While his crew wintered over near present day Arkhangelsk, Chancellor travelled overland to Moscow, where he was received by Czar Ivan the Terrible. Willoughby's two ships, turned back from Novaya Zemlya in September and attempted to winter over on the coast of Lapland. Every crew member soon died from cold and hunger.
Chancellor returned to the White Sea in March 1554 and arrived back in London in the fall, bearing a letter from Czar Ivan to the English king, welcoming trade between the two Christian nations. This led to the Company being rechartered as the Muscovy Company, also called the Russia Company, by Mary I of England in 1555. The Company's privileges were confirmed by Act of Parliament in 1566 as the Fellowship of English Merchants for the discovery of New Trades.
Further English ventures led to the creation of the Levant Company in 1581, the Venice Company in 1583, East India Company in 1600, Virginia Company in 1609, and the Hudson's Bay Company in 1670.
- Morison, Samuel Eliot. The European Discovery of America: The Northern Voyages, p.483
- The Trade Route around the North Cape to the White Sea
- Olson, James (1996). Historical Dictionary of the British Empire: K-Z. Greenwood Publishing Group. p. 769.