Worth half a billion euros: Italy fixes next mega-yacht from Russian oligarch

Created: 03/13/2022, 16:53

By: Lukas Einkammerer

The Ukraine conflict leads to severe sanctions for Russian oligarchs.

Italian authorities have now confiscated a luxury yacht worth 530 million euros.

ROME - The Ukraine conflict has been terrifying the world for weeks.

While many people have expressed their sympathy and solidarity with the Ukrainian people, governments are now openly opposing Russia.

Drastic travel bans and sanctions are being imposed across the EU, especially on oligarchs - which have led to the establishment of a few million-dollar fortunes in a very short time.

Ukraine conflict: Russian billionaire's yacht confiscated

As Ferdinando Guigliano, advisor to Italian Prime Minister Mario Draghi, announced on Twitter, local authorities confiscated the superyacht "Sailing Yacht A" a few days ago.

The almost 143 meter long ship, which is worth an impressive 530 million euros, is said to belong to the businessman Andrei Melnitschenko, who was able to build up a fortune of almost 16.4 billion euros with his stake in the fertilizer manufacturer Eurochem and the energy company SUEK.

Since the outbreak of war in Ukraine, he has been on the EU's sanctions lists alongside countless other wealthy Russians - and in future he will have to do without his floating palace.

According to the German luxury shipyard Nobiskrug, which was commissioned to build the ship, the "Sailing Yacht A" is one of the largest and most innovative superyachts in the world.

Countless superyachts are being confiscated as part of EU sanctions against Russian oligarchs.

Many of the ships are worth hundreds of millions - and are now unusable in ports at anchor.

© IMAGO/Laci Perenyi

Ukraine conflict: confiscation of oligarchs' wealth

The "Sailing Yacht A" is not the first oligarch treasure that has fallen victim to the drastic EU sanctions in recent weeks.

A few days earlier, a 50 million euro dinghy belonging to Putin's friend Gennady Nikolayevich Timchenko was confiscated by the Italian financial police in Sanremo.

Shortly thereafter, the authorities reported the confiscation of a luxury cutter belonging to Severstal chairman Alexei Alexandrovich Mordashov.

Properties in the summery Tuscan countryside are also said to be affected by the sanctions.

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So far, assets worth over 700 million euros are said to have been frozen - a truly dizzying number that is likely to multiply in the coming weeks.

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While the strict EU sanctions lead to the confiscation of a number of riches, Russia is warning of the crash of the ISS - which would be possible due to the penalties.