employees, resulting in forced leaves and work being halted at some on-site facilities.
The company that filed the insolvency claim against YaSZ is PRO Factor, which had taken over from NSRY as the plaintiff in the case.
A hearing will be conducted later this month to verify whether the claim against the shipyard would warrant full insolvency proceedings to be undertaken.
YaSZ has been on international sanctions lists since 2019 for its activities in support of the Russian Ministry of Defence. The US and the EU further tightened their restrictions on the company in 2022 following the outbreak of the ongoing war with Ukraine.
