France & Germany Seize Oligarchs’ Yachts, Others Flee Sanctions

The net of sanctions is tightening around the superyachts owned by Russian oligarchs. Yesterday, Germany seized the 512-foot yacht Dilbar, valued at nearly $600 million, owned by Russian billionaire Alisher Usmanov, who faces European Union sanctions over Russia’s invasion of Ukraine, Forbes reported. The yacht has been in the Hamburg shipyards of German shipbuilding firm Blohm+Voss since late October for a refitting job.

Today, the French seized the 289-foot yacht Amore Vero belonging to Rosneft boss Igor Sechin as it tried to leave the Mediterranean port of La Ciotat in a breach of EU sanctions on Russian oligarchs, Finance Minister Bruno Le Maire said.

Shortly before the Russian invasion of Ukraine, the 272-foot yacht, Graceful, believed to be owned by Vladimir Putin, made a hasty departure before finishing repairs and renovations at the Blohm+Voss shipyard, bound for Russia.

Other oligarchs are moving their yachts in an attempt to avoid sanctions. CNBC reports that data from Marine Traffic shows that at least five massive yachts owned by Russian business leaders have been moving toward Montenegro and the Maldives since a wide array of sanctions were announced in recent days by leaders from around the world.

The Maldives doesn’t have an extradition treaty with the U.S. while Montenegro is a member of NATO. Its foreign minister has said Montenegro, which applied for European Union membership in 2008, will join with the EU in its sanctions against Russia.

Axios reports that the U.S. Department of Justice announced the creation of a task force to freeze and seize the assets of Russian oligarchs who have aided Putin’s invasion of Ukraine. Several other countries, including the United Kingdom, are drafting plans to seize property owned by Russian oligarchs linked to Putin.

Forbes, working with yacht valuation experts VesselsValue, has identified the yachts of 32 Russian billionaires which may be potential sanctions targets. 

Comments

France & Germany Seize Oligarchs’ Yachts, Others Flee Sanctions — 2 Comments

  1. My yacht will fit very easily in the swimming pool on Dilbar. It would probably have to stay up the deep end though 🙂