russian superyacht maldives

Yacht seized as U.S. ramps up oligarch sanctions so Putin 'feels the squeeze'

• France impounds yacht it says linked to Rosneft's Sechin
• Other Russian tycoons' yachts anchored in Maldives -data
• More sweeping sanctions to target oligarch assets
• White House wants Putin to "feel the squeeze"

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Russian billionaires moving superyachts to Maldives as sanctions tighten

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At least five superyachts owned by Russian billionaires were anchored or cruising on Wednesday in Maldives, an Indian Ocean island nation that does not have an extradition treaty with the United States, ship tracking data showed.

The vessels’ arrival in the archipelago off the coast of Sri Lanka follows the imposition of severe Western sanctions on Russia in reprisal for its Feb. 24 invasion of Ukraine .

The Clio superyacht, owned by Oleg Deripaska, the founder of aluminum giant Rusal, who was sanctioned by the United States in 2018, anchored off the capital Male on Wednesday, according to shipping database MarineTraffic.

The Titan, owned by Alexander Abramov, a co-founder of steel producer Evraz, arrived on Feb. 28.

Three further yachts owned by Russian billionaires were seen cruising in Maldives waters on Wednesday, the data showed. They include the 88-metre (288 ft) Nirvana owned by Russia’s richest man, Vladimir Potanin. Most vessels were last seen anchored in Middle Eastern ports earlier in the year.

A spokesperson for Maldives’ government did not respond to a request for comment.

The United States has said it will take strict action to seize property of sanctioned Russians.

“This coming week, we will launch a multilateral Transatlantic task force to identify, hunt down, and freeze the assets of sanctioned Russian companies and oligarchs – their yachts, their mansions, and any other ill-gotten gains that we can find and freeze under the law,” the White House said in a tweet on Sunday.

Washington imposed sanctions on Deripaska and other influential Russians in 2018 because of their ties to President Vladimir Putin after alleged Russian interference in the 2016 U.S. election, which Moscow denies.

(Reporting by Alasdair Pal in New Delhi; additional reporting by Mohamed Junayd; editing by William Maclean)

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https://www.barrons.com/news/sanctioned-russian-s-yacht-anchors-in-maldives-01646143807

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Sanctioned Russian's Yacht Anchors In Maldives

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A luxury yacht belonging to a US-sanctioned Russian billionaire reached the Maldives, officials said Tuesday, with more Russian-owned boats reportedly headed to the Indian Ocean archipelago seeking safe haven from possible asset seizures.

Multiple international sanctions have been imposed on Russia in the wake of its invasion of neighbouring Ukraine, raising the prospect of confiscation of yachts belonging to its billionaires, several of whom are close to President Vladimir Putin.

The state-run Maldives Ports Limited confirmed that the pleasure craft Clio, holding the International Maritime Organisation (IMO) registration 9312535, dropped anchor near the capital Male on Monday.

The Cayman Islands-registered vessel is owned by aluminium tycoon Oleg Deripaska, who was sanctioned by the United States in 2018.

A CNBC report said at least two other vessels owned by Russian oligarchs were heading to the Maldives, which has no extradition treaty with the United States.

Maldives Ports also confirmed to AFP that the superyacht Titan, holding IMO number 1010478 and owned by steel magnate Alexander Abramov, was anchored in Male.

There was no immediate comment from the Maldives foreign ministry or government spokesman Mabrook Azeez about Russian-owned vessels seeking safe haven in the South Asian tourism hotspot.

But a Maldivian official told AFP that the archipelago had become a favourite holiday destination for both Russians and Ukrainians since the nation was among the first to re-open its borders to tourists after the pandemic.

"The Russian invasion of Ukraine is going to hit us badly because both countries are very important for our tourism," a Maldivian tourism official told AFP by telephone.

He said 20,973 Russians visited the Maldives in January, the largest single group, while Ukrainians were sixth with 7,210.

Sanctioned Russian's Yacht Anchors In Maldives

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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

Russia billionaires move superyachts to Maldives as sanctions tighten, data shows

• Image Credits :
• FILE PHOTO: Alibaba Group founder's, Jack Ma, superyacht Zen is anchored by Mallorca Island coast
• Thabiso Malesele
• 2 March 2022, 17:08 [SAST]

At least five superyachts owned by Russian billionaires were anchored or cruising on Wednesday in Maldives, an Indian Ocean island nation that does not have an extradition treaty with the United States, ship-tracking data showed.

The vessels’ arrival in the archipelago off the coast of Sri Lanka follows the imposition of severe Western sanctions on Russia in reprisal for its Feb. 24 invasion of Ukraine.

The Clio superyacht, owned by Oleg Deripaska, the founder of aluminium giant Rusal, who was sanctioned by the United States in 2018, anchored off the capital Male on Wednesday, according to shipping database MarineTraffic.

The Titan, owned by Alexander Abramov, a co-founder of steel producer Evraz, arrived on February 28. Three further yachts owned by Russian billionaires were seen cruising in Maldives waters on Wednesday, the data showed. They include the 88-metre (288 ft) Nirvana owned by Russia’s richest man, Vladimir Potanin. Most vessels were last seen anchored in Middle Eastern ports earlier in the year. A spokesperson for Maldives’ government did not respond to a request for comment.

The United States has said it will take strict action to seize property of sanctioned Russians.

“This coming week, we will launch a multilateral Transatlantic task force to identify, hunt down, and freeze the assets of sanctioned Russian companies and oligarchs – their yachts, their mansions, and any other ill-gotten gains that we can find and freeze under the law,” the White House said in a tweet on Sunday.

Washington imposed sanctions on Deripaska and other influential Russians in 2018 because of their ties to President Vladimir Putin after alleged Russian interference in the 2016 U.S. election, which Moscow denies.

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Privacy Overview

Maldives shelters sanctioned Russian billionaires' yachts

A day after coal and fertilizer billionaire Andrey Melnichenko was placed on the European Union's sanctions list on March 9, his superyacht Motor Yacht A stopped broadcasting its location while in Maldives' waters, maritime data shows.

In Italy, four days later, authorities seized another of Melnichenko's vessels – the world's largest sailing yacht, estimated by Italian financial police to be worth $578 million.

Switching off devices that allow authorities to track a ship's whereabouts can help keep yachts out of their sight.

But in Maldives, the chances of action against the property of sanctioned oligarchs are in any case slim, according to interviews with a dozen people familiar with internal discussions about how to respond to U.S. and European financial sanctions, including government ministers, diplomats and experts in the country's superyacht industry.

The cautious approach by authorities in Maldives to enforcing the sanctions imposed after Russia's invasion of Ukraine means that the Indian Ocean island nation has emerged as an attractive destination for yacht-owning Russian oligarchs.

Melnichenko's vessel is one of six Russian-linked yachts that have glided between Maldives' atolls, southwest of India, since Western nations hit some oligarchs with sanctions in response to the Feb 24 invasion.

Three of the yachts obscured their live locations, changed reported destinations or moved into international waters, according to data supplied by MarineTraffic, a marine analytics provider.

The idea of seizing yachts is "far-fetched," because Maldives legal system is not robust enough, the country's chief prosecutor, Hussain Shameem, said in an interview, adding that authorities could not easily confiscate visiting vessels unless a crime was committed under local law.

Requests for comment about the deactivating of Motor Yacht A's location devices and its current ownership status, sent to Melnichenko's spokesperson as well as his charitable foundation, fertilizer producer EuroChem Group and coal company SUEK - two companies he resigned from in March - went unanswered.

Last month, his spokesperson told Reuters the businessman would dispute the sanctions, adding that he had no political affiliations.

The 119-metre Motor Yacht A features crystal furniture and three swimming pools, photos released by its builder show, and it has been valued in specialist boating publications at $300 million. Melnichenko's wife has said she was involved in the interior design.

A spokesperson for Melnichenko in 2017 acknowledged in a statement to the BBC that the sailing yacht belonged to his boss. Both vessels were styled by Philippe Starck, the renowned French designer.

The situation in Maldives underscores the difficulty Western powers face in choking off the wealth of oligarchs targeted by sanctions over Russia's invasion of Ukraine, as several nations around the world still offer safe havens, the sources consulted by Reuters in Maldives said.

The United States, Britain and the European Union introduced wide-reaching sanctions against Russian President Vladimir Putin, lawmakers and businessmen in the wake of the invasion, which Moscow calls a special military operation aimed the "demilitarization" and "denazification" of Ukraine.

European countries have seized property including villas and boats, with authorities confiscating at least six vessels they say belong to some of the dozens of oligarchs hit by sanctions.

Peter Stano, a spokesperson for the European Commission, said the sanctions were not binding for non-EU members or non-aligned states such as the Maldives though he called on all countries to adhere to them.

Maldives voted to condemn Russia's invasion at the United Nations and publicly maintains it will assist international efforts against sanctioned Russians.

In reality, officials say they are concerned about the economic impact of deterring wealthy Russian visitors.

With its powder-white beaches and some 1,200 islands, the majority uninhabited, Maldives is a favorite destination of the super-rich.

From a backwater with scant natural resources beyond tuna and coconuts, tourism propelled it to a middle-income country over the past three decades. It has a GDP per capita before the pandemic of more than $10,000 – the highest in South Asia.

Tourism accounts for about a third of the $5.6 billion economy. Russians have a higher than average spend and made up by far the largest number of arrivals in January, the last month before the Ukraine invasion, tourism ministry data shows.

Since then, Russian arrivals have fallen 70 per cent, Tourism Minister Abdulla Mausoom said. He wants that to be reversed.

"Our entrance policy is very open. Maldives is an open country," he said.

"NOBODY CAN TOUCH THEM"

Abdul Hannan runs Seal Superyachts Maldives, providing fuel and food to vessel owners including Russian clients.

Hannan said the yachts' costs typically run at hundreds of thousands of dollars a week and that around half his customers are Russians. Like other superyacht owners, they often winter in the Indian Ocean and spend the summer season in Europe, he said.

Hannan said he has met some Russian owners aboard their superyachts since sanctions were announced, describing them as "humble, normal people" passing through a difficult moment. He did not say if the people were under sanctions.

"For the time being, they are trying to keep the yachts in international waters," where they can potentially idle for months at a time, he said.

"Then, nobody can touch them."

He declined to name the clients, citing confidentiality.

A spokesperson for Maldives' customs authority, which monitors maritime traffic in its waters, did not respond to a request for comment on the number of Russian-owned yachts currently present.

DELICATE DIPLOMACY

While Maldives' institutions would find it difficult to ignore a warning by the U.S. Treasury that failing to confiscate Russian assets would affect its access to U.S. financial markets, such a message has not been sent, said an official familiar with Maldives international financial arrangements.

Asked about locations including Maldives, Andrew Adams, head of a U.S. taskforce aiming to freeze oligarchs' assets, told Reuters that Washington was seeing cooperation "at an all time high," even as oligarchs try to hide yachts, planes or other mobile property in countries they believe to be secretive.

However, forcing politically unstable and financially constrained Maldives to make a hard choice over sanctions could drive it closer to China, two Western diplomats said. A previous government had strengthened relations with Beijing though relations with the West and traditional ally India are now improving.

"We're cognizant of the economic risks that are entailed," for Maldives if it takes a hard line, one of the diplomats said.

(Reporting by Alasdair Pal and Mohamed Junayd in MaleAdditional reporting by Sarah Lynch in Washington, Jan Strupczewski in Brussels and Dasha Afanasieva in London Editing by Frank Jack Daniel)

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Russian Billionaires Are Moving Their Superyachts to Avoid Having Them Seized

At least four vessels are currently sailing toward the maldives and montenegro., rachel cormack.

Digital Editor

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Russia ’s wealthiest individuals are going to great lengths to safeguard their superyachts.

In the wake of widespread sanctions against the country following its unprovoked invasion of Ukraine, Russian billionaires who have ties to President Vladimir Putin are moving their prized vessels to avoid having them seized by the superpowers.

Data from Marine Traffic shows that at least four multimillion-dollar superyachts owned by Russian entrepreneurs are currently sailing toward the seemingly safer waters of the Maldives and Montenegro, as reported by CNBC . It comes as the US and its allies look to implement further sanctions against Russia.

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This coming week, we will launch a multilateral Transatlantic task force to identify, hunt down, and freeze the assets of sanctioned Russian companies and oligarchs – their yachts, their mansions, and any other ill-gotten gains that we can find and freeze under the law. — The White House (@WhiteHouse) February 26, 2022

The Biden administration, for instance, recently announced a new task force specifically to target Russian oligarchs and their assets.

“This coming week, we will launch a multilateral Transatlantic task force to identify, hunt down, and freeze the assets of sanctioned Russian companies and oligarchs—their yachts, their mansions, and any other ill-gotten gains that we can find and freeze under the law,” a tweet from the White House reads.

France is also putting together a list of assets owned by Russian magnates that could be seized under sanctions by the European Union.

The 288-foot Russian-owned Nirvana is currently in the Maldives.  Courtesy Luxury Vision Production

In response, billionaires like Vagit Alekperov, who is president of Russian energy corporation Lukoil, have started relocating their high-priced ships to keep them safe. According to Marine Traffic, Alekperov’s lavish 230-foot Heesen superyacht , known as Galactica Super Nova , has left Barcelona, Spain, and is expected to arrive in its home port of Montenegro in the coming days. In addition, three other yachts owned by fellow Russian tycoons are now hightailing it to the Maldives. Oleg Deripaska’s Clio left Sri Lanka almost two weeks ago, according to Marine Traffic, and is shortly expected to arrive in the Indian Ocean chain. Deripaska was sanctioned by the United States in 2018. Alexander Abramov’s Titan arrived to the Maldives on Feb. 28. Abramov is a co-founder of steel producer Evraz. Vladimir Potanin’s 288-foot yacht Nirvana is also reportedly in the Maldives.

Both Montenegro and the Maldives do not currently have extradition treaties with the US. However, both countries are members of the United Nations, which has vehemently denounced Russia’s invasion of Ukraine. Montenegro has also announced plans to join the EU sanctions against Russia.

Sailing the superyachts back to Russia might’ve been a safer bet.

Rachel Cormack is a digital editor at Robb Report. She cut her teeth writing for HuffPost, Concrete Playground, and several other online publications in Australia, before moving to New York at the…

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Maldives shelters sanctioned Russian billionaires' yachts

By Alasdair Pal and Mohamed Junayd

MALE (Reuters) - A day after coal and fertilizer billionaire Andrey Melnichenko was placed on the European Union's sanctions list on March 9, his superyacht Motor Yacht A stopped broadcasting its location while in Maldives' waters, maritime data shows.

In Italy, four days later, authorities seized another of Melnichenko's vessels – the world's largest sailing yacht, estimated by Italian financial police to be worth $578 million.

Switching off devices that allow authorities to track a ship's whereabouts can help keep yachts out of their sight.

But in Maldives, the chances of action against the property of sanctioned oligarchs are in any case slim, according to interviews with a dozen people familiar with internal discussions about how to respond to U.S. and European financial sanctions, including government ministers, diplomats and experts in the country's superyacht industry.

The cautious approach by authorities in Maldives to enforcing the sanctions imposed after Russia's invasion of Ukraine means that the Indian Ocean island nation has emerged as an attractive destination for yacht-owning Russian oligarchs.

Melnichenko's vessel is one of six Russian-linked yachts that have glided between Maldives' atolls, southwest of India, since Western nations hit some oligarchs with sanctions in response to the Feb 24 invasion.

Three of the yachts obscured their live locations, changed reported destinations or moved into international waters, according to data supplied by MarineTraffic, a marine analytics provider.

The idea of seizing yachts is "far-fetched," because Maldives legal system is not robust enough, the country's chief prosecutor, Hussain Shameem, said in an interview, adding that authorities could not easily confiscate visiting vessels unless a crime was committed under local law.

Requests for comment about the deactivating of Motor Yacht A's location devices and its current ownership status, sent to Melnichenko's spokesperson as well as his charitable foundation, fertiliser producer EuroChem Group and coal company SUEK - two companies he resigned from in March - went unanswered.

Last month, his spokesperson told Reuters the businessman would dispute the sanctions, adding that he had no political affiliations.

The 119-metre (390-foot) Motor Yacht A features crystal furniture and three swimming pools, photos released by its builder show, and it has been valued in specialist boating publications at $300 million. Melnichenko's wife has said she was involved in the interior design.

A spokesperson for Melnichenko in 2017 acknowledged in a statement to the BBC that the sailing yacht belonged to his boss. Both vessels were styled by Philippe Starck, the renowned French designer.

The situation in Maldives underscores the difficulty Western powers face in choking off the wealth of oligarchs targeted by sanctions over Russia's invasion of Ukraine, as several nations around the world still offer safe havens, the sources consulted by Reuters in Maldives said.

The United States, Britain and the European Union introduced wide-reaching sanctions against Russian President Vladimir Putin, lawmakers and businessmen in the wake of the invasion, which Moscow calls a special military operation aimed the "demilitarization" and "denazification" of Ukraine.

European countries have seized property including villas and boats, with authorities confiscating at least six vessels they say belong to some of the dozens of oligarchs hit by sanctions.

Peter Stano, a spokesperson for the European Commission, said the sanctions were not binding for non-EU members or non-aligned states such as the Maldives though he called on all countries to adhere to them.

Maldives voted to condemn Russia's invasion at the United Nations and publicly maintains it will assist international efforts against sanctioned Russians.

In reality, officials say they are concerned about the economic impact of deterring wealthy Russian visitors.

With its powder-white beaches and some 1,200 islands, the majority uninhabited, Maldives is a favourite destination of the super-rich.

From a backwater with scant natural resources beyond tuna and coconuts, tourism propelled it to a middle-income country over the past three decades. It has a GDP per capita before the pandemic of more than $10,000 – the highest in South Asia.

Tourism accounts for about a third of the $5.6 billion economy. Russians have a higher than average spend and made up by far the largest number of arrivals in January, the last month before the Ukraine invasion, tourism ministry data shows.

Since then, Russian arrivals have fallen 70%, Tourism Minister Abdulla Mausoom said. He wants that to be reversed.

"Our entrance policy is very open. Maldives is an open country," he said.

"NOBODY CAN TOUCH THEM"

Abdul Hannan runs Seal Superyachts Maldives, providing fuel and food to vessel owners including Russian clients.

Hannan said the yachts' costs typically run at hundreds of thousands of dollars a week and that around half his customers are Russians. Like other superyacht owners, they often winter in the Indian Ocean and spend the summer season in Europe, he said.

Hannan said he has met some Russian owners aboard their superyachts since sanctions were announced, describing them as "humble, normal people" passing through a difficult moment. He did not say if the people were under sanctions.

"For the time being, they are trying to keep the yachts in international waters," where they can potentially idle for months at a time, he said.

"Then, nobody can touch them."

He declined to name the clients, citing confidentiality.

A spokesperson for Maldives' customs authority, which monitors maritime traffic in its waters, did not respond to a request for comment on the number of Russian-owned yachts currently present.

DELICATE DIPLOMACY

While Maldives' institutions would find it difficult to ignore a warning by the U.S. Treasury that failing to confiscate Russian assets would affect its access to U.S. financial markets, such a message has not been sent, said an official familiar with Maldives international financial arrangements.

Asked about locations including Maldives, Andrew Adams, head of a U.S. taskforce aiming to freeze oligarchs' assets, told Reuters that Washington was seeing cooperation "at an all time high," even as oligarchs try to hide yachts, planes or other mobile property in countries they believe to be secretive.

However, forcing politically unstable and financially constrained Maldives to make a hard choice over sanctions could drive it closer to China, two Western diplomats said. A previous government had strengthened relations with Beijing though relations with the West and traditional ally India are now improving.

"We're cognizant of the economic risks that are entailed," for Maldives if it takes a hard line, one of the diplomats said.

(Reporting by Alasdair Pal and Mohamed Junayd in Male; Additional reporting by Sarah Lynch in Washington, Jan Strupczewski in Brussels and Dasha Afanasieva in London; Editing by Frank Jack Daniel)

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Russia billionaires move superyachts to Maldives as sanctions tighten, data shows

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This is AI generated summarization, which may have errors. For context, always refer to the full article.

BILLIONAIRE. Russian tycoon Oleg Deripaska attends a session of the Saint Petersburg International Economic Forum in Saint Petersburg, Russia, June 3, 2021.

Evgenia Novozhenina/Reuters

NEW DELHI, India – At least five superyachts owned by Russian billionaires were anchored or cruising on Wednesday, March 2, in Maldives, an Indian Ocean island nation that does not have an extradition treaty with the United States, ship tracking data showed.

The vessels’ arrival in the archipelago off the coast of Sri Lanka follows the imposition of severe Western sanctions on Russia in reprisal for its invasion of Ukraine .

The Clio superyacht, owned by Oleg Deripaska, the founder of aluminum giant Rusal, who was sanctioned by the United States in 2018, anchored off the capial Male on Wednesday, according to shipping database MarineTraffic.

The Titan, owned by Alexander Abramov, a co-founder of steel producer Evraz, arrived on Monday, February 28.

Three further yachts owned by Russian billionaires were seen cruising in Maldives waters on Wednesday, the data showed. They include the 88-meter (288 feet) Nirvana owned by Russia’s richest man, Vladimir Potanin. Most vessels were last seen anchored in Middle Eastern ports earlier in the year.

A spokesperson for Maldives’ government did not respond to a request for comment.

The United States has said it will take strict action to seize property of sanctioned Russians.

“This coming week, we will launch a multilateral Transatlantic task force to identify, hunt down, and freeze the assets of sanctioned Russian companies and oligarchs – their yachts, their mansions, and any other ill-gotten gains that we can find and freeze under the law,” the White House said in a tweet on Sunday, February 27.

Washington imposed sanctions on Deripaska and other influential Russians in 2018 because of their ties to President Vladimir Putin after alleged Russian interference in the 2016 US election, which Moscow denies. – Rappler.com

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Russian superrich move superyachts to the Maldives amid western sanctions

Amid growing western sanctions on russia, at least five superyachts owned by russian billionaires are either anchored in or moving around the maldives, a small indian ocean archipelago and a luxury tourism destination, media reports say citing ship tracking data.

Amid growing western sanctions on Russia, at least five superyachts owned by Russian billionaires are either anchored in or moving around the Maldives, a small Indian Ocean archipelago and a luxury tourism destination, media reports say citing ship tracking data. More superyachts are on their way to the Maldives. 

The move came after the US and other western countries warned of seizing superyachts of Russian oligarchs considered close to Russian President Vladimir Putin as part of their response to Moscow’s invasion of Ukraine. 

According to a report in Forbes, German authorities had reportedly seized Russian billionaire Alisher Usmanov's 512-foot megayacht Dilbar, with an estimated value of $600 million, in a Hamburg shipyard. However, no official confirmation of it has come so far. 

Usmanov was among Russian billionaires sanctioned by the European Union. 

Earlier this week, in his State of Union address, US President Joe Biden threatened that West will seize Russian oligarchs’ yachts, luxury apartments, and other properties.  

Reuters reported, citing shipping database Marine Tariffic,  the Clio superyacht, owned by Oleg Deripaska, the founder of aluminium giant Rusal, who was sanctioned by the United States in 2018, was anchored off Maldives' capital Male on Wednesday, according to shipping database MarineTraffic.

The Titan, another superyacht owned by Alexander Abramov, a co-founder of steel producer Evraz, arrived on 28 February. Three other yachts are seen moving around the Maldives.    (SAM)

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Why This Country Shelters Sanctioned Russian Billionaires' Yachts

Sanctions on russia: in maldives, the chances of action against the property of sanctioned oligarchs are in any case slim..

Sanctions On Russia: Three of the yachts obscured their live locations and changed reported destinations.

A day after coal and fertilizer billionaire Andrey Melnichenko was placed on the European Union's sanctions list on March 9, his superyacht Motor Yacht A stopped broadcasting its location while in Maldives' waters, maritime data shows.

In Italy, four days later, authorities seized another of Melnichenko's vessels- the world's largest sailing yacht, estimated by Italian financial police to be worth $578 million.

Switching off devices that allow authorities to track a ship's whereabouts can help keep yachts out of their sight.

But in Maldives, the chances of action against the property of sanctioned oligarchs are in any case slim, according to interviews with a dozen people familiar with internal discussions about how to respond to U.S. and European financial sanctions, including government ministers, diplomats and experts in the country's superyacht industry.

The cautious approach by authorities in Maldives to enforcing the sanctions imposed after Russia's invasion of Ukraine means that the Indian Ocean island nation has emerged as an attractive destination for yacht-owning Russian oligarchs.

Melnichenko's vessel is one of six Russian-linked yachts that have glided between Maldives' atolls, southwest of India, since Western nations hit some oligarchs with sanctions in response to the Feb 24 invasion.

Three of the yachts obscured their live locations, changed reported destinations or moved into international waters, according to data supplied by MarineTraffic, a marine analytics provider.

The idea of seizing yachts is "far-fetched," because Maldives legal system is not robust enough, the country's chief prosecutor, Hussain Shameem, said in an interview, adding that authorities could not easily confiscate visiting vessels unless a crime was committed under local law.

Requests for comment about the deactivating of Motor Yacht A's location devices and its current ownership status, sent to Melnichenko's spokesperson as well as his charitable foundation, fertiliser producer EuroChem Group and coal company SUEK - two companies he resigned from in March - went unanswered.

Last month, his spokesperson told Reuters the businessman would dispute the sanctions, adding that he had no political affiliations.

The 119-metre (390-foot) Motor Yacht A features crystal furniture and three swimming pools, photos released by its builder show, and it has been valued in specialist boating publications at $300 million. Melnichenko's wife has said she was involved in the interior design.

A spokesperson for Melnichenko in 2017 acknowledged in a statement to the BBC that the sailing yacht belonged to his boss. Both vessels were styled by Philippe Starck, the renowned French designer.

The situation in Maldives underscores the difficulty Western powers face in choking off the wealth of oligarchs targeted by sanctions over Russia's invasion of Ukraine, as several nations around the world still offer safe havens, the sources consulted by Reuters in Maldives said.

The United States, Britain and the European Union introduced wide-reaching sanctions against Russian President Vladimir Putin, lawmakers and businessmen in the wake of the invasion, which Moscow calls a special military operation aimed the "demilitarization" and "denazification" of Ukraine.

European countries have seized property including villas and boats, with authorities confiscating at least six vessels they say belong to some of the dozens of oligarchs hit by sanctions.

Peter Stano, a spokesperson for the European Commission, said the sanctions were not binding for non-EU members or non-aligned states such as the Maldives though he called on all countries to adhere to them.

Maldives voted to condemn Russia's invasion at the United Nations and publicly maintains it will assist international efforts against sanctioned Russians.

In reality, officials say they are concerned about the economic impact of deterring wealthy Russian visitors.

With its powder-white beaches and some 1,200 islands, the majority uninhabited, Maldives is a favourite destination of the super-rich.

From a backwater with scant natural resources beyond tuna and coconuts, tourism propelled it to a middle-income country over the past three decades. It has a GDP per capita before the pandemic of more than $10,000 the highest in South Asia.

Tourism accounts for about a third of the $5.6 billion economy. Russians have a higher than average spend and made up by far the largest number of arrivals in January, the last month before the Ukraine invasion, tourism ministry data shows.

Since then, Russian arrivals have fallen 70%, Tourism Minister Abdulla Mausoom said. He wants that to be reversed.

"Our entrance policy is very open. Maldives is an open country," he said.

"Nobody Can Touch Them"

Abdul Hannan runs Seal Superyachts Maldives, providing fuel and food to vessel owners including Russian clients.

Hannan said the yachts' costs typically run at hundreds of thousands of dollars a week and that around half his customers are Russians. Like other superyacht owners, they often winter in the Indian Ocean and spend the summer season in Europe, he said.

Hannan said he has met some Russian owners aboard their superyachts since sanctions were announced, describing them as "humble, normal people" passing through a difficult moment. He did not say if the people were under sanctions.

"For the time being, they are trying to keep the yachts in international waters," where they can potentially idle for months at a time, he said.

"Then, nobody can touch them."

He declined to name the clients, citing confidentiality.

A spokesperson for Maldives' customs authority, which monitors maritime traffic in its waters, did not respond to a request for comment on the number of Russian-owned yachts currently present.

Delicate Diplomacy

While Maldives' institutions would find it difficult to ignore a warning by the U.S. Treasury that failing to confiscate Russian assets would affect its access to U.S. financial markets, such a message has not been sent, said an official familiar with Maldives international financial arrangements.

Asked about locations including Maldives, Andrew Adams, head of a U.S. taskforce aiming to freeze oligarchs' assets, told Reuters that Washington was seeing cooperation "at an all time high," even as oligarchs try to hide yachts, planes or other mobile property in countries they believe to be secretive.

However, forcing politically unstable and financially constrained Maldives to make a hard choice over sanctions could drive it closer to China, two Western diplomats said. A previous government had strengthened relations with Beijing though relations with the West and traditional ally India are now improving.

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"We're cognizant of the economic risks that are entailed," for Maldives if it takes a hard line, one of the diplomats said.

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Russian oligarchs flee in their superyachts to ‘sanctions safe havens’ and tool up with 24hr security after Ukraine war

• Imogen Braddick
• Published : 16:21, 2 Mar 2022
• Updated : 17:31, 2 Mar 2022

RUSSIAN oligarchs appear to be moving their plush superyachts to safe havens around the world as the West tightens sanctions over the invasion of Ukraine.

A growing number of vessels belonging to Russian tycoons are cruising around the Maldives, Montenegro and the Seychelles just as multiple sanctions have been slapped on their homeland.

As the war rages on in Ukraine for a seventh day, Russian billionaires appear to be fleeing for the exit to escape potential asset seizures.

The West has hit companies and oligarchs at the heart of Putin’s brutal regime with sanctions worth billions of pounds, asset freezes and travel bans.

Data from Marine Traffic reveals at least four yachts owned by Russian tycoons are now cruising around the Seychelles, Montenegro and the Maldives.

And private security teams have been hired by Russians billionaires who are worried about their superyachts in Majorca being targeted after the invasion of Ukraine.

The movements of the Russian superyachts come as the US suggests it will take aim at the assets of Russian business leaders as part of its sanctions against Moscow.

US president Joe Biden said he and his allies plan to seize the yachts, luxury apartments and private jets of wealthy connected Russians.

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France is also drawing up a list of properties owned by Russian oligarchs - including yachts - that could be seized under EU sanctions.

And the Maldives and Montenegro do not have an extradition treaties with the US - making it a safe haven for the yachts belonging to the Russian billionaires.

According to Marine Traffic, the superyacht known as Clio dropped anchor near the Maldives capital Male on Monday after sailing from Sri Lanka.

The Cayman Islands-registered vessel is owned by aluminium tycoon Oleg Deripaska - who was sanctioned by the US in 2018.

The largest yacht currently in the Maldives is the 459ft Ocean Victory, belonging to steel magnate Victor Rashnikov, Bloomberg reports.

Titan, owned by Russian billionaire Alexander Abramov, is also currently anchored in Male.

Meanwhile, Vagit Alekperov, president of Russia-based Lukoil, is sailing his yacht - the Galactica Super Nova - to Montenegro from Barcelona, according to Marine Traffic.

And the 465ft Nord, owned by Alexei Mordashov - another steel billionaire - is currently in the Seychelles after reportedly sailing from the Maldives.

He was among oligarchs added to the EU's sanctions blacklist - along with Igor Sechin, head of state oil giant Rosneft, and Nikolay Tokarev, boss of pipeline mammoth Transneft. 

Russian banker Andrey Kostin’s Sea Rhapsody is also heading to the Seychelles after reportedly sailing into Barcelona last month.

It's not clear why the Russians would be moving their yachts to the Seychelles as it has an extradition treaty with the US and other countries.

Foreign Secretary Liz Truss said lawyers at the Foreign Office were building up "watertight" cases to successfully sanction Russian oligarchs in the UK.

The MP threatened: "We will continue working through our hit list of oligarchs, focusing on their houses, their yachts and every aspect of their lives."

Roman Abramovich, the owner of Premier League football club Chelsea, owns a number of superyachts, including the $600million Solaris - which has a missile detection system - and the $1billion Eclipse.

Solaris is currently moored in Barcelona, and Eclipse is in the Caribbean, according to the latest information.

An MP claimed this week Abramovich was selling his properties in Britain to avoid possible financial sanctions. 

Labour's Chris Bryant told MPs: "I think he is terrified of being sanctioned, which is why he's already going to sell his home tomorrow, and sell another flat as well. 

"My anxiety is that we're taking too long about these things."

Another Russian tycoon, Alexander Mikheev, who took over state-owned weapons supplier Rostec six years ago, owns Lady Anastasia, a $7million superyacht.

And on Tuesday, images reportedly showed a Ukrainian sailor trying to sink the oligarch's vessel as he claimed his boss sells weapons to Putin.

The 156ft luxury yacht was moored at Pord Adriano in Majorca when Taras Ostapchuk, 55, opened the valves.

Private security teams have now been called in to protect the superyachts and luxury villas on the Spanish island.

Cops have stepped up patrols of the island's ports so there is a 24-hour watch to head off potential damage through revenge attacks.

Spanish newspaper, Ultima Hora says many tycoons have "activated preventive protection mechanisms" to avoid attacks on their properties. 

The Russian community have also been letting kitchen and cleaning staff stay in their villas to prevent them from being empty.

It comes as Grant Shapps took a swipe at Russian oligarchs and their yachts on Tuesday by banning all Russian shipping from using ports in the UK.

The Transport Secretary made the move over concerns about a Russian oil tanker scheduled to dock in Orkney on Tuesday.

Earlier this week, Boris Johnson was asked what he thought of the failure of most Russian oligarchs to speak out against the war on Ukraine. 

He told ITV: "I think that their silence is inexplicable, and I think that people need to step up and denounce this act of aggression, and those oligarchs who have connections with the Putin regime and who are benefiting from their association with the Russian state, we are going to expose and distrain their assets."

More than 2,000 Ukrainians have been killed in the war with Russia so far as fierce fighting in the country enters its seventh day.

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Russian troops have completely surrounded the cities of Kherson and Mariupol in southern Ukraine, while the country's second city of Kharkiv has continued to come under intense shelling.

And Putin's troops continue to close in on the capital Kyiv, even as his hopes of a quick takeover of the country have been dashed.