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Friday, January 27, 2023

This is what the luxurious megayachts of the Russian oligarchs look like, some hidden and others already confiscated

The 52 meter long 'Lena' was confiscated in Italy.

The 52-meter-long “Lena” was seized in Italy.

The assets of Russian billionaires, including their mega yachts, are at risk of being confiscated. The United States, the EU and many other countries have imposed sanctions on Russian oligarchs in response to the Russian invasion of Ukraine.

US President Joe Biden announced that the US would make significant efforts to confiscate the assets of Russian oligarchs. “We will join forces with our European allies to find and seize their yachts, their luxury homes and their private planes,” Biden said in his March 1 State of the Union address. “We come for your ill-gotten gains.”

Since the US is not in an “armed conflict” with Russia, seizing assets like yachts could be legally tricky, Insider reports. “The threshold for seizing assets under sanctions is that the US must be in armed conflict with the owner of the assets,” economic sanctions expert Brian O’Toole tweeted last Friday. “The idea of ​​turning Russian corruption into Ukrainian aid is attractive, but that idea is illegal, period.”

In Germany, confiscation of yachts is also not as easy as one might imagine. According to our research, boats are only officially seized if their owners try to sell or move them. This means that a yacht owned by a sanctioned person would only be seized if it left a German port. First nothing happens. In Germany, since the beginning of the war in Ukraine at the end of February, not a single yacht has been confiscated to date, although three luxury yachts belonging to Russian oligarchs are found in Hamburg, one of which is on the list of sanctions.

The question of ownership often cannot be answered unequivocally. As a general rule, luxury boats belong to offshore companies. This also makes it difficult for the authorities to officially confirm which yacht belongs to whom: a company or, in reality, the sanctioned person.

Here is a list of photos of mega yachts associated with Russian oligarchs.

This article has been translated and edited from English. he orIYou can find originals here.

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