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More Russian Oligarchs to Lose Yachts Due to Sanctions

by Carl Steward
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weapon, russian economyMore Russian Oligarchs to Lose Yachts Due to Sanctions

Russia’s ongoing war in Ukraine has prompted Western governments to impose tough economic sanctions on the country and Russian Oligarchs.

While the U.S. and its allies won’t be fighting Russian troops on the battlefield to avoid World War 3, it is waging a full-blown economic campaign against Putin-aligned Russian super-elites – often referred to as “oligarchs” – war. Theaters of remarkable wealth: ports, airstrips, apartments, resorts, and electronic trenches of international finance.

The pursuit of luxury for the much-maligned Russian Oligarchs has become a supporting actor in the hard-to-spread news of Ukraine and the destruction of its more than 2 million refugees. Western news outlets published a yacht gallery and its extravagant amenities: a vast wine cellar, air defenses, an amphibious shuttle bus to bring the Land Rover ashore.

Thus, the Russian elite became “victims” of severe sanctions and gradually lost their beloved luxury yachts.

Let’s discuss whose yachts West seized and what are their actual losses.

Putin’s Yacht Directed To “HELL”

During the first days of the war, the first victim became Putin’s beloved luxurious yacht.

Hackers rejiggered maritime traffic data to make it seem that Putin’s purported yacht had run aground on Ukraine’s Snake Island while bound for a destination named “HELL.”

Later, a 19-year-old student at the University of Central Florida automated a Twitter account to track the movements of jets belonging to certain billionaires. Students’ work made it much easier to find the oligarchs’ favorite luxury items and confiscate them.

Germany Seizes Russian Oligarch’s The World’s Largest Yacht

Usmanov, one of the Russian oligarchs, suffered the most. German authorities say they have seized the world’s largest superyacht after officially confirming its links to Russian billionaire business tycoon Alisher Usmanov.

According to a senior Biden administration official familiar with the matter, German authorities initially prevented the stunning superyacht from leaving her anchorage on March 3.

The officials said the yacht was not physically seized at the time. However, they have not allowed it to move from its current location in the German port city of Hamburg.

Named after Usmanov’s mother, the Dilbar yacht is 500 feet long. It features two helipads and the largest indoor pool ever installed on a private boat. The Treasury Department estimates the current value of Usmanov’s yacht at $735 million.

Usmanov and his superyacht found themselves targeted by the U.S. and its allies after Russia invaded Ukraine on February 24, following a February 24 coordination with Kremlin-linked Russian elites Consistent global sanctions.

U.S. sanctions list Usmanov’s yacht as prohibited property. All yacht-related transactions — including maintenance, hiring crew, and paying dock fees — are not permitted from being conducted with Americans or in U.S. dollars.

$90 Million Russian Yacht Seized By Spain

Another “poor” Russian oligarch affected by western sanctions was Viktor Vekselberg.

He lost a $90 million mega-yacht seized in Spain on April 4 with help from U.S. authorities.

Vekselberg was born in Ukraine but founded Renova Group, a large conglomerate headquartered in Russia.

On March 2, French authorities seized a mega-yacht allegedly linked to Russian billionaire Igor Sechin. Igor is the CEO of state oil company Rosneft. Previously, he served as Deputy Prime Minister in the government of Russian President Vladimir Putin.

The government of Italy has later confiscated Lady M, the property of Russian billionaire Alexei Mordashov.

Amadea Yacht: Next Victim

The United States is now trying to seize a superyacht allegedly belonging to a Russian oligarch docked in the Pacific island nation of Fiji, a restraining order filed Tuesday by the head of the Fiji attorney general’s office showed.

Russian oligarch Suleiman Kerimov is likely to be the owner of the luxury ship Amadea. So, the United States and the EU have also sanctioned him.

A week ago, the ship arrived in Fiji, left Mexico, and crossed the Pacific Ocean 18 days ago. Police are investigating.

Fiji’s Chief Prosecutor, Christopher Pryde, applied to the High Court to prevent Amadea from leaving Fiji.

Russian oligarchs seem to have a weird hobby of owning luxurious yachts. However, they will have to say goodbye to their beloved items. The strict western sanctions will continue to seize their assets.

BONUS VIDEO: Weekly news summary from the markets

The post More Russian Oligarchs to Lose Yachts Due to Sanctions appeared first on forexinsider24.com.

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