Denmark’s Lauritzen Bulkers cannot get its hands on money owed by a Russian client due to sanctions.
Danish banks have ceased all money transfers from Russia following the war in Ukraine.
The Finans daily said the bulker operator is owed DKK 1.7m ($241,000) by the unnamed Russian customer.
Lauritzen Bulkers chief executive Niels Josefsen said the counterparty would like to pay the outstanding debt through a bank that is not subject to sanctions.
But Lauritzen’s Danish bank will not confirm that it will accept the money.
The CEO did not disclose further details of what the contract involved.
Until the Russian invasion of Ukraine, several Danish companies were doing business in Russia.
But now they are finding they cannot bank fees due, not even from Russian lenders who are not subject to western financial sanctions.
There is reportedly a long list of Danish companies that are currently struggling to get cash transferred.
Finans gives the example of major Nordic lender Nordea refusing to deal with any Russian banks due to the risky nature of the business.
New boss incoming
Parent J Lauritzen will have a new group CEO on 1 August after Kristian Morch was appointed.
The former boss of Odfjell in Norway is returning to his native country to take over as the new group head.
J Lauritzen also has minority stakes in BW Epic Kosan, Hafnia and Gram Car Carriers and has multiple investments in shipping funds.
He led Oslo-listed Odfjell for seven years before announcing his departure in March.
Then, he told TradeWinds it was part of a relocation of his family back to Copenhagen.
“I’m not sure what I’m going to do. I won’t be working for a competitor, that’s for sure,” he said.
Morch was replaced at Odfjell by chief operating officer Harald Fotland.