The line and its parent company, DIV Group, are currently taking financial advice after its major lender, VTB bank in Germany, was sanctioned as its headquarters are based in Russia.
As an interim measure, Tradewind Voyages has placed a pause on its voyage sales. The line said cancellations are expected and customers will be contacted with updated information. Deposits remain secure as they are placed in a trust fund.
A spokesperson said: "It’s a very unfortunate situation we are in, where our owning group’s major lender has been impacted by sanctions.
"While we have been working with VTB Germany, its headquarters are based in Russia where the bank has been sanctioned because of the conflict between Ukraine and Russia. DIV Group continues to explore every option to rectify the issue.
"The decision to pause sales 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."
Tradewind Voyages were not reachable when approached for comment by TTG.
