Spain and France have allowed owners of superyachts frozen under anti-Russian sanctions to pay for their upkeep themselves.
This was reported to Reuters by three sources.
"Most" owners pay for maintenance, crew, mooring and insurance. Individuals are generally prohibited from conducting financial transactions in sanctioned jurisdictions, but the Spanish and French governments allow payments — "in accordance with EU and national law."
Thus, Spainʼs Finance Ministry told Reuters that a 2014 law passed after the annexation of Crimea allows sanctioned individuals to make the necessary payments to maintain assets.
Spainʼs port management company Ocibar confirmed to Reuters that the owners of Crescent and Lady Anastasia are making payments, including for berthing, utilities and main crew. Five yachts are frozen in France. Alfa Bank shareholder Oleksiy Kuzmychev paid for the maintenance of his two frozen vessels in accordance with the 2014 EU law, his lawyer confirmed to Reuters.
Proposals by the United States and the European Union to sell seized Russian assets and transfer the proceeds to Ukraine have stalled. In France and Spain, the decision to freeze rather than confiscate luxury assets means their current costs remain the responsibility of the owner.