Sevastopol Port is on the verge of bankruptcy . The facility , which is located in Russian - controlled Crimea , has been closed to international shipping since the Ukrainian government invoked international law following its capture . Activity at the port has since declined by 97 % , leaving it unable to pay its workers , provide money to the local government or service its debts . Russia 's attempts to revive activity at Sevastopol have proved unsuccessful , with various parts of the country 's economy now scrambling to extract what income they can from the port 's remaining assets before its final closure .
Sevastopol Port is on the verge of bankruptcy. The facility, which is located in Russian-occupied Crimea, has been closed to international shipping since the Ukrainian government invoked international law following its capture. Activity at the port has since fallen by 97%, leaving it unable to pay its workers, provide money to the local government or service its debts. Russia's attempts to revive activity at Sevastopol have proved unsuccessful, with various parts of the country's government now scrambling to extract what income they can from the port's remaining assets before its final closure.