A remarkably high-dollar vessel that is apparently the world’s largest sailing yacht and is owned by Russian billionaire Andrey Igorevich Melnichenko has been seized by the Italian government amid the worldwide push to hold the Putin regime economically accountable for the unfolding Russian invasion of Ukraine. (Italian authorities ID’ed the vessel as the biggest sailing yacht.) This global push for accountability for Russian atrocities has included targeting wealthy individuals with ties to Putin, although a spokesperson for Melnichenko insisted that the rich Russian has no “political affiliation.” Still, authorities in the European Union — a coalition that includes Italy — evidently found enough evidence to place Melnichenko among individuals sanctioned by the E.U. anyway. The yacht under dispute is some 470 feet long and is worth around $578 million — a huge asset, both in terms of physical size and financial value.
⚡️Italy seizes $578 million mega yacht owned by sanctioned Russian oligarch Andrey Melnichenko.
The vessel, called “SY A,” is one of the largest superyachts in the world, according to its manufacturer, Nobiskrug.
— The Kyiv Independent (@KyivIndependent) March 12, 2022
Melnichenko appears to have garnered at least a substantial portion of his fortune from ownership of the fertilizer company EuroChem Group and the coal firm SUEK, although both organizations have revealed that he’s apparently resigned from their respective company boards and isn’t serving as their “beneficiary” any longer, Reuters explained. Meanwhile, Giuseppe Zafarana, identified by Reuters as the leader of Italy’s tax police, touted the success that authorities in his country have had with seizing assets tied to wealthy Russians. As Zafarana put it, “So far we have hit what was visible, now we have to hit the rest such as shareholdings. We are doing a great job to bring out what is shielded by trusts and front names.” Other countries to target high-dollar assets tied to sanctioned Russians include France and the U.K.; in France, governing officials took possession of a yacht tied to Russian oligarch Igor Sechin after it was caught in an attempt to exit the country’s waters, while in the United Kingdom, the government recently forcibly grounded a private jet reportedly linked to billionaire Eugene Shvidler.
ROME, March 12 (Reuters) – Italian police have seized a superyacht from Russian billionaire Andrey Igorevich Melnichenko, the prime minister's office said on Saturday, a few days after the businessman was placed on an EU sanctions list following Russia's invasion of Ukraine.
— Idrees Ali (@idreesali114) March 12, 2022
The grounding of that jet in the U.K. was to provide authorities there with an opportunity to further investigate the aircraft so that it could be conclusively determined whether it violated British provisions against Russians’ jets flying through their airspace. Other economic measures that have been taken over Russian President Vladimir Putin’s violence against Ukraine include the just announced U.S. plans to revoke Russia’s most favored nation status designation in the country. That designation, which allied countries were also lifting with regards to Russia, allows for relatively free trade between whatever two countries are involved in the arrangement. In the United States, the Biden administration has announced bans on Russian energy imports and imports from the country of seafood, diamonds, and alcohol, further isolating the Russian economy. The country’s currency has plummeted in value, and certain observers have predicted a Russian government default.
Italy seizes $580 million superyacht owned by Russian billionaire Andrey Melnichenko as pressure on Russia’s elite continues after Ukraine invasion, @Alemrome reports. “Sailing Yacht A” may be world’s biggest with a reported 8 decks, glass observation areahttps://t.co/aoLCS6hVMG pic.twitter.com/w5LlYFXkbz
— Jennifer Jacobs (@JenniferJJacobs) March 12, 2022
