russian billionaire yacht in singapore

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Russian billionaire’s 90-meter superyacht docks in singapore.

By Kevin Varley

(Bloomberg) — The 90-meter super yacht Dar, linked to Russian billionaire Ziyad al Manasir, is currently moored in Singapore’s Marina at Keppel Bay.

The vessel arrived in Singapore on Feb. 18 after sailing four weeks from Genoa, Italy, shipping data analyzed by Bloomberg showed. Based on the SuperYachtFan website, the ship can carry 12 guests and has a crew of 31 people, with its running costs about $18 million per year.

It’s not clear if Manasir, the Jordanian-born founder of Stroygazconsulting, a construction company based in Russia, traveled on the yacht from Italy.

After Russia attacked Ukraine last year, the 57-year-old Manasir appeared on a US Congress list of 198 individuals to be reviewed for possible sanctions last year, but he has not been targeted or charged with wrong-doing.

This comes as luxury vessel sales dropped 32% last year from a torrid 2021, when many first-time buyers entered the market during the pandemic, said VesselsValue Ltd on its website.

A weakening global economic outlook has led to a cooling yacht market with price reductions rising swiftly toward the end of 2022, suggesting a poorer year for sales in 2023 according to the industry watcher.

©2023 Bloomberg L.P.

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Russian tycoon’s superyacht docks in Singapore

Wednesday, 22 Feb 2023

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The 90m superyacht Dar, linked to Russian billionaire Ziyad al Manasir, is currently moored in Singapore’s Marina at Keppel Bay.

The vessel arrived in Singapore on Feb 18 after sailing four weeks from Genoa, Italy, shipping data analysed by Bloomberg showed. Based on the SuperYachtFan website, the ship can carry 12 guests and has a crew of 31 people, with its running costs about US$18mil (RM79mil) per year.

It’s not clear if Manasir, the Jordanian-born founder of Stroygazconsulting, a construction company based in Russia, travelled on the yacht from Italy.

After Russia attacked Ukraine last year, the 57-year-old Manasir appeared on a US Congress list of 198 individuals to be reviewed for possible sanctions last year, but he has not been targeted or charged with any wrongdoing.

This comes as luxury vessel sales dropped 32% last year from a torrid 2021, when many first-time buyers entered the market during the pandemic, said VesselsValue Ltd on its website. — Bloomberg

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Photos show the luxury mega yachts that belong to Russian oligarchs — some of whom have hidden their ships as the UK ramps up sanctions.

• Sanctions targeting Russian oligarchs threaten their luxury assets — including their mega yachts.
• Many countries have implemented sanctions targeting Putin and Russian oligarchs following Russia's attack on Ukraine.
• Insider compiled a photo list of some of the luxury vessels.

Russian billionaires' assets — including their megayachts — are in danger of being seized as countries continue to impose sanctions on Russian oligarchs in response to Russia's invasion of Ukraine.

US President Joe Biden announced that the US will make a substantial effort to seize Russian oligarchs' assets.

"We are joining with our European allies to find and seize your yachts, your luxury apartments, your private jets," Biden said in his State of The Union address on March 1. "We are coming for your ill-begotten gains."

Since the US is not in "armed conflict" with Russia it may be legally tricky to seize assets like yachts, Insider reported . 

"The threshold for seizing assets under sanctions is that the US has to be in armed conflict with the owner of the assets," Brian O'Toole, an economic sanctions expert, tweeted last Friday. "The idea of turning Russian corruption into Ukrainian assistance is lovely but this idea is illegal, period."

It can also be difficult to find out who the owners of these yachts are.

Offshore companies typically own the luxury vessels, but enough "public speculation" pointing to a Russian oligarch as an owner is likely "sufficient for a seizure," Insider reported . 

Many of the oligarchs moved their yachts to places where they can't be seized, such as the Maldives, which does not have an extradition treaty with the US.

Insider has compiled a list of photos with mega yachts linked to Russian oligarchs.

Galactica Super Nova

Amid sanctions and seizures targeting Russian billionaires, Galactica Super Nova — said to be linked to the CEO of Russian oil firm Lukoil — is no longer detectable via ship tracker site MarineTraffic , The Daily Beast reported Thursday. 

The superyacht — whose owner is named Vagit Alekperov — had just been in Montenegro last week, Insider reported .

Alekperov is not currently the target of any sanctions. 

The yacht is almost 230 feet long and can hold up to 12 guests and 16 crew members, according to the ship maker Heesen Yachts .

The ship also has a helicopter pad that can turn into an outdoor movie theatre, also according to the ship maker.

The Amore Vero

France seized Amore Vero, a 281-foot megayacht linked to oligarch and politician Igor Sechin, on March 3.

The yacht, Amore Vero, is estimated to have a value of $120 million . It has a swimming pool that doubles as a helicopter pad and a private deck for its owner, according to Oceana , the ship maker.

Per The Wall Street Journal , officials believe that Amore Vero is "owned by a company whose majority shareholder was Mr. Sechin," though the outlet does not provide the name of the company.

Sechin is the CEO of Rosneft, Russia's oil giant, and a former deputy prime minister. A known Putin ally , he was sanctioned by both the EU and the US before France seized his yacht last week .

Sechin was one of seven oligarchs sanctioned by the UK on Thursday. 

People in Russia have referred to Sechin as "Darth Vader" and "the scariest man on Earth," according to The Guardian .

Alisher Usmanov has been sanctioned by the EU, the US, the UK, and Switzerland. His boat remains in Germany, but the country says it hasn't seized it.

Usmanov's Dilbar is "is the largest motor yacht in the world by gross tonnage," according to Lürssen , the German ship's maker.

It's 512-foot long and weighs 15,917 tons. The ship has been docked in Germany for months undergoing a "refitting," but last week Forbes reported that it was unable to leave the dock.

Germany, however, has denied that it formally seized Dilbar.

Forbes said that "the German federal customs agency is the 'responsible enforcement authority' and would have to issue an export waiver for the yacht to leave, and that 'no yacht leaves port that is not allowed to do so.'" 

Still, multiple outlets reported that Usmanov has fired the crew on the Dilbar.

The Uzbekistan-born oligarch is a supporter of Putin. 

"I am proud that I know Putin, and the fact that everybody does not like him is not Putin's problem," Usmanov told Forbes  in a 2010 interview. 

Suleyman Kerimov was sanctioned by the US, and his son, Said Kerimov, owns ICE. The superyacht is worth is an estimated $170 million.

The Kerimov family owns the majority of Polyus Gold, Russia's biggest gold producer .

ICE was dubbed "Superyacht of the Year" in 2006 at the World Super Yacht Awards, according to Boat International . It is approximately 300 feet and has its own resident helicopter, according to Club Yacht .

Quantum Blue

Sergey Galitsky's ship, Quantum Blue, has an estimated value of $250 million and is last known to be docked in Monaco.

Galitsky is the founder of one of Russia's largest supermarket chains, Magnit.

His name is not currently on the list of sanctioned Russian oligarchs,

Though he also is not the target of any current sanctions, Vladimir Potanin's superyacht, Nirvana, is one of at least four ships docked in the Maldives .

Potanin is the Former First Deputy Prime Minister of Russia and was a longtime trustee for the Guggenheim museum before stepping down on March 2, according to The New York Times . 

Nirvana is not Potanin's only superyacht, he also owns another named Barbara, according to Fortune .

Alexander Abramov's Titan, Alexei Mordashovis' Nord, and Oleg Deripaska's Clio are also located in the Maldives.

At 533 feet long, Roman Abramovich's Eclipse was the largest yacht on the globe until 2013 when the 590-foot Azzam overthrew it. 

Abramovich, once Russia's richest man , is the departing owner of Chelsea FC soccer club. He was sanctioned by the UK on Thursday along with six other oligarchs, Insider reported .

The luxury boat has a host of amenities, including two helicopter pads, a missile detection system, and a swimming pool more than 50 feet long. It also has space for up to 36 guests and 70 crew members, according to Yacht Harbour .

Insider previously reported that it is currently docked in the Caribbean .

Another yacht named Solaris is linked to Abramovich. The vessel, worth approximately $600 million, left Spain Tuesday after having been under repair since late 2021, Insider reported.

Solaris is 460 feet and can host a total of 36 guests, according to SuperYachtFan .

Tango, owned by the US-sanctioned Viktor Vekselberg, is currently located in Palma, Spain.

Tango can host up to 14 people and is 254 feet long, won the 2012 World Superyacht Awards, and has an estimated worth of $120 million, according to SuperYachtFan .

Vekselberg is a Ukrainian-born businessman who owns Renova, a Russian conglomerate, according to The Guardian .

He was one of nearly two dozen Russian oligarchs and officials that the US sanctioned on Friday.

The US Treasury Department claims that he has close ties with Putin, and has announced that assets such as his $90 million jet and his superyacht Tango have been frozen, Insider reported .

Graceful, a yacht reported to belong to Russian President Vladimir Putin, left Germany just before his invasion of Ukraine, Insider reported in early February.

—Manu Gómez (@GDarkconrad) February 9, 2022

Graceful is 270 feet long and has a saloon, gym, spa, library, and an indoor pool nearly 50 feet long that doubles as a dance floor.

Scheherazade

A mystery yacht remains untouched as the owner remains a mystery.

The owner of the 459-foot Scheherazade is suspected to be a Russian billionaire, though the owner was never publically identified, The New York Times reported .

Many people believe it belongs to Vladimir Putin, nicknaming the vessel "Putin's Yacht."

SuperYachtFan estimates the ship's value sits at $700 million.

Stella Maris

Stella Maris is linked to oil and gas tycoon Rashid Sardarov. It was last seen in Nice, France, according to The Washington Post .

The luxury vessel is priced at $75 million, is 237 feet long, and can hold up to 14 guests, per SuperYachtFan .

Sardarov is not being sanctioned. 

Sailing Yacht A

Sailing Yacht A is believed to belong to Andrey Melnichenko. The boat was seized by Spanish officials Saturday, Reuters reported .

The ship is more than 465 feet long and can hold up to 20 guests, according to SuperYachtFan . The website says that Sailing Yacht A also features an underwater observation area and has a value of more than $500 million.

Melnichenko is an EU-sanctioned Russian billionaire who works in coal and fertilizers, according to Forbes . The magazine also reported that he owns a second yacht, Motor Yacht A, which is similar to a submarine. 

Oligarch Gennady Timchenko's superyacht "Lena" was seized in the port of Sanremo, Italy on March 5, Reuters reported.

Timchenko is the owner of a private investment group, Volga Group and a shareholder of Bank Rossiya. The oligarch has been sanctioned by the EU, which describes him as a "long-time acquaintance of the President of the Russian Federation Vladimir Putin."

Timchenko was also sanctioned by the UK on February 22. 

The superyacht is valued at around 50 million euros ($54 million), Reuters reported. It has fold-down terraces, as well as an "owner's suite" which opens out onto the sea with "gull-wing doors," according to its manufacturer, Sanlorenzo.

Italian authorities also seized a $71 million super-yacht belonging to one of the wealthiest men in Russia , Alexei Mordashov. 

The 215-ft "Lady M" superyacht was seized in the Port of Imperia, northern Italy, a source confirmed to Reuters.

The yacht can accommodate up to six guests on and also has accommodation for four crew members, per the Superyacht Times .

The oligarch, who is the chairman of steel mining company, Severstal, has also been sanctioned by the EU, which says Mordashov is "benefiting from his links with Russian decision-makers." Mordashov has insisted he has "absolutely nothing to do" with Russia's attack on Ukraine. 

The Oligarch moved $1.3 billion worth of shares in travel company, TUI, to an offshore tax haven on the day he was hit by sanctions, Insider's Huileng Tan previously reported. 

He was also added to the UK government's sanctions list on March 15.

Some superyachts belonging to Russian billionaires are currently seeking refuge in the Maldives, including a yacht owned by billionaire Oleg Deripaska, Reuters reported.

The billionaire, who is also the founder of one of Russia's largest industrial groups, Basic Element, was added to the UK's sanctions list on March 10.

Also built by Lürssen, the superyacht - which is around 238 feet long - can accommodate 18 guests in nine cabins, per Superyacht Fan.

The superyacht Valerie - worth $140 million - was seized in Barcelona on Monday, Spanish Prime Minister, Pedro Sanchez, said on La Sexta television, per Reuters.  

Sanchez did not confirm the owner of the yacht, but two sources confirmed to Reuters that it belonged to Sergei Chemezov, who is said to be a close ally of Putin.

The oligarch, who was previously a KGB spy with Putin in the former Soviet Union, recently said that Russia would emerge victorious from Western sanctions, Reuters previously reported . 

Chemezov, who is the CEO of Russian defense conglomerate Rostec was added to the US sanctions list on March 3. 

His yacht is 279 feet long and can accommodate 17 guests in eight suites, per Superyacht Fan.

Crescent, most likely owned by Igor Sechin but also rumored to belong to Putin, was the third yacht Spain seized as the West ramps up sanctions, The Washington Post reported Thursday.

The superyacht is 443-feet long and costs an estimated $600 million, according to  SuperyachtFan, which also says the vessel hosts a retractable helicopter hangar and a large pool with a glass bottom.

Lady Anastasia

Lady Anastasia is owned by Russian oligarch Alexander Mikheyev but was seized by Spain on Tuesday, according to Reuters . 

The boat is almost 160 feet long and can hold up to 10 guests, according to Yacht Harbour .

Mikheyev, who was sanctioned by the EU, is the head of a helicopters division under Rostec, New York Mag reported .

• Main content

Here are the superyachts seized from Russian oligarchs

As part of an international pressure campaign on Russia, authorities from around the world have seized more than a half-dozen superyachts belonging to billionaire oligarchs allied with Russian President Vladimir Putin.

The yacht seizures since the Feb. 24 invasion are "just the beginning," White House press secretary Jen Psaki told reporters in March, as an international task force worked to identify further assets that can be seized or frozen.

“The Justice Department will be relentless in our efforts to hold accountable those who facilitate the death and destruction we are witnessing in Ukraine,” U.S. Attorney General Merrick Garland said of the ongoing efforts in May.

Here are the superyachts government officials have seized since Russia invaded Ukraine last month.

The Justice Department announced May 5 that the Fijian government had seized billionaire oligarch Suleiman Kerimov 's 348-foot yacht Amadea. The vessel, which is valued at more than $300 million , arrived in Fiji last month. Kerimov, who's worth an estimated $14 billion and has ties to the Russian government, was sanctioned by the U.S. Treasury Department over alleged money laundering in 2018.

Special features on the sprawling yacht include a helipad, infinity pool, a jacuzzi and multiple bars, according to a report in Boat International . It can accommodate 16 overnight guests in addition to 36 crew members, the report said.

In April, Spanish law-enforcement officials seized a 255-foot yacht called the Tango, which Justice Department says is owned by oligarch Viktor Vekselberg. Vekselberg is an aluminum magnate who the Treasury Department says has close ties to Russian President Vladimir Putin.

The Tango is worth an estimated $90 million, prosecutors said , and Vekselberg allegedly purchased it through shell companies. The 11-year-old yacht has seven staterooms and reportedly includes amenities such as a pool, gym and beauty salon .

Authorities in Italy seized a 215-foot superyacht called the Lady M this month. It's owned by Alexei Mordashov, Russia's richest businessman, and it’s estimated to be worth $27 million . The vessel, which requires a crew of 14, has six guest cabins , a pool and a gym.

But it pales in comparison to another of Mordashov's yachts, the $500 million Nord . The 464-foot vessel, which has two helipads and a waterfall and can accommodate 36 guests, was anchored this month in the Seychelles, where the U.S. and European Union sanctions don’t apply.

Italian officials also seized the 132-foot superyacht Lena, owned by the energy magnate Gennady Timchenko. Estimated to be worth $8 million, it has five cabins and can accommodate 10 guests.

SY A — short for Sailing Yacht A — is one of the world's largest superyachts. Valued at over $440 million, the 469-foot vessel, owned by the fertilizer magnate Andrey Melnichenko, has eight decks, multiple elevators, an underwater observation area and the world's tallest masts . It was seized in the Italian port of Trieste.

Authorities in Spain seized Sergei Chemezov's Valerie, a 279-foot superyacht that had been moored in Barcelona. Chemezov , a former KGB officer, heads the state conglomerate Rostec. Spanish Prime Minister Pedro Sanchez touted the seizure on La Sexta television. “We are talking about a yacht that we estimate is worth $140 million,” Sanchez said.

Officials in France announced this month that they had seized the 289-foot Amore Vero, which was undergoing repairs in a shipyard near Marseille. When they arrived, authorities said, they found the crew preparing for an urgent departure, even though the repair work was scheduled to last through April. The $120 million boat, which has seven cabins , is linked to Igor Sechin, described by the U.S. Treasury Department as a close ally of Putin's.

Dareh Gregorian is a politics reporter for NBC News.

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A multimillion-dollar superyacht once owned by a Russian oligarch has gone to auction

Dustin Jones

The Axioma superyacht, seen in Gibraltar in March, once belonged to Russian oligarch Dmitrievich Pumpyansky. The vessel was seized last March in accordance with sanctions imposed by Britain and the European Union. It will be auctioned off Tuesday, with the proceeds going to JP Morgan Chase. JON NAZCA/REUTERS hide caption

The Axioma superyacht, seen in Gibraltar in March, once belonged to Russian oligarch Dmitrievich Pumpyansky. The vessel was seized last March in accordance with sanctions imposed by Britain and the European Union. It will be auctioned off Tuesday, with the proceeds going to JP Morgan Chase.

A superyacht once belonging to a Russian billionaire went to auction Tuesday in the British territory of Gibraltar. The vessel, estimated to have a value in the tens of millions of dollars, was seized in March as part of Western sanctions against Russia following the invasion of Ukraine.

Gibraltar's Admiralty Marshal was tasked with appraising and selling the yacht, which received 63 bids, according to court documents. Its official appraised value is "a confidential matter which cannot be disclosed," although outside estimates reportedly place it anywhere from $42 million to $75 million. Details about who ultimately purchases the vessel and for what price will be made public when the transaction is complete.

Measuring 236 feet long and weighing over 1,600 tons, the Axioma is a sight to behold. It can accommodate 12 guests in six cabins — along with a 20-person crew in 12 other rooms — and features a gymnasium, full-service spa, infinity pool and luxury cinema, as stated on the Howe Robinson Partners auction site.

The cost to charter the Axioma for a week runs an average of roughly $500,000 , not including other operating costs, according to Yacht Charter Fleet.

The former owner of the ship is Dmitrievich Pumpyansky, once Russia's largest steel pipe manufacturer and currently worth $2 billion, according to Forbes . Unfortunately for Pumpyansky, he was sanctioned by Britain and the European Union after the invasion.

Other superyachts owned by Russian oligarchs have been detained as a result of the sanctions, but the Axioma is the first to be sold off, the Guardian reported.

Despite calls for the proceeds of the sale to benefit Ukraine, the funds will instead be paid to JP Morgan Chase. According to the Guardian, the international bank had a loan agreement with Pumpyansky's holding company, Pyrene Investments.

However, the sanctions against Russia prevented JP Morgan Chase from accepting payments from the holding company, breaching the agreement, and the bank filed a legal claim to have the vessel seized and sold at auction.

Other superyachts belonging to Russian elites have been detained all over the world — including the Amadea, which was seized in Fiji at the request of the United States in May. That $300 million yacht belonged to Suleiman Kerimov, a Russian gold producer worth over $12 billion, according to Forbes .

The fate of the Amadea is uncertain, however; it, too, could be sold to the highest bidder, which would be in line with President Biden's aims to hold Russian oligarchs accountable for their role in the invasion and, potentially, use the proceeds to aid Ukraine.

US alleges sanctioned Russian oligarch’s niece made payments for his $300M yacht

The yacht, known as the Amadea, was seized by officials in 2022, with the U.S. alleging billionaire Putin ally Suleiman Kerimov is the ultimate beneficial owner.

U.S. authorities claim to be one step closer to proving a seized $300 million mega yacht is owned by sanctioned Russian Suleiman Kerimov, according to new court filings that detail alleged payments for the boat from the oligarch’s niece.

The yacht, a 348-foot luxury vessel known as Amadea, was seized in Fiji in 2022 by local officials at the request of the United States, as part of the Justice Department’s ongoing efforts to identify and seize assets of sanctioned Russian oligarchs in the wake of Russia’s 2022 invasion of Ukraine.

Kerimov, known for throwing lavish parties and for his reportedly close relationship with Vladimir Putin, was sanctioned by the U.S. in 2018. Britain and the European Union later followed suit.

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However, since the Amadea’s seizure, another Russian oligarch, Eduard Khudainatov, who is not currently under U.S. sanctions, has claimed to be the yacht’s rightful owner — an assertion U.S. authorities deny.

Prosecutors allege that new documents show Kerimov’s niece, Alisa Gadzhieva, entered into a loan agreement with the company that owns the yacht, Errigal Marine Limited, and then made two payments to Khudainatov’s holding company, Invest International Finance Ltd, Intelligence Online reported .

“The United States takes sanction evasion seriously and will use all tools at its disposal to ensure that sanctioned individuals are held accountable for their crimes,” U.S. Attorney for the Southern District of New York Damian Williams said in an earlier statement . 

The ship belongs to an array of high-value luxury items linked to Kerimov, including private jets and sportscars, like a $650,000 Ferrari that Kerimov totaled in a fiery crash on the French Riviera in 2006. 

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The yacht’s seizure followed ICIJ’s Pandora Papers, which included revelations on the offshore financial empire of Kerimov and his closest associates. The investigation showed billions of dollars flowing through opaque offshore shell companies associated with Kerimov, and covert money flows tied to oligarchs and others close to the Kremlin. It also highlighted offshore professionals who have helped oligarchs secretly buy luxury assets like yachts and jets.

Gadzhieva’s brother, Kerimov’s nephew Nariman Gadzhiev, is also under U.S. sanctions for allegedly serving as an assistant and financial facilitator for Kerimov. ICIJ’s reporting showed that, in 2012, a firm registered in Gadzhiev’s name worked with Credit Suisse to secure a $67 million loan for the acquisition of a custom-built Boeing 737 Business Jet as well as a Bombardier Global Express jet. A few years later, an article in Forbes Russia described Kerimov as owning the same kind of Boeing jet.

The Amadea, which is currently in U.S. custody, has already cost over $7 million in taxpayer funds to maintain while the legal battle plays out, The Guardian reported.  

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The long tale of the yacht linked to a Russian oligarch and abandoned in the Caribbean for more than 2 years finally draws to a close

An undisclosed buyer picked up the Alfa Nero for $40 million last week.

The yacht was originally seized from a Russian oligarch in 2022.

The sale ended an ownership tug-of-war, which included ex-Google CEO Eric Schmidt.

An undisclosed buyer has finally stepped up to the helm of the Alfa Nero superyacht, ending a two-year-long saga, Bloomberg reported on Tuesday.

That buyer agreed last week to pay $40 million, a huge discount to the $67.6 million that former Google CEO Eric Schmidt bid last year, a deal he eventually abandoned.

The Antigua and Barbuda government sold the superyacht, which houses an infinity pool that converts to a helipad or dancefloor.

The massively discounted price can be attributed to authorities' need "to get the boat sold," Richard Higgins, a broker who represented the buyer, told Bloomberg.

Higgins said the European buyer, whose identify was kept secret, intends to put the superyacht on the charter market.

The person "is not included in the sanctions list of any country or institution," Ronald Sanders, Antigua and Barbuda's ambassador to the US, told Bloomberg.

The 267-foot-vessel was seized by Antigua and Barbuda authorities after it was linked to Russian oligarch Andrey Guryev, who was accused by the US Treasury Department of having close ties to Russian President Vladimir Putin. Guryev is the founder of Phosagro, Europe's largest producer of phosphate fertilizers, according to the Bloomberg Billionaires Index .

The Alfa Nero was among dozens of superyachts seized following global sanctions against Putin's closest associates, which led to billions of dollars in frozen assets.

The Alfa Nero's maiden owner was Guryev, who purchased the vessel for $120 million, according to the US Treasury and the Antigua and Barbuda government . The Russian billionaire had adamantly denied ownership.

After the vessel was seized in 2022, it remained docked in Antigua's Falmouth Harbour, which cost residents of the Caribbean nation $28,000 in weekly tax dollars for maintenance, which took as many as 44 crew members . The superyacht was then valued at $81 million.

In 2023, the Antigua and Barbuda government put the Alfa Nero up for auction, citing hazards due to a lack of maintenance.Eric Schmidt initially won the bidding, for $67.6 million , but eventually backed out after Guryev's daughter claimed ownership of the superyacht.

The most recent acquisition of the Alfa Nero finally ends its ownership limbo, during which it racked up millions of dollars in port fees under the custody of the Antigua and Barbuda authorities, Darwin Telemaque, the Alfa Nero's port manager, told Bloomberg.

Last year, the Wall Street Journal reported that Antigua and Barbuda taxpayers were footing a $28,000-a-week bill to maintain the Alfa Nero, including the salary of an Italian captain and $2,000-a-day in diesel to keep its air conditioning running. That's because if the AC is turned off, it could let mold spread throughout the vessel and ruin the hardwood interior or a Joan Miró painting onboard, per the WSJ.

Read the original article on Business Insider

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Justice Department, Russian Billionaire Battle Over Seized Superyacht

T he Justice Department last year seized a superyacht as part of a crackdown on Russia’s business elite. Now a tug of war has erupted over who owns it.

On Monday, as a Russian oil tycoon sued the U.S. government to get the 348-foot Amadea back, prosecutors said it isn’t his and sought to have it forfeited, saying it really belongs to another billionaire close to Russian President Vladimir Putin.

The Justice Department said the $325 million yacht belongs to Russian oligarch Suleiman Kerimov, a business tycoon-turned-politician, who was sanctioned by the U.S. in 2018, accused of money laundering and tax evasion. It filed a complaint in Manhattan federal court Monday seeking the vessel’s forfeiture.

“The United States brings this action today after a careful and painstaking effort to develop the necessary evidence showing Suleiman Kerimov’s clear interest in the Amadea and the repeated misuse of the U.S. financial system to support and maintain the yacht for his benefit,” said Michael Khoo, co-director of a Justice Department task force targeting such assets. 

Not true, said Eduard Khudainatov, a former president of Rosneft Oil. He sued the U.S. government Monday, saying he is the rightful owner of the Amadea, which authorities confiscated in May 2022 as part of an international effort to raise the cost to the Kremlin and its supporters of pursuing the invasion of Ukraine. 

Khudainatov’s suit asserts that he, not Kerimov, owns the luxury craft, which is longer than a football field, has the requisite helicopter landing pad and is capable of cruising between continents. Khudainatov isn’t under sanctions, his suit says, and he wants the ship back.

The lawsuit includes a September letter from Khoo and his KleptoCapture task force co-director, David Lim, saying they have closed their criminal investigation into Khudainatov. While his lawyers included that letter to strengthen their case, it signals that investigators have concluded Khudainatov isn’t the vessel’s rightful owner.

“The Amadea was targeted by the U.S. government because of its size, opulence and Russian ownership, and not because of any evidence it was involved in wrongdoing,” the suit says. Representatives for Kerimov couldn’t immediately be reached for comment.

The Justice Department declined to comment on the lawsuit. In the civil forfeiture complaint, prosecutors said various transactions and documents aboard the vessel link it to Kerimov, who they said wanted to make renovations to it, including turning the existing gym into a spa with a massage table, replacing the wine refrigerators with bookshelves and upgrading to bigger toilets and bidets.

The seizure of the Amadea in Fiji was among the first major, visible moves by the KleptoCapture task force, which was set up to confiscate and freeze the luxury yachts, real estate, private jets and other assets of Russian oligarchs with ties to President Vladimir Putin. 

KleptoCapture’s aim is both to punish businessmen close to the Kremlin and to use the proceeds of sales of boats and mansions to fund the reconstruction of Ukraine. Justice Department officials held up the Amadea’s seizure as an early success. But the fight over its ownership highlights the challenges law-enforcement agencies across the West face as they move to confiscate assets from rich Russians. 

Many Russian billionaires hold their wealth through a maze of opaque shell companies, the beneficial owners of which can include members of the sanctioned oligarch’s family or someone else entirely. That ownership structure often complicates the process of proving that a sanctioned individual is actually linked to an asset. Indeed, Khudainatov’s suit argues that the Amadea isn’t owned by a sanctioned individual and so shouldn’t be frozen. 

Another legal hurdle: Being sanctioned isn’t a crime. It merely freezes an individual’s asset and bars the holder from using it. Government agencies must prove an individual broke the law before they can confiscate properties such as yachts as the proceeds of crime.

An FBI agent wrote in an application for a warrant to seize the yacht that it appeared Kerimov purchased the ship in 2021, after he was sanctioned, pointing to various financial transactions. The yacht’s automated information system was turned off on Feb. 24, the document said, almost immediately after the start of the Russian invasion of Ukraine.

Khudainatov’s lawsuit said information on the yacht’s location has always been available and the warrant application, much of which has been redacted, was “knowingly false and misleading.” Khudainatov said he never sold the yacht to Kerimov and doesn’t know him.

“The DOJ has been parading the Amadea around as the poster child of President Biden’s policy,” Khudainatov’s lawyers Adam Ford and Renée Jarusinsky wrote in the suit, filed in the Southern District of California. 

U.S. taxpayers in June 2022 paid to have the Amadea sailed to San Diego, where the lawsuit estimates it has cost the government at least $1 million a month to maintain.  The U.S. government is legally obligated to maintain the value of any asset it seizes.

Western governments have held the line and maintained most of the sanctions imposed despite a wave of legal challenges. Most governments have said sanctions will only be lifted once the war in Ukraine is over. Meanwhile, taxpayers are pouring millions of dollars into maintaining yachts and other properties that no one can use.

—Max Colchester contributed to this article.

Write to Sadie Gurman at [email protected].

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Superyacht linked to sanctioned Russian billionaire on sale for $41m

FORT LAUDERDALE - A US-based luxury yacht broker is advertising for sale a 51m superyacht linked to sanctioned Russian billionaire Igor Kesaev for 29.5 million euros (S$41.5 million), according to an e-mail seen by Reuters.

The proposed sale of the MySky yacht, which was disclosed in an advertisement e-mailed from the brokerage firm to undisclosed recipients on Sept 14, comes amid concerns from Western governments and campaigners that billionaires like Mr Kesaev have been able to work around a patchwork of international sanctions targeting their luxury assets such as yachts.

The European Union and Britain sanctioned Mr Kesaev in April in the wake of Russia's invasion of Ukraine, with the EU citing his involvement in military weapons production and tobacco distribution in Russia, as well as links to the Russian government "and its security forces".

The United States has not sanctioned Mr Kesaev, and the US Treasury did not respond to requests for comment.

Ms Sara Gioanola, a spokesperson for Heesen Yachts, the Netherlands-based firm that built MySky, confirmed that Mr Kesaev commissioned it and another yacht, called Sky. MySky was completed in 2014.

An article about Mr Kesaev's daughter and her art gallery in the spring 2021 edition of Heesen's magazine noted that "the Kesaev family is well known to Heesen, having commissioned Sky and MySky over the past decade".

Reuters was unable to independently confirm whether Mr Kesaev has direct ownership in MySky.

Burgess, a yacht brokerage with offices in London, Monaco and other major markets, sent a statement after publication of this article saying Mr Kesaev "is not the beneficial owner of MySky", and that it "does not have any commercial relationship with him".

MySky features "ultra-modern sophisticated interiors" by a well-known Dutch architect, an "indoor climate-controlled gymnasium" and a deck that can be used for landing helicopters.

Ms Clara Portela, a sanctions expert at the University of Valencia, said because there are no US sanctions on Mr Kesaev, American businesses or buyers could be involved in the yacht sale without running afoul of sanctions.

Yachts linked to sanctioned Russians have appeared in destinations such as the Maldives and Turkey in recent months, as the authorities in the US, EU and Britain levied sanctions and sought to seize such assets. REUTERS

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A $120 million megayacht linked to a Russian billionaire was seized by authorities, and now residents of a small Caribbean nation are paying $28,000-a-week to maintain it, report says

A $120 million megayacht linked to a Russian billionaire has been docked in Antigua and Barbuda for 19 months.

The Caribbean nation tried to auction it off, before a legal action was filed against it.

Now taxpayers in the small country are paying $28,000-a-week to maintain the idle vessel, per the WSJ.

A 270-foot megayacht seized by the Antigua and Barbuda government has landed taxpayers in the small Caribbean nation with a $28,000 weekly bill to maintain it, The Wall Street Journal reported.

The Alfa Nero is a $120 million vessel that was raided by armed police and the FBI in August 2022, having been left in Antigua's Falmouth Harbor since Russia invaded Ukraine six months earlier.

The US Treasury Department has linked the Alfa Nero to Andrey Guryev , a Russian oligarch who the department says is a "close associate" of Vladimir Putin. He founded a fertilizer company and has a net worth of $9 billion, according to the Bloomberg Billionaires Index .

Back in March, an Antigua and Barbuda government minister said the Alfa Nero was set to be auctioned because it risked becoming a "hazard" as it wasn't being maintained properly, The Guardian reported.

Eric Schmidt, the former Google CEO, won the yacht auction in June for $67.6 million. But the Journal reports that he got cold feet after a company linked to Guryev's daughter filed a last-minute legal action to block the sale.

So the megayacht, which is outfitted with an infinity pool that can transform into a dancefloor, has remained in Falmouth Harbor for the last 19 months. And it's become a white elephant for the Caribbean nation with a population of 93,000.

The Journal reports that the country's residents are paying $28,000-a-week in taxes to maintain the Alfa Nero, including the salary of an Italian captain and $2,000-a-day in diesel to keep its air conditioning running. That's because if the AC is turned off, it could let mold spread throughout the vessel and ruin the hardwood interior or a Joan Miró painting onboard, per the WSJ.

Tom Paterson, the dock master of the marina, told the Journal: "You take thousand dollar bills, tear them up, and just keep going."

The Antigua and Barbuda government could not immediately be reached for comment.

Read the original article on Business Insider

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