Italy Seizes $580 Million Russian Superyacht Over Sanctions

Italian authorities have seized a 530 million-euro ($580 million) superyacht owned by Russian billionaire Andrey Melnichenko as pressure on Russia’s elite continues following the invasion of Ukraine.

The vessel may be the world’s biggest sailing yacht and was seized in the port of Trieste in Northern Italy, according to a statement from Prime Minister Mario Draghi’s office.

Melnichenko is the founder of EuroChem, a maker of fertilizers and and agricultural products and SUEK, a leading coal producer. He resigned from his board positions and has withdrawn as a beneficiary of his companies following the sanctions.

The European Union has placed sanctions on many Russian billionaires, and governments across the bloc have begun seizing assets. Italian authorities have already detained Gennady Timchenko’s Lena in the coastal city of Sanremo and Alexey Mordashov’s Lady M in Imperia. In France, Rosneft PJSC chief Igor Sechin’s Amore Vero yacht was prevented from leaving the Cote D’Azur.

Melnichenko is an international self-made businessman, entrepreneur and investor in children’s education, his spokesman said in an e-mail. He has no relation to the tragic events in Ukraine. He has no political affiliations. There is no justification whatsoever for placing him on the EU sanctions list and he will be challenging the listing, the spokesman said.

Italy’s Finance Police have so far frozen over 700 million euros in Russian assets, Italian Finance Minister Daniele Franco said on Saturday..

Bloomberg

For Diaspora Digital Media Updates click on Whatsapp, or Telegram. For eyewitness accounts/ reports/ articles, write to: citizenreports@diasporadigitalmedia.com. Follow us on X (Fomerly Twitter) or Facebook