There seems to be no end to the downhill spiral of the Russian travel market. The mounting problems the sector has been facing have resurfaced after the Ukrainian crisis and as a result, businesses shut down every day. The domino effect brought the closing of the sixth Russian travel agency this summer, Versa, based in St. Petersburg. An agency that has been very active in Greece. The travel agency officially announced on its website that it would be terminating the operation of outbound tourism services. In the announcement, the agency administration stated that the business will attempt to maintain its incoming tourism services. This is the sixth Russian tour operator organizing trips and packages to Greece that is facing serious financial problems this summer, following the bankruptcies of Neva, Labirint, Intaer, Solvex and Southern Cross. Versa was considered St. Petersburg’s strongest travel agency in regards to incoming tourism in 2013 and was ranked first based on profitability. According to preliminary estimates of market executives, it appears that there are around 2,000 Russian Versa customers currently vacationing in Greece.
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