As Putin’s unprovoked attack on Ukraine continues, the world continues to stand up in defiance. Although many argue the US and the international community should be doing more, harsh sanctions have come in. These have, among other things, reduced the Ruble to less than a cent and sparked fear among Russians that if Putin’s invasion of Ukraine continues, Russia will become financially, culturally and politically isolated.
In response to this uncertainty, billionaire Roman Abramovich has put Chelsea football club up for sale.
Speaking of hasty moves, one Ukrainian yacht worker recently went viral trying to sink his (Russian) boss’s vessel. And it’s not just wayward workers making Russian superyacht owners think twice: a number of Russian superyachts have come under the scrutiny of authorities as sanctions kick in.
According to Forbes, because the yacht is registered in the Cayman Islands and owned through a holding company, it is difficult for the authorities to tie it directly to Usmanov for the purpose of sanctions.
Forbes recently reported that the Dilbar, a 512-foot, $600 million yacht owned by sanctioned Russian billionaire Alisher Usmanov, had been seized in Germany, based on information from three sources. However, they later issued a correction clarifying that the Ministry for Economy and Innovation in Hamburg stated the yacht had not been seized, but rather that work on it had been halted.
Forbes initially stated that three sources had confirmed the yacht’s seizure, but a representative for Usmanov pointed to the ministry’s statement in Hamburg, which confirmed that no seizure had taken place. The ministry further explained that the German federal customs agency is the authority responsible for enforcing any action, including issuing an export waiver if the yacht were to leave the port, and noted that “no yacht leaves port without the necessary clearance.”
Usmanov spoke out against the sanctions in a statement to the International Fencing Federation. He wrote: “I believe that such decision is unfair, and the reasons employed to justify the sanctions are a set of false and defamatory allegations damaging my honor, dignity, and business reputation.”
“I will use all legal means to protect my honor and reputation.”
Usmanov
Usmanov isn’t the only Russian billionaire feeling the effects of sanctions. According to CNBC, French authorities have seized a large yacht that is believed to be connected to Igor Sechin, a Russian billionaire and CEO of the state oil company Rosneft, who previously served as Russia’s deputy Prime Minister. Sechin is also reportedly nicknamed “Darth Vader” within Russian business circles.
These seizures coincide with the U.S. Justice Department’s announcement of a new task force, ‘KleptoCapture,’ designed to help enforce the sanctions.
These aren’t the only two billionaires who have to worry about their boats being battered by sanctions: Forbes and yacht valuation experts VesselsValue say there are 32 of them out there.
Reuters recently pointed out that ship tracking data reveals several superyachts owned by Russian billionaires—at least five—are either anchored or cruising in the Maldives, a country that notably does not have an extradition treaty with the United States.
Not so smooth sailing indeed…
