Russian oligarch yacht to be auctioned - worth 71 million
Created: 06/27/2022, 17:20
By: Lukas Zigo
The confiscated yacht of a Russian oligarch is being auctioned off in Gibraltar for the first time.
Many oligarchs escape thanks to Turkey.
Gibraltar – A number of superyachts have been seized around the world in the wake of sanctions against Russian oligarchs over the war in Ukraine.
Now the first of these confiscated ships is to be auctioned off.
The luxury yacht Axioma, owned by Russian entrepreneur Dmitry Pumpyansky, is to be auctioned by order of the Gibraltar Supreme Court.
This was reported by the YouTube channel "eSysman SuperYachts".
72.5 meter super yacht AXIOMA arriving in Gibraltar.
© IMAGO/Giovanni Romero
A confiscated superyacht cannot normally be sold by Western authorities without extensive legal action.
Additional costs for this sometimes amount to ten to 15 percent of the ship's value per year.
The US bank JPMorgan was also involved in the seizure of the ship.
Pumpiansky is known to support Vladimir Putin, and his ship was confiscated due to sanctions against the Russian president.
Russia: Putin supporters on sanctions lists must fear for property
While the €71m superyacht is owned by the Russian billionaire, according to the Yachts YouTube channel, it is operated by a management company called Pyrene Investments.
As reported by
Business
Insider, JPMorgan had granted Pyrene Investments a 21 million euro loan.
The inclusion of the oligarch on a sanctions list meant that the loan agreement could not be honored.
According to Luxury Launches
due to frozen accounts.
Pumpyansky made his fortune in the oil and gas industry.
Together with fellow Russian oligarchs Sergey Popov and Andrei Melnichenko, he acquired Russia's largest steel pipe manufacturer TMK before buying out the conglomerate in 2006.
Since 1998, TMK has supplied the Russian state gas company Gazprom.
Russia: Turkey allows circumvention of sanctions for Russian oligarchs
Such sanctions are annoying, but Russian oligarchs are simply moving their superyachts these days.
For example, Turkey is a popular destination for superyachts as Ankara has not imposed sanctions on Russia.
The floating fortunes of the oligarchs are thus safe from confiscation in Turkey.
A €148m superyacht owned by fellow-sanctioned billionaire Andrei Skoch was spotted at anchor in Dubai.
Within the Russian parliament, the Duma, Skoch is one of the right-wing members.
The supporters of Vladimir Putin can thus also escape western sanctions in the United Arab Emirates.
(lz)
