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"Since the Nordic Star cannot fulfill its obligations to the tourists the Nordic Star has to declare that it has suspended its activity," the company said on its website.
The Nordic Star, which had offices in Moscow and St.Petersburg, organized tours to the Baltic and Scandinavian states.
The Nordic Star is the seventh tour operator in succession that ceased its activity amidst several other conspicuous bankruptcies reported since mid-July.
According to the Travel Aid's estimates, the return of all the tourists of the bankrupt companies from the foreign resorts might cost $ 5.6 million.
On Tuesday, Russian Prime Minister Dmitry Medvedev demanded to ensure the return of all the tourists within the shortest time possible. The prime minister instructed the Russian Interior Ministry to check the activity of all the travel companies, which failed to provide services to their customers abroad, adding that some of these companies had turned into "financial pyramids".