The successful negotiations by English navigator Richard Chancellor with Russian Tsar Ivan IV in 1554 result in the formation of the Muscovy Company, founded in 1555 by celebrated cartographer, navigator, and explorer Sebastian Cabot and various London merchants; the elderly Cabot is appointed governor for life.

The joint-stock company’s objective is to exploit the contacts, as well as to continue the search for the Northeast Passage.

The company in October dispatches Chancellor on a second trading mission to Moscow.