Tradewind Voyages, which operates the Golden Horizon, has paused operations, citing sanctions against Russia, according to a statement.

“Tradewind Voyages and its owning group ‘DIV Group’ are currently taking financial advice as they have been impacted by sanctions placed on its major lender VTB bank, Germany,” the statement said. “While the company has been dealing with VTB bank, Germany, its headquarters are based in Russia.”

“As an interim measure Tradewind Voyages has placed a pause on its voyage sales, while it continues to work through this process. Voyage cancellations are expected, and customers will be contacted with updated information. Customer deposits remain secure as they are placed in a trust fund.”

CEO Alan McGrory. said in a statement it was an unfortunate situation.

“While we have been working with VTB Germany, its headquarters are based in Russian where the bank has been sanctioned because of the conflict between Ukraine and Russia,” he said. “DIV Group continues to explore every option to rectify the issue. The decision to pause sale on voyages is a difficult one, but the right thing to do currently. The Tradewind Voyages senior team continue to work with DIV Group and its external advisors to address the situation as soon as possible.”