Seizures of Luxury Ships: Italy impounds €650 million super yacht linked to Putin, others

The floating palace “Scheherazade” worth an estimated $700 million, has been the subject of a probe into its ownership by Italy’s financial police.

It was impounded on Friday by Italian authorities, under EU sanctions imposed against Russia in response to the war in Ukraine.

The boat boasts two helipads, a swimming pool, and a movie theatre but the 140-metre luxury yacht the Sheherazade will not be setting sail any time soon.

Anti-corruption activists have claimed that the boat, which is valued at €650 million, belongs to Russian President Vladimir Putin himself, citing as evidence a crew list that contains the names of people who work for the organisation that looks after the president’s security.

But the Italian ministry of finance said only that it had found “significant economic and business links” between the ship’s owner and “eminent people in the Russian government”.

Authorities intervened after being alerted that the yacht was getting ready to set sail from the Tuscan port of Carrara.

It had been berthed for several months for maintenance work at a shipyard at the Marina di Carrara, within the western seaside town of Massa.

Meanwhile, Italy has seized several yachts and other assets belonging to Russian politicians and businessmen. Italian financial police had earlier seized the superyacht Lena belonging to Gennady Timchenko, an oligarch close to Putin, in the port of San Remo; the 65-metre Lady M owned by Alexei Mordashov in nearby Imperia, featuring six suites and estimated to be worth €65 million; as well as villas in Tuscany and Como, according to government officials.

There has been multiple seizures of luxury ships as well as huntings in the wake of sanctions imposed on Putin and Russian oligarchs following Russia’s invasion of Ukraine on 24 February.

To boost this effort a specialist website, Superyachtfan.com which tracks the world’s largest and most exclusive recreational boats has been monitoring and providing critical information.

Earlier, a 100-metre superyacht christened Amadea was seized by authorities in Fiji at the request of the United States.

The US justice department said the luxury ship is owned by Russian oligarch Suleiman Kerimov who was previously sanctioned for alleged money laundering.

Kerimov made a fortune investing in Russian gold producer Polyus, with Forbes magazine putting his net worth at $14.5 billion. The yacht is worth more than $300 million (€285.2 million).

The US Justice Department said authorities in Fiji have now served a search warrant freezing the yacht, which had earlier been prevented from leaving the South Pacific nation.

“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,” said US Attorney General Merrick Garland.

“The Justice Department will be relentless in our efforts to hold accountable those who facilitate the death and destruction we are witnessing in Ukraine.”

Also, on April 4 billionaire Viktor Vekselberg, an oligarch with close ties to Vladimir Putin had his luxury yacht seized by authorities in Spain.

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

The 78-metre vessel, called Tango, and carrying the Cook Islands flag is valued at $120 million (€109 million).

The US Justice Department, which obtained a warrant from a federal judge in Washington, alleges the yacht should be forfeited for violating US bank fraud, money laundering, and sanctions statutes.

The yacht is among the assets linked to Viktor Vekselberg, a billionaire and close Putin ally who heads the Moscow-based Renova Group, a conglomerate encompassing metals, mining, tech, and other assets, according to US Treasury Department documents.