The first confiscated yacht of a sanctioned Russian oligarch was sold in Gibraltar.
Bloomberg writes about it.
The five-deck, 72-meter yacht Axioma belonged to the under-sanctioned billionaire Dmitriy Pumpyansky. It is the first superyacht to be put up for public auction since Russiaʼs invasion of Ukraine prompted countries to seize the luxury vessels in ports around the world. Bids and information about bidders are confidential. Information will be published after the sale agreement is finalized.
Pumpyansky owned a stake in TMK, the largest pipe manufacturer in Russia. Its products were used by Gazprom for the construction of Nord Stream 2. Sanctions against Pumpyanskyi were introduced by the European Union on March 10, and five days later by Great Britain. The British authorities estimated Pumpyanskyʼs fortune at $2.1 billion.
Despite the confiscation, as the BBC writes, the proceeds from the sale of the yacht will go to the JP Morgan bank, where the yacht was held as a deposit.
- On August 23, Canada introduced sanctions against another 62 Russian individuals and one defense sector organization.
- Before that, Canada blocked Russian assets and financial transactions totaling $413 million.