russian oligarch yacht turkey

Russian oligarch’s super yacht arrives in Turkish waters

Russian billionaires are heading for Turkey to flee Western sanctions over Russia’s invasion of Ukraine.

A yacht linked to a Russian aluminium tycoon arrived in a bay near the southwestern Turkish resort of Gocek on Saturday, as more Russian billionaires head for Turkey to flee Western sanctions over Russia’s invasion of Ukraine.

Oleg Deripaska, founder of Russian aluminium giant Rusal, has been sanctioned by the United States, United Kingdom and European Union.

Keep reading

France seizes russian oligarch’s yacht amid eu sanctions, is seizing the yachts & mansions of russian oligarchs enough no., us seizes yacht docked in spain and owned by russian oligarch.

A witness saw the 73-metre (239.5 feet) yacht Clio arrive off the coast of Gocek in the Aegean coastal province of Mugla. The Cayman Islands-flagged vessel remains in the bay off Gocek.

The arrival of the Clio in Turkish waters came after two super-yachts linked to Russian billionaire Roman Abramovich, who made a surprise appearance at Ukraine-Russia peace talks in Istanbul this month, docked in Turkish ports.

Turkey, a member of NATO, shares a maritime border with Ukraine and Russia in the Black Sea, and has good ties with both and has mediated in the continuing conflict.

Istanbul has supported Kyiv, but also opposed sanctions on Moscow, including measures against Russian billionaires.

Ankara has relied heavily on Russian energy imports and tourists and has emerged as a safe haven for Russians fleeing sanctions, and many have invested in Turkish property.

On April 4, the US government seized a mega-yacht in Spain, the first in Washington’s sanctions enforcement initiative to “seize and freeze” giant boats and other pricey assets of Russian elites.

Spain’s Civil Guard and US federal agents descended on the yacht, Tango, at the Marina Real in the port of Palma de Mallorca, the capital of Spain’s Balearic Islands in the Mediterranean Sea.

Documents tied to the US investigation alleged that oligarch Viktor Vekselberg bought the Tango in 2011 and used shell companies to hide his interest in the vessel, the US Department of Justice said.

In early March, customs officers in France seized a yacht belonging to Rosneft oil company boss Igor Sechin as it tried to leave the Mediterranean port of La Ciotat in a breach of EU sanctions on Russian oligarchs.

• Skip to main content
• Keyboard shortcuts for audio player

Ukraine invasion — explained

The roots of Russia's invasion of Ukraine go back decades and run deep. The current conflict is more than one country fighting to take over another; it is — in the words of one U.S. official — a shift in "the world order." Here are some helpful stories to make sense of it all.

Ukrainian sailors tried to block a Russian oligarch's yacht from docking in Turkey

Rachel Treisman

A yacht reportedly belonging to Russian oligarch Roman Abramovich is docked at an Aegean coastal resort in Bodrum, Turkey, on Monday. A group of young Ukrainian sailors had protested its arrival from a small boat. -/Ihlas News Agency/AFP via Getty hide caption

A yacht reportedly belonging to Russian oligarch Roman Abramovich is docked at an Aegean coastal resort in Bodrum, Turkey, on Monday. A group of young Ukrainian sailors had protested its arrival from a small boat.

Two superyachts linked to Russian oligarch and Chelsea FC owner Roman Abramovich have reportedly docked in the sanction-free waters of Turkey in recent days, though not without protest.

The Solaris yacht left Montenegro last week and traveled southeast to Turkey, avoiding European waters and arriving at the port city of Bodrum on Monday, Reuters reported , citing shipping data.

Why so many Russian billionaires are called oligarchs

There, the 460-foot yacht was met by a small group of young Ukrainian sailors who tried to block it from reaching the dock. Video footage from the BBC, CNN, SkyNews and others shows people on a small boat, waving Ukrainian flags and chanting "no war in Ukraine."

Güldenay Sonumut, a producer for Sky News, tweeted footage of several people sitting in a boat bobbing in the water, chanting "Go away!" at the massive yacht in front of them.

A tiny team but they made quite some waves. Say hi to the Ukraine National Sailing Youth Team who were not afraid to get on their boat and protest Russian Oligarch Roman Abramovich's mega-yacht entering #Bodrum Marina in Turkey. #UkraineRussiaWar #UkraineSailingTeam pic.twitter.com/rvQMolAwuC — Güldenay Sonumut (@Guldenay007) March 22, 2022

They have been identified as students of the Odesa Children and Youth Sailing School, also known as the Optimist Sailing Club. The BBC says the team had left Ukraine before Russia invaded last month to compete in an annual competition in Turkey.

Coach Paulo Dontsov told CNN that it was the full team's decision to protest, telling the BBC that their aim was to make supporters of the war uncomfortable. He said the Turkish coast guard eventually arrived and asked the dinghy to move slightly farther away.

A Russian oligarch's superyacht is stuck in Norway because no one will sell it fuel

"We talked with them and they were polite," he added. "They said that they realized why we're doing this, but we should do it with keeping the rules of their country."

Sky News reports that the protesters were temporarily detained after the incident and that Abramovich is not believed to have been on board the yacht at the time.

Sanctions on Russia may limit the number of Russian tourists visiting Turkey

The Solaris is currently docked in Bodrum, according to the tracker Marine Traffic . And a second superyacht linked to Abramovich also arrived in Turkey this week.

Citing Turkish media, ABC News reports that a yacht named Eclipse docked at a port in the resort town of Marmaris on Tuesday. Unnamed sources told Reuters that Abramovich and other wealthy Russians are looking to invest in Turkey amid mounting sanctions from Western countries.

Turkey has criticized Russia's invasion of Ukraine but has said it won't introduce sanctions because it sees them as counterproductive.

This story originally appeared on the Morning Edition live blog .

Advertisement

Supported by

Russian Superyachts Find Safe Haven in Turkey, Raising Concerns in Washington

Turkey’s welcoming ports are symptoms of a much larger problem: evasion of U.S. sanctions against Russia.

• Share full article

By Elif Ince ,  Michael Forsythe and Carlotta Gall

PORT AZURE, Turkey — On a hot August evening at a marina on Turkey’s southern coast, the crew of the Flying Fox was hard at work, keeping the 446-foot superyacht immaculate for future guests willing to pay $3 million a week. One crew member leaned over the railing at the stern, wiping the highly polished surface next to the ship’s nameplate. Another was busy with a squeegee, cleaning glass.

The Flying Fox, the world’s biggest yacht available for charter, played host last year to Beyoncé and Jay-Z, who skipped the Met Gala in New York to cruise the Mediterranean and enjoy the vessel’s over-the-top amenities: a 4,300-square-foot wellness center with a Turkish bath and a fully equipped beauty spa, among many others.

Then Russia invaded Ukraine. Since then, the Flying Fox has been caught up in the dragnet of international sanctions designed to hobble the lifestyles of the oligarchs who help sustain President Vladimir V. Putin’s rule.

Yet, while some superyachts owned by or linked to Russian oligarchs facing sanctions have been seized in ports around the world, the Flying Fox and others caught up in the broader Russia penalties have found safe haven in Turkey, the only NATO member not to impose sanctions on Russia.

The flotilla of Russian superyachts in Turkish waters is raising tensions with the United States, which sees Turkey’s welcoming of the vessels as a symptom of the much larger problem: Russia’s access to Turkey’s financial system, potentially undermining Western sanctions.

Turkey’s strongman leader, President Recep Tayyip Erdogan, who has criticized Western sanctions against Russia, said in March that Turkey could not impose sanctions because of its energy needs and industry deals. “There is nothing to be done there,” he said.

In all, at least 32 yachts tied to oligarchs and sanctioned entities have sheltered in the country’s waters in recent months, able to move about or moor in its picturesque coves and bays without fear of seizure, according to a New York Times analysis. Ownership records of superyachts for the ultrawealthy are notorious for being hidden behind layers of shell companies. The Times analysis was constructed with news accounts linking Russian oligarchs to particular yachts that were then matched with vessel positions available on commercial sites such as MarineTraffic . In many instances, the yachts were spotted in Turkish waters by a Times reporter.

On Aug. 19, the Treasury Department issued a statement saying that the deputy treasury secretary, Wally Adeyemo, had told a Turkish official that the United States was concerned about Russians using Turkey to evade sanctions.

Three days later, Mr. Adeyemo sent a letter to Turkish business groups warning of penalties if they worked with Russian individuals or entities facing sanctions. Turkish banks, he added, risked losing vital correspondent relationships with global banks — and even access to the U.S. dollar — if they did business with sanctioned Russian banks.

In September, several Turkish banks stopped accepting the Mir payment system — the Russian equivalent of Visa or MasterCard. Their actions came after the United States warned that financial institutions expanding the use of Mir or entering into new agreements risked running afoul of American sanctions against Russia.

Nevertheless, Turkish marinas continue to service sanctioned Russians and their superyachts.

The warm turquoise waters, secluded beaches and trendy establishments of Turkey’s Mediterranean coast have long made it a popular and convenient destination for Russian yacht owners and charterers during the summer. Local restaurant menus are printed in three languages: Turkish, English and Russian.

In June, the Flying Fox was singled out by the United States as “ blocked property ” and its management company, Imperial Yachts, was also sanctioned. Nevertheless, the Flying Fox has been moored since at least May at Port Azure, a marina in the posh resort town of Göcek. Other superyachts there owned by or linked to sanctioned Russians have been cruising from one postcard-worthy cove to another in the area.

The town’s polluted waters are unsuitable for swimming, an attractive feature for superyacht owners because it keeps away crowds and unwanted publicity. And the vessels can easily steam to pristine waters nearby. If the pampered guests have any unfulfilled needs, small boats roam around the harbor, selling groceries, ice cream, Turkish crepes and even massages.

Port Azure, touted as the first “mega-yacht-only marina” in Turkey, was opened last year by STFA, one of Turkey’s biggest conglomerates. The marina , which prides itself on its website as being a “haven” that makes “problems big and small go away,” has hosted at least eight yachts linked to Russian oligarchs or sanctioned companies this past summer, the Times analysis found.

On June 1, a Turkish yacht broker posted on Instagram a video taken at Port Azure showing a lineup of five yachts collectively worth almost $1 billion, including the Flying Fox; the Lana, recently listed at $1.8 million a week for charter by Imperial; and the Galactica Super Nova, linked to Vagit Alekperov, a sanctioned Putin ally, according to news media reports.

As of Oct. 20 there were at least 13 yachts in Turkey linked to sanctions, the Times analysis found. Of those, four were owned by or linked to sanctioned individuals and nine have recently been offered for charter by Imperial, the sanctioned Monaco-based company.

A spokeswoman for Imperial Yachts said that after the firm was sanctioned in June, its clients terminated their contracts with the company and that it “no longer manages or charters” any of the yachts in Turkish waters.

But until late August, Imperial advertised yachts for charter and for sale on its website, including yachts in Turkish waters. After an inquiry by The Times, the listings were removed from Imperial’s website, which now displays only a notice announcing that the company had been sanctioned. The company spokeswoman said that it had “kept its other pages alive as a reflection of its former brand.”

“During the time that the other website pages were visible, Imperial did not engage in any business engagements,” Imperial said in response to emailed questions.

Roman Abramovich, the most visible Russian oligarch recently seen in Turkey, does not use Imperial Yachts to manage the construction of his opulent yachts or staff them after they are put to sea. Four yachts owned by or linked to Mr. Abramovich, who has been sanctioned by Britain and the European Union, the Times analysis shows, were in Turkey in August.

Should the United States choose, it has tools at its disposal to enforce its sanctions on the Russian oligarchs, even if their vessels are in Turkish waters and even if the Turkish government is unwilling to cooperate, said Daniel Tannebaum, a former sanctions official who served at the U.S. Treasury and the Federal Reserve Bank of New York.

One way, he said, would be to place sanctions on companies that service the oligarchs’ yachts in Turkey — the marinas, caterers and fueling companies. In that case, not just Russian yacht owners but also the many American yacht owners now in Turkish waters would have to take their business elsewhere, while the banks that do business with these companies might close their accounts so as to avoid becoming a target.

Superyachts are a significant source of income for the marinas, as well as other businesses in the area. In one example, Turkish news media outlets reported in April that Mr. Abramovich’s biggest yacht, the 533-foot-long Eclipse, ran up a fuel bill of $1.66 million in the port town of Marmaris. Its tanks took 22 hours to fill.

One of the four superyachts linked to Mr. Abramovich, the 460-foot Solaris, is moored in the Yalıkavak Marina in Bodrum, a trendy resort town in Turkey’s south. While lying idle, it still has 20 crew members who make trips every day to provision it, supply it with water and electricity and dispose of its waste, according to a port employee with direct knowledge of the matter, who spoke anonymously because he wasn’t authorized to speak publicly.

Solaris also receives a truckload of food every week through a catering company, he said, adding: “Twenty cases of asparagus — what would you do with so much asparagus?”

Yalıkavak is Turkey’s most luxurious marina, with stores like Prada, Louis Vuitton and Valentino on a promenade lined with palm trees overlooking the harbor. At least three yachts recently offered for charter by Imperial, the sanctioned management company, and three other yachts owned by or linked to oligarchs moored at Yalıkavak Marina this summer, the Times analysis shows.

In an emailed statement, the marina said that even though Turkey has not adopted sanctions, because it recognizes “international concerns,” the Solaris has been kept outside the marina’s boundaries. As for the vessels associated with Imperial Yachts, the marina said that it did not know, as the summer is “quite a busy time” and that it didn’t have a system in place to check whether an individual yacht might fall under international sanctions.

In August, the Eclipse, one of the yachts linked to Mr. Abramovich, was anchored in the middle of the bay off Göcek, a three-and-a-half-hour drive down the coast from Yalıkavak.

On an early morning in August, Ömer Kırpat, 56, was fishing on the shore in Göcek, sitting under a willow tree overlooking the yachts.

“The bells aren’t jingling,” he said, pointing to the bells attached to his rods to alert him when the fish bite. He showed his bucket with one lone fish inside, explaining that the fish avoid the shore because of pollution and noise from the boats.

Port Azure, the Göcek marina hosting the Flying Fox, was built over the port of a state-owned paper factory where Mr. Kırpat worked for 13 years as a security guard until it was privatized in 2001. He used to go there to swim, fish and have picnics every weekend with other factory workers and their families. “It was sparkly clean,” he said. “We caught the biggest fish there.”

He tried to go into Port Azure last year but was chased away. “We’re banned,” he said. “Soon they won’t even allow us to look inside. It’s heartbreaking.”

Michael Forsythe is a reporter on the investigations team. He was previously a correspondent in Hong Kong, covering the intersection of money and politics in China. He has also worked at Bloomberg News and is a United States Navy veteran. More about Michael Forsythe

Carlotta Gall is a senior correspondent currently covering the war in Ukraine. She previously was Istanbul bureau chief, covered the aftershocks of the Arab Spring from Tunisia, and reported from the Balkans during the war in Kosovo and Serbia, and from Afghanistan and Pakistan after 2001. She was on a team that won a 2009 Pulitzer Prize for reporting from Afghanistan and Pakistan. More about Carlotta Gall

Our Coverage of the War in Ukraine

News and Analysis

President Vladimir Putin of Russia said the West faced the prospect of a nuclear conflict  if it intervened more directly in the war in Ukraine , alluding to comments by President Emmanuel Macron of France about the possibility of sending NATO troops to Ukraine .

Amid a monthslong political impasse in the United States over aid to Ukraine, the Biden administration is considering whether to provide Kyiv with weapons from the Pentagon’s stockpiles .

The loss of the eastern city of Avdiivka was a blow for Ukraine. But Russia’s advance has been particularly harsh on  the farmers and miners in neighboring towns and villages , leaving them poised to flee.

Holding a Sliver of Hope: A Russian mother knows her son, a conscript, died 14 months ago in a battle in eastern Ukraine. But she is still waiting for him.

A Long Fight: On the second anniversary  of Russia’s invasion, many weary but determined Ukrainians  are taking a longer view of the war , pinpointing the Maidan uprising of 2014 as the start of a 10-year conflict with their adversary.

Sending a Message: Two years since the start of the war in Ukraine, President Vladimir Putin of Russia has fully embraced the image of an unpredictable strongman  ready to escalate his conflict with the West.

How We Verify Our Reporting

Our team of visual journalists analyzes satellite images, photographs , videos and radio transmissions  to independently confirm troop movements and other details.

We monitor and authenticate reports on social media, corroborating these with eyewitness accounts and interviews. Read more about our reporting efforts .

Watch CBS News

Russian oligarch stashes second yacht in Turkey, apparently to beat Ukraine-linked sanctions

March 22, 2022 / 7:55 AM EDT / CBS/AP

Ankara, Turkey — A second superyacht belonging to Chelsea soccer club owner and sanctioned Russian oligarch Roman Abramovich has docked in a resort in southwestern Turkey - a country that's not applying sanctions on Russia over its invasion of Ukraine , Turkish media reports said Tuesday.

The private DHA news agency said the Bermuda-registered Eclipse docked at a port in the resort of Marmaris amid international efforts to freeze assets belonging to top Russian businessmen linked to Russian President Vladimir Putin.

A day earlier, Abramovich's Bermuda-flagged luxury yacht My Solaris arrived in the nearby resort of Bodrum, triggering a protest by a group of Ukrainians who boarded a small motor boat and tried to prevent the yacht from docking.

Last week, the European Union updated a list of individuals facing asset freezes and travel bans over their ties to the Kremlin and began imposing sanctions on Abramovich. The 55-year-old had already been punished in Britain.

NATO-member Turkey has close ties to both Russia and Ukraine. It has criticized Moscow's invasion of Ukraine but has also positioned itself as a neutral party trying to mediate between the two.

Abramovich announced earlier this month that he's selling the Chelsea club. Abramovich said the sale won't "be fast-tracked but will follow due process" and that the net proceeds will go to victims in Ukraine.

"This has never been about business nor money for me, but about pure passion for the game and Club," he said. 

Forbes has valued Abramovich's net worth  at $12.4 billion  while Chelsea was worth an  estimated $3.2 billion  in 2021. The 55-year-old, who was once Russia's richest man, said he will set up a foundation to which net proceeds from the sale will be donated.

• Billionaire

More from CBS News

Navalny's Moscow funeral draws crowds despite tight security

Navalny team announces Moscow funeral, tells supporters to "come early"

Putin says NATO sending troops to Ukraine would risk global nuclear war

"Traitor" politician accused of working with spies of foreign regime

Second Abramovich superyacht docks in sanctions-free Turkey

• Two yachts are docked in resorts in southwest Turkey
• Turkey says it opposes sanctions imposed by Western allies
• Sources say Abramovich, other Russian investments expected

BOAT PROTESTERS

Additional reporting by Yesim Dikmen in Istanbul, Ece Toksabay and Tuvan Gumrukcu in Ankara; Writing by Daren Butler; Editing by Jonathan Spicer, Frank Jack Daniel and Alison Williams

Our Standards: The Thomson Reuters Trust Principles. , opens new tab

As succession questions swirl at Canada's TD, CEO says plans are in place

From a U.S. money-laundering probe and the cancelled acquisition of First Horizon Corp in May, Canada's TD Bank has faced turbulence that is making questions about who will succeed CEO Bharat Masrani top of mind for many investors.

• Entertainment
• Sports Sports Betting Podcasts Better Planet Vault Mightier Autos Newsletters Unconventional Vantage Experts Voices
• Sports Betting
• Better Planet
• Newsletters
• Unconventional

Turkey Becomes Haven for Superyachts Owned by Sanctioned Russian Oligarchs

At least five superyachts owned by Russian oligarchs have docked in Turkey since the start of the war in Ukraine, marking an attempt by the nation's ultra-rich to avoid Western sanctions.

For months, Russian oligarchs have scrambled to relocate their assets , including luxury yachts and private jets, to avoid having them seized by the United States and European countries. Turkey has since become a safe haven, as the nation has yet to impose its own sanctions against Moscow for its ongoing invasion.

The latest superyacht, a $400 million luxury vessel dubbed the Flying Fox, arrived in Bodrum, Turkey, on Sunday morning, according to Insider. That ship is owned by Dmitry Kamenshchik, chairman of Moscow's Domodedovo airport.

Other yachts that have sailed to Turkey belong to former KGB agent Vladimir Strzhalkovsky, steel mogul Alexander Abramov, and billionaire Roman Abramovich. As Newsweek previously reported, Abramovich sent a $600 million yacht named Solaris to Bodrum on March 21. A day later, he sent a second superyacht, which is worth $700 million, to the resort city of Marmaris.

Each of the five superyachts range in price from $85 million to $700 million, according to Insider. Their new locations in Turkey also makes them generally safer than in other parts of the world. However, a lawyer who specializes in superyachts, said the vessels are not necessarily immune to future sanctions.

"Ultimately, the fate of the new Turkish fleet depends on the beneficial owners' relationship with the Turkish government," Benjamin Maltby, a partner at Keystone Law, told Insider. "The EU and the US will just have to wait for the political winds to change, and that wait may be a very long one."

Wealthy Russians have also sought to move their money into Middle Eastern real estate to avoid punishment from the West. In late March, Newsweek reported that real estate companies in Turkey and the United Arab Emirates (UAE) sold multiple properties to Russians who paid with cash or gold.

• Russian Property Buying Surges in Turkey, NATO's Weak Link
• Russian Oligarch Needed 176 Cops to Remove 4 Protesters From Mansion
• U.S. Seizure of Russian Oligarch's Superyacht is Biggest One Yet
• Russian Oligarchs Who Died Mysteriously This Year Have Two Things in Common

Other nations such as Israel, Spain, Italy and the United Kingdom have severely cracked down on oligarchs and seized millions of dollars worth of assets . Last week, the U.S. Department of Justice (DOJ) announced that it seized a 348-foot luxury superyacht owned by Russian oligarch Suleiman Kerimov in Fiji. The vessel marked the largest American seizure from a Russian oligarch since the war began in late February.

The DOJ said that Kerimov is among the oligarchs who "profit from the Russian government through corruption and its malign activity around the globe."

"This ruling should make clear that there is no hiding place for the assets of individuals who violate U.S. laws. And there is no hiding place for the assets of criminals who enable the Russian regime," Attorney General Merrick Garland said of the operation.

Late last month, President Joe Biden also urged Congress to pass a new aid package for Ukraine, and proposed legislation that would allow the U.S. to further seize Russian oligarchs' assets and crack down on sanctions evasion.

"We're going to seize their yachts, their luxury homes and other ill-begotten gains," Biden said, and use the proceeds "directly to remedy the harm that Russia has caused."

Uncommon Knowledge

Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.

About the writer

To read how Newsweek uses AI as a newsroom tool, Click here.

• Newsweek magazine delivered to your door
• Newsweek Voices: Diverse audio opinions
• Enjoy ad-free browsing on Newsweek.com
• Comment on articles
• Newsweek app updates on-the-go

• Home delivery option available

Top stories

Russia Claims German Generals Discussed Blowing Up Crimean Bridge

Texas Poised to Lose Billions in Investment if Donald Trump Elected

Joe Manchin Has a Plan for Congress Pay: Need to 'Inspire Them'

These Are the 12 Best Hospitals in the US in 2024

• Pre-Markets
• U.S. Markets
• Cryptocurrency
• Futures & Commodities
• Funds & ETFs
• Health & Science
• Real Estate
• Transportation
• Industrials

Small Business

Personal Finance

• Financial Advisors
• Options Action
• Buffett Archive
• Trader Talk
• Cybersecurity
• Social Media
• CNBC Disruptor 50
• White House
• Equity and Opportunity
• Business Day Shows
• Entertainment Shows
• Full Episodes
• Latest Video
• CEO Interviews
• CNBC Documentaries
• CNBC Podcasts
• Digital Originals
• Live TV Schedule
• Trust Portfolio
• Trade Alerts
• Meeting Videos
• Homestretch
• Jim's Columns
• Stock Screener
• Market Forecast
• Options Investing
• Chart Investing

Credit Cards

Credit Monitoring

Help for Low Credit Scores

All Credit Cards

Find the Credit Card for You

Best Credit Cards

Best Rewards Credit Cards

Best Travel Credit Cards

Best 0% APR Credit Cards

Best Balance Transfer Credit Cards

Best Cash Back Credit Cards

Best Credit Card Welcome Bonuses

Best Credit Cards to Build Credit

Find the Best Personal Loan for You

Best Personal Loans

Best Debt Consolidation Loans

Best Loans to Refinance Credit Card Debt

Best Loans with Fast Funding

Best Small Personal Loans

Best Large Personal Loans

Best Personal Loans to Apply Online

Best Student Loan Refinance

All Banking

Find the Savings Account for You

Best High Yield Savings Accounts

Best Big Bank Savings Accounts

Best Big Bank Checking Accounts

Best No Fee Checking Accounts

No Overdraft Fee Checking Accounts

Best Checking Account Bonuses

Best Money Market Accounts

Best Credit Unions

All Mortgages

Best Mortgages

Best Mortgages for Small Down Payment

Best Mortgages for No Down Payment

Best Mortgages with No Origination Fee

Best Mortgages for Average Credit Score

Adjustable Rate Mortgages

Affording a Mortgage

All Insurance

Best Life Insurance

Best Homeowners Insurance

Best Renters Insurance

Best Car Insurance

Travel Insurance

All Credit Monitoring

Best Credit Monitoring Services

Best Identity Theft Protection

How to Boost Your Credit Score

Credit Repair Services

All Personal Finance

Best Budgeting Apps

Best Expense Tracker Apps

Best Money Transfer Apps

Best Resale Apps and Sites

Buy Now Pay Later (BNPL) Apps

Best Debt Relief

All Small Business

Best Small Business Savings Accounts

Best Small Business Checking Accounts

Best Credit Cards for Small Business

Best Small Business Loans

Best Tax Software for Small Business

Filing For Free

Best Tax Software

Best Tax Software for Small Businesses

Tax Refunds

Tax Brackets

Tax By State

Tax Payment Plans

All Help for Low Credit Scores

Best Credit Cards for Bad Credit

Best Personal Loans for Bad Credit

Best Debt Consolidation Loans for Bad Credit

Personal Loans if You Don't Have Credit

Best Credit Cards for Building Credit

Personal Loans for 580 Credit Score or Lower

Personal Loans for 670 Credit Score or Lower

Best Mortgages for Bad Credit

Best Hardship Loans

All Investing

Best IRA Accounts

Best Roth IRA Accounts

Best Investing Apps

Best Free Stock Trading Platforms

Best Robo-Advisors

Index Funds

Mutual Funds

Turkey may become the new playground for Russian oligarchs – but it's a risky strategy

• Turkish Foreign Minister Mevlut Cavusoglu told CNBC Saturday that he'd welcome sanctioned Russian oligarchs into the country as both tourists and investors.
• It came a day after President Recep Tayyip Erdogan said that "certain capital groups" could "park their facilities with us," in a seeming reference to the arrival of oligarch yachts.
• The comments have sparked speculation that Turkey may be actively encouraging investment from blacklisted billionaires —but analysts warn any such gains could be short-sighted.

Russian oligarch wealth is on the hunt for a new home, and Turkey is quickly establishing itself as a welcome host.

Turkish Foreign Minister Mevlut Cavusoglu told CNBC Saturday that he'd welcome sanctioned Russian oligarchs into the country as both tourists and investors, as long as their business dealings adhered to international law.

It came a day after President Recep Tayyip Erdogan said that "certain capital groups" could "park their facilities with us," in what was seen as a direct reference to the recent arrival of several Russian-owned luxury assets in Turkey, including two luxury yachts and a private jet belonging to billionaire Roman Abramovich.

The comments have sparked speculation that Turkey — a non-EU country but a NATO member — may be actively encouraging investment from blacklisted billionaires as it seeks to shore up its embattled economy. Already, wealthy Russians are actively seeking investments there, according to Reuters reports.

But any prospective gains could be short-sighted for a country orchestrating a delicate balancing act between Russia and the West.

"Attracting Russian money could hurt Turkey in the long-term," Defne Arslan, a senior director at the Atlantic Council in Turkey and former economist for the U.S. Embassy in Ankara, told CNBC.

Striking a fine balance

Turkey is seeking to tread a fine line in the ongoing war in Ukraine.

While strongly criticizing Moscow's unprovoked invasion, it has stopped short of implementing sanctions like those imposed by the U.S., EU, U.K. and others, saying it opposes them on principle.

Instead, it has adopted the role of a neutral mediator, facilitating peace talks between Russia and Ukraine. Negotiations in Istanbul on Tuesday appeared to raise hopes of a breakthrough after Moscow agreed to cut its military assault on Kyiv and Chernihiv, while Ukrainian negotiators proposed adopting neutral status in exchange for security guarantees.

If they're parking their yacht, that's OK. But Ankara will be very cognizant about Turkey becoming grounds for sanctions-busting. Emre Peker director and Turkey specialist at Eurasia Group

Turkey's stance of nominal neutrality is largely understood given its close economic and diplomatic ties with Russia, particularly regarding energy, defense, trade and tourism. As such, Western allies have not pressured Turkey to join sanctions, nor are they likely to punish it for not doing so.

That makes it a legitimate outpost for assets belonging to sanctioned Russians. Indeed, an influx of foreign investment and luxury assets could provide a boon for the beleaguered Turkish economy, which slipped into crisis mode last September as unorthodox interest rate cuts pushed already spiraling inflation higher.

However, Western tolerance is likely to wane should Turkey begin actively soliciting sanctioned wealth, according to Emre Peker, director and Turkey specialist at political risk consultancy Eurasia Group.

"If they're parking their yacht, that's OK," Peker said. "But Ankara will be very cognizant about Turkey becoming grounds for sanctions-busting and will be careful to prevent that."

The Turkish Embassy in London did not respond to CNBC's request for comment.

A flailing economy

Turkey can scarcely afford to be hit with secondary sanctions given the pressure that the war and resultant Russian sanctions have already inflicted on its economy.

Last month, inflation soared to a 20-year high of 54.4% amid a crash in the lira and soaring commodity prices. Data fully reflecting the impact of the war are yet to be released.

"Russia's attack on Ukraine is making Turkey's economic situation more precarious," Peker said.

"The ramifications are clear," he continued. "Inflationary pressures are higher, destabilizing the Turkish economy. The fallout of sanctions will curtail or halt tourism from Russia and Ukraine, which accounted for about one-third of inbound tourism. And it will affect Turkish investment into Ukraine and Russia."

Meantime, Erdogan is keen to uphold Turkey's reputation as an independent mediator in the ongoing conflict, seeking to win favor both at home and abroad ahead of elections in 2023.

"Erdogan is desperate to get through to the elections next year," Timothy Ash, senior emerging markets sovereign strategist at BlueBay Asset Management, told CNBC.

Still, there are opportunities for Turkey to shore up its economy and benefit from the movement of wealth from Russia without drawing political and economic ire.

That includes attracting investment from some of the 450 Western brands that have so far withdrawn from Russia, according to the Atlantic Council's Arslan.

"If it plays it right, I think it can be a huge opportunity for Turkey, not only staying in line with Western allies but potentially attracting investment from foreign companies," she said, highlighting the similarities between Russian and Turkish geography and production lines among other factors.

Indeed, Erdogan said last week that Turkey's "door is open" to companies looking to relocate their business outside of Russia.

"Not only American companies, but also many brands and groups from around the world are leaving Russia. Of course, our door is open to those who come to our country," he said.

• Subscriptions

Grab a Seat at the Captain’s Table

Essential news coupled with the finest maritime content sourced from across the globe.

Join our crew and become one of the 105,000 members that receive our newsletter.

Solaris, a superyacht linked to sanctioned Russian oligarch Roman Abramovich, is pictured in Yalikavak, southwest Turkey April 16, 2022. REUTERS/Yoruk Isik

Turkey Welcomes Russian Oligarch Yachts

Share this article, related news, us seeking to auction russian oligarch’s yacht costing $7 million a year to maintain, ex-google ceo scraps $67.6 million purchase of abandoned superyacht, abandoned russian superyacht to be auctioned after sanctions lifted, dubai boat show features electric sailboat, $318 million superyacht, russian oligarch yacht agents indicted by us grand jury.

by Yoruk Isik (Reuters) A yacht linked to Russian aluminum tycoon Oleg Deripaska arrived in a bay near the southwestern Turkish resort of Gocek on Saturday, as more Russian billionaires head for Turkey to flee Western sanctions over Russia’s invasion of Ukraine.

Deripaska, founder of Russian aluminum giant Rusal RUAL.MM, has been sanctioned by the United States, European Union and Britain. He has previously called for peace.

A Reuters witness saw the 73-meter (239.5 foot) yacht Clio arrive off the coast of Gocek in the Aegean coastal province of Mugla on Saturday. The Cayman Islands-flagged vessel remains in a bay off Gocek.

The arrival of Clio in Turkish waters comes after two superyachts linked to Russian billionaire Roman Abramovich, who made a surprise appearance at Ukraine-Russia peace talks in Istanbul this month, docked in Turkish ports.

Oleg Deripaska's Yacht #CLIO changed location. Destination: Gocek, Turkey Status: Underway using Engine Current speed: 10.4kn https://t.co/UCPebIg4qt #StandWithUkraine #Oligarchs #yacht #UkraineRussiaWar pic.twitter.com/DnsYFKLGrY — Oligarch Yachts & Jets (@OligarchTracker) April 14, 2022

World governments are seeking to isolate President Vladimir Putin and his allies over Russia’s invasion of Ukraine, which the Kremlin calls a “special military operation.”

NATO member Turkey shares a maritime border with Ukraine and Russia in the Black Sea, has good ties with both and mediates in the conflict. It has supported Kyiv, but also opposed sanctions on Moscow, including measures against Russian billionaires.

Ankara relies heavily on Russian energy imports and tourists and has emerged as a safe haven for Russians fleeing sanctions, and many have invested in Turkish property.

Also read: DOJ’s KleptoCapture Needs Mariners To Upkeep Oligarch Superyachts

On Friday, a Ukrainian diplomat said Ukraine is working with Turkey for more support and understands – though it is not happy with – the reality of Ankara’s parallel ties to Moscow.

Also Read: All You Need To Know About Russian Yacht Arrests

(Reporting by Yoruk Isik; Writing by Tuvan Gumrukcu; editing by David Evans)

Weekly Insights from the Helm

Dive into a sea of information with our meticulously curated weekly “Dispatch” email. It’s more than just a newsletter; it’s your personal maritime briefing.

Monthly Insights from the Helm

Be the first to know.

Join the 105,000 members that receive our newsletter.

Have a news tip? Let us know.

Related Articles

160 Tons Of Ukrainian Grain Destroyed In Poland

KYIV, Feb 25 (Reuters) – Around 160 tons of Ukrainian grain was destroyed at a Polish railway station amid large-scale protests in what a senior Ukrainian official said on Sunday was an...

Brazil’s Paranagua Port Resumes Operations After Berths Shut By Fire

SAO PAULO, Feb 24 (Reuters) – An important export terminal for agricultural commodities at the Paranagua port in southern Brazil resumed operations on Saturday after three of its berths were temporarily halted due to...

Somalia Will Defend Itself If Ethiopia Seals ‘Illegal’ Port Deal, President Says

By Giulia Paravicini MOGADISHU (Reuters) – Somali President Hassan Sheikh Mohamud said his country would “defend itself” if Ethiopia goes ahead with a deal to set up a naval base in the...

Why Join gCaptain Club?

Be Informed: Stay updated with the latest maritime news and trends.

Connect: Network with a community of maritime professionals and enthusiasts.

Gain Insights: Receive exclusive content and personal perspectives from our CEO.

OUT AT SEA?

We’ve got you covered with trusted maritime and offshore news from wherever you are.

JOIN OUR CREW

Maritime and offshore news trusted by our 105,000 members delivered daily straight to your inbox.

Your Gateway to the Maritime World!

Join our crew.

Privacy Overview

U.S. targets Russian oligarchs as it weighs response to Navalny’s death

A justice department task force has looked to intensify financial penalties against moscow’s financial elite.

U.S. officials unveiled a sweeping set of legal actions against Russian oligarchs and their allies on Thursday, as the Biden administration aims to intensify the financial pressure on President Vladimir Putin over his invasion of Ukraine.

Justice Department officials announced the arrests of two “facilitators” of one sanctioned Russian oligarch, while also moving to seize two luxury condominiums in Miami held by another Russian oligarch already under U.S. sanctions. The Justice Department also filed a separate indictment against an official in connection with an alleged scheme to operate a luxury yacht owned by a sanctioned Russian oligarch, and it highlighted a guilty plea related to money laundering on behalf of other sanctioned Russian entities.

The flurry of legal actions come as the United States looks for ways to respond to Putin over the sudden death last week of Russian opposition leader Alexei Navalny in an Arctic prison colony. White House officials said earlier this week that the administration will release new sanctions against Russia over Navalny’s death, although it is unclear how effective these financial penalties could prove. The United States has targeted Russia’s economy with economic penalties over the war in Ukraine for roughly two years, since the beginning of the invasion, and yet Russia’s economy grew substantially last year and is expected to continue to grow this year.

Despite the sanctions push, the Kremlin continues to reap billions of dollars from energy sales that the Western allies, wary of spiking gas prices , have not moved to cut off fully. Some experts predicted that stringent U.S. penalties on Russian oligarchs would prompt them to turn on Putin and endanger his hold on power, but, at least so far, those hopes have not materialized. Washington has led its international allies in imposing a price cap on the sales of Russian oil, but some analysts say it must be more rigorously enforced.

“Sanctions against Russian oligarchs push in the right direction, but are not enough,” said Simon Johnson, an MIT economist. “The missing element is the enforcement of the Russian oil price cap, to really squeeze the Kremlin’s revenues.”

The actions announced Thursday were spearheaded by the Justice Department’s KleptoCapture task force, which was formed in March 2022 to target Russian oligarchs as a main plank of the Western response to the invasion of Ukraine. To date, the task force has filed 70 criminal charges against individuals and five charges against corporate entities, while moving to restrain or forfeit approximately $700 million in assets, according to Deputy Attorney General Lisa Monaco.

U.S. officials, briefing reporters on Thursday, said roughly $6 million in seized Russian assets have been transferred to Ukraine, primarily for help with veterans of the war.

“Since the onset of Russia’s brutal and unprovoked invasion of Ukraine, the Justice Department has used every tool in our arsenal — including our international partnerships — to target the criminal actors and activity propping up Vladimir Putin, his henchmen, and his illegal war,” Monaco said in a statement.

The Justice Department said authorities in the U.S. District Court for the Southern District of New York unsealed charges against three people, including sanctioned oligarch Andrey Kostin, and arrested two people accused of being Kostin’s “facilitators.” The United States also filed a civil forfeiture complaint to seize two Miami luxury condo properties, located at the Ritz Carlton in Bal Harbour and valued at $2.5 million, owned by sanctioned Russian oligarch Viktor Perevalov.

Other charges included a new indictment against Vladislav Osipov on charges of bank fraud in connection with operating the Motor Yacht Tango, a 255-foot luxury yacht owned by sanctioned Russian oligarch Viktor Vekselberg. An attorney for Osipov has argued that the charges should be dismissed, writing in legal filings that business on behalf of the yacht did not violate U.S. sanctions law.

• Africa Collective

Business Insider Edition

• United States
• International
• Deutschland & Österreich
• South Africa

How Russia's Roman Abramovich went from a billionaire sports tycoon to Putin's backchannel to the West

Roman Abramovich was reportedly involved in negotiations for a prisoner exchange that would have freed Alexey Navalny before his death.

• Before Russia's invasion of Ukraine, businessman Roman Abramovich had it all.
• Aside from owning a vast number of assets, he also enjoyed close ties to Putin, officials said.
• Many now see him as the Russian president's backchannel to the West. 

Recommended articles

Follow business insider africa.

Thanks for signing up for our daily insight on the African economy. We bring you daily editor picks from the best Business Insider news content so you can stay updated on the latest topics and conversations on the African market, leaders, careers and lifestyle. Also join us across all of our other channels - we love to be connected!

South African billionaire says companies exodus from Nigeria won't last

Unrecommend.com's mastery of political neutrality in journalism, china is fast becoming a top destination for african students who want to study abroad, mtn nigeria posts ₦137 billion loss amidst naira devaluation, nigeria hits binance with $10 billion fine amidst crypto exchange probe, top 10 african countries with the fastest internet for mobile devices at the start of 2024, unveiling redmi a3: where style meets affordability and performance excellence, netflix and showmax will dominate sub-saharan africa’s svod market for the next 5 years, kenya's february inflation hits 23-month low.

Rep. Lauren Boebert and her ex-husband have had a series of public spats. Here's a timeline of their relationship.

Student-loan borrowers are officially one step closer to benefiting from Biden's second attempt at debt cancellation after a key stage of the process wrapped up

South carolina gop primary called immediately for trump; haley vows to stay in race.

• Megaprojects
• Expo City Dubai
• UAE in Space
• Saudi Arabia
• Palestine-Israel
• Arab Showcase
• Australasia
• The Americas
• Cryptocurrencies
• Travel and Tourism
• Environment
• Road to Net Zero
• Fashion & Beauty
• Home & Garden
• Things to do
• Art & Design
• Film & TV
• Music & On-stage
• Pop Culture
• Combat Sports
• Horse Racing
• Beyond the Headlines
• Trending Middle East
• Business Extra
• Culture Bites
• Year of Elections
• Pocketful of Dirhams
• Books of My Life
• Iraq: 20 Years On

In the dock: Oligarch’s stranded superyacht haunts the UK's drive for Russia sanctions

The phi remains moored in london after sergei naumenko lost the latest round in his legal battle with the uk to get it back.

Detained Russian-owned superyacht Phi is seen in West India and Millwall Docks in London, Britain March 29, 2022. REUTERS / Tom Nicholson

For commuters on their way to work on a chilly London morning and locals walking their dogs, the sight of the Phi doesn’t appear even to warrant a glance as they pass its striking profile.

The superyacht remains moored in the UK’s capital after being seized from its Russian owner in the weeks after Vladimir Putin ordered his troops into Ukraine , and not long after its launch as the latest star on the superyacht scent.

With its sleek lines and skyscrapers backdrop, the Phi became a symbol of the push to respond to President Vladimir Putin's invasion of Ukraine. The UK’s then Transport Secretary Grant Shapps popped up in a Tik Tok video beside the vessel, announcing: “It's a yacht which belongs to a Russian oligarch, friends of Putin” as the National Crime Agency, the UK’s equivalent of the FBI, seized the Phi.

Almost two years later Mr Shapps has moved on to oversee the UK's support for Ukraine as Defence Secretary, but the Phi is still moored in east London amid growing questions over whether the Western sanctions drive against the Kremlin has been all symbolism and no bite.

One thing is for sure, the owner, Sergei Naumenko, isn't going to get to play with his €44 million (£38 million) toy any time soon. A UK court last week rejected his latest attempt to free the vessel.

The continued detention of the yacht has, however, raised the question of whether sanctions imposed on Russians, both as a result of the war in Ukraine, and stemming from allegations of corruption, are effective in achieving their goals or are more to do with PR.

Experts The National has spoken to say there continue to be loopholes wealthy Russians can exploit to hide their wealth in the UK. While some assets have been frozen, none have been seized outright. Meanwhile, Russia itself continues to trade with the world.

“I think there’s a lot of questions about whether in this particular instance, it was more driven by PR than a tangible public policy outcome,” said Steve Goodrich from the campaign group Transparency International.

“Until we see either individuals before the courts or assets being taken away from them, it looks like sanctions are a bit of a paper tiger."

In the meantime, the 58.5-metre Phi remains part of the furniture at London’s Canary Wharf.

“We’ve been here since June and to be honest we don’t pay much attention to it,” a woman out with her husband walking their two dogs, who asked not to be identified, told The National.

“We’ve seen people on it now and again who look like they're doing maintenance. I heard it’s owned by a Russian oligarch but that’s all I know.”

The Phi has been moored in London since December 2021, when it arrived from the Netherlands after being completed by the prestigious Royal Huisman Shipyard. It was only due to stop over in London to participate in the World Superyacht Awards before heading to Malta. Mr Naumenko owns it through a front company registered in St Kitts and Nevis.

Mr Naumenko, who is adamant he has no connection to the Russian government and has never held any elected or official position, sued to get the superyacht back but in July 2023 a judge rejected the bid, and his appeal against that decision was thrown out this week.

While himself not a sanctioned individual, under UK law his assets can still be frozen if he is deemed to have benefited from the current Russian regime to the extent that he can afford a superyacht.

There was some consolation for him in the ruling when the judges said they were “troubled” by Mr Shapps' “incorrect statements” regarding Mr Naumenko and said these “ought not to have been made”, though ultimately they made no difference to the outcome.

Angelika Hellweger, a lawyer who is a sanctions and financial crime expert, told The National that actions such as detaining are the Phi are "done by the West in a PR light to show the Russian elite what will happen to them and hope it has a deterrent effect"

“Moving against yachts and cars and so on is mainly a statement that they will go after them wherever they are and to show Putin and the people around him that the West won’t tolerate them," said Dr Hellweger, legal director at London law firm Rahman Ravelli.

She explained that while the term seized is in common parlance when talking about physical assets, they are in fact technically frozen – like a bank account might be – as they have not yet been confiscated.

When it comes to the wider sanctions regime, she said Russia, in common with many other countries in similar situations, has managed to find ways around them.

She cited the example of Russia being able to cope with the impact of the sanctions through a series of informal and shadow trade networks with neighbouring countries such as Kazakhstan and Belarus.

“You cannot isolate an economy forever, in particular one so integrated with the rest of the world, with globally important commodities such as oil and gas, like Russia, on which the West is very much dependent.”

The UK's Department of Transport says Mr Naumenko is picking up the bill for mooring, maintenance and any other charges relating to its detention. By some estimates, the cost of maintaining a superyacht amounts to 10 per cent of its cost price, though that's likely to be lower given it's not consuming a large amount of fuel while berthed.

The Phi is among a number of superyachts linked to sanctioned Russian owners that have been detained. Some have been sold, including the Axioma, which was auctioned by the government of Gibraltar in 2022.

So far there has been no indication the UK authorities are looking to confiscate the Phi from Mr Naumenko, a property developer, as they did with the artwork seized from Nazem Ahmad , the alleged Hezbollah financier.

If it were to be put on the market there would be no shortage of potential buyers prepared to pay more than the original price, says superyacht broker Tim Johnson.

“It’s a pedigree yacht and it’s quite a unique design made by a pedigree shipyard,” Mr Johnson, the founder and CEO of TJB Superyachts, told The National.

“A couple of years ago there was a big stigma with the past history of a yacht such as this but I think people have got past [that], so for some owners out there, they won’t mind that it was built for and owned by a Russian."

Mr Johnson explained that with the years-long wait for a new Royal Huisman yacht to be built, and with inflation pushing up the cost of building new vessels, it’s entirely possible the Phi would fetch more than its list price.

“It would take you four or five years to do something similar and with the time and man-hours that went into it, yachts at that level really hold their value for quite some time," he said.

“So to build this yacht again from start to finish today, you'll probably pay upwards of €70 million. So he could probably look to sell it for around €60 million.”

In the meantime, Mr Naumenko’s legal battle to get the yacht returned continues, said Sir Ian Collett, director of superyacht consultants Ward & McKenzie, who have been representing him.

“Our client’s solicitors and counsel are currently considering the detailed judgment with a view to seeking leave to appeal to the Supreme Court,” Sir Ian told The National.

Among them were a “number of issues within the judgment in which they disagree, and they may form the background to an appeal", in particular the fact that the Court of Appeal found that the Secretary of State for Transport made statements which were “incorrect”.

That the Court of Appeal found that these incorrect statements made no difference to the outcome is “something which we do not accept”.

U.S. Government Seized a Russian Oligarch’s Yacht but Can’t Afford $7 Million Yearly Upkeep

A fter Russia invaded Ukraine, the U.S. declared a series of sanctions on the country. As the war continued, the west agreed to dial up the pressure on Putin by attacking his inner circle. So Fijian law enforcement seized a docked 348-foot superyacht that supposedly belonged to Russian oligarch Suleyman Kerimov.

The yacht, which is called the “Amadea” and is worth about $300 million is now in San Diego. The U.S. claims it is within its rights to take the ship, as it has multiple warrants against Kerimov and his property as part of the sanctions. The government plans to auction the yacht and donate the proceeds to the people of Ukraine. There’s only one catch: maintenance.

Another Russian oligarch, Eduard Khudainatov, has come forward and said the big boat is actually his. Khudainatov is the retired CEO of Russia’s state-run oil company, Rosneft. He is most certainly another ally of Putin’s. But the U.S. doesn’t currently have a warrant against him, so he sued to get “his” boat back.

Khudainatov’s goal is to prevent the sale with a lengthy court battle. Normally, the U.S. might let him delay, but there’s a major problem: the upkeep. The Amadea, which is longer than the Navy’s Los Angeles class attack submarines, costs an average of $600,000 to maintain. Every month. Even just docked in San Diego.

The U.S. is not up for paying $7 million a year to keep the big boat afloat. Prosecutors have told a judge that paying these maintenance fees is “excessive,” and the cost of keeping the yacht around justifies an immediate auction. They argue that Khudaintov’s case is clearly a ploy.

The irony, is that maintenance costs are how the U.S. prosecutors mounted a case against Kerimov in the first place. He didn’t buy the Amadea in the U.S. But he apparently paid $1 million in maintenance payments through U.S. financial institutions.

All the red tape aside, the U.S. has the world’s biggest navy. So when it told Fiji it was taking some Russian’s yacht, the island nation didn’t have much of a choice. But that begs another question. The Amadea is just a boat. And it’s probably docked at the naval shipyard in San Diego, where the U.S. has mechanics sitting around on payroll. So is there any chance the U.S. is actually paying that much to keep the thing afloat? Who knows. But I seriously doubt any of Putin’s buddies are getting it back.

Next, learn how oligarchs and warlords get Ferraris , or watch a drone flyover of the Amadea in the video below:

Billionaires Use This Tax Loophole To Get Trucks and Suvs for Free

700-Horsepower Replica of Hemingway’s Boat is the Ultimate Restomod

The post U.S. Government Seized a Russian Oligarch’s Yacht but Can’t Afford $7 Million Yearly Upkeep appeared first on MotorBiscuit .

A sanctioned Russian oligarch's $600 million superyacht set sail for a 'scenic cruise' in the Mediterranean after docking in Turkey for 2 weeks

• Roman Abramovich's $600 million yacht left a Turkish port for a "scenic cruise," tracking data shows.
• The yacht, Solaris, left Bodrum, southwest Turkey, on Monday after docking there for two weeks.
• Solaris has avoided European countries that sanctioned Abramovich after Russia invaded Ukraine.

A $600 million superyacht owned by Russian oligarch Roman Abramovich set sail on a "scenic cruise" in the Mediterranean on Monday, tracking data shows.

The 460-foot Solaris departed the port of Bodrum in southwest Turkey on Monday morning, having been docked there for two weeks, according to the ship-tracking service Marine Traffic .

Solaris' destination was last reported by Marine Traffic as "scenic cruise." As of 5:21 a.m. ET on Monday, Solaris was heading north-east after rounding a headland on the Turkish coast.

Abramovich, the billionaire owner of Chelsea Football Club, was among the oligarchs sanctioned by the European Union on March 15, meaning his assets were frozen and he was banned from doing business in the bloc. The sanctions were imposed as part of Western efforts to punish Russia and President Vladimir Putin over the invasion of Ukraine.

Having been docked in Spain in early March, the Solaris has since been avoiding European countries that sanctioned Abramovich, of which Spain is one.

In late 2021, the Solaris was under repair in a shipyard in Barcelona . It set sail from there on March 8, 2022, some 12 days after Russia invaded Ukraine. The Solaris arrived in Tivat, Montenegro, on March 12 — two days after Abramovich was sanctioned by the UK and three days before the EU sanctions were imposed on March 15.

Solaris left Tivat a day after it arrived and headed towards Turkey. The yacht arrived in Bodrum on March 21, per Marine Traffic data cited in an earlier report by Insider.

The Solaris can accommodate up to 96 guests and crew members and has a price tag of $600 million, according to SuperYacht Fan .

Governments in Europe have seized some vessels linked to rich Russians, including the UK detaining a $50 million yacht and Gibraltar's government impounding a $75 million vessel .

• Main content

UK government tells Russian tycoons they aren’t getting their impounded yachts and private jets back

A billionaire ally of Roman Abramovich and a Russian owner of a brand new superyacht lost their appeals challenging the UK’s sanctions regime, bolstering the government’s pursuit of Russian assets.

Eugene Shvidler, who’s been described as Abramovich’s “right hand man,” lost his attempt to lift the asset freeze, in the first Court of Appeal decision on the strict measures imposed since Russia’s invasion of Ukraine.

He argued he’s faced “serious hardships” after he saw his private jets impounded by the UK, and pushed back at suggestions he was a close confidant of Russian President Vladimir Putin.

Separately, Sergei Naumenko, a wealthy Russian property developer who isn’t sanctioned, lost his appeal over the detention of his superyacht in London’s Canary Wharf.

The rulings were handed down Tuesday against the backdrop of wider government discussions over the confiscation of around $300 billion of frozen assets held by the Russian central bank. Prime Minister Rishi Sunak has  called  for Western nations to be more aggressive in seizing frozen Russian assets and passing the proceeds on to Ukraine to finance its defense.

“I would accept that these sanctions are both severe and open-ended,” Judge Rabinder Singh said in the ruling. “If sanctions are to be effective, a serious price has to be paid.”

In the UK, the government has so far won every court challenge made by sanctions targets. 

“I suspect there will be a few sighs of relief in Whitehall,” said David Savage, a lawyer at HFW. “The UK has cast a very wide net of sanctions and asset seizures, and the position of the courts has been that the importance of ending the turmoil in Ukraine outweighs any infringement of individual right.”

Shvidler had sought to argue that the-then Transport Secretary Grant Shapps pressured the Foreign Office to place restrictions on him. He’d said that the government rushed the sanctions out against him as Shapps’ officials worried that they would have to release his aircraft from a private airfield without the formal restrictions. 

The billionaire, who now lives in the US, plans to appeal the judges’ finding to the Supreme Court, according to his lawyers.

“The Court of Appeal has clearly given considerable deference to the government in matters of foreign policy. If it stands, it will make it virtually impossible for any person sanctioned by the UK Government to bring a successful legal challenge,” they said.

Meanwhile Shapps also faced criticism from the judge over his comments when the superyacht Phi was detained. He’d incorrectly accused Naumenko of being “connected with Putin,” a statement that “ought not to have been said,” the judge wrote.

“Today’s ruling, once again validates our decision to detain the Phi superyacht,” a spokesperson for the transport department said. “We’ll continue to act where necessary to crack down on those benefiting from Putin’s regime and their illegal war in Ukraine.”

Latest in Finance

• 0 minutes ago

European inflation has now fallen from its 10.6% peak after the Russian invasion of Ukraine to just 2.6%

British companies have gotten so cheap—40% less than peers—that they’re facing a wave of buyout offers from bargain-hunting overseas suitors

Gen Z and baby boomers can finally agree on something—neither is panicking about a financial crisis, new research shows

Rolex posts a record $11.5bn in sales—more than its top 5 competitors combined, Morgan Stanley says: ‘No other luxury brand can claim such a dominant position’

From ‘Britain’s Warren Buffett’ to market sage Rob Arnott, here’s why investor naysayers are skeptical ‘first-mover’ Nvidia will continue to lead the AI boom

Britain has the most ‘fragile firms’ in Europe, with 15% of small and medium businesses at risk of default, Allianz says

Most popular.

Meet the 55-year-old veterinarian who walked away from a 6-figure salary in the prime of her career because corporate ownership drove her to the nonprofit world

Gen Zers are waving goodbye to ‘soul-sucking’ 9-to-5 jobs as social media convinces them to ditch corporate careers

IRS is going after 125,000 Americans who earn more than $400,000 but don’t file tax returns: ‘This isn’t a small group of people we’re talking about’

Vice execs abruptly lay off workers, end town hall after downpour of thumbs-down emojis

Trump faces huge losses as he flogs commercial real estate properties in the teeth of a brutal market

Christian Horner denies allegations of misconduct after trove of leaked nudes and illicit texts emerge just 36 hours before F1’s opening race