Dutch yacht industry hit hard by Russia sanctions

Russian Flag on Board Boat
. Russian Flag on Board Boat (source: Flickr, user flowcomm)

Dutch yacht builders are losing revenue because of the Western sanctions against Russia, and restrictions on several wealthy Russians who cannot enter European naval space. Shipbuilders in the Netherlands are losing several hundred millions in sales, reports FD.

There are almost no new requests for construction or maintenance of yachts. Previously Russia was the country of origin for the majority of customers in the luxury boat segment.

“Since the conflict in Ukraine and the applications of sanctions, the Russian market has dried,” Emile Bilterijst, the director of Moonen Shipyards, told FD.

Dutch producers are turning their attention to American and South American markets. The Chinese market is also exhibiting substantial potential, but only time will tell if it is enough to fill the gap in sales.

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