sea rhapsody yacht sanction

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Counter Narcotics Designations; Russia-related Designations and Update; Issuance of Russia-related General Licenses

The Department of the Treasury's Office of Foreign Assets Control (OFAC) has issued Russia-related General License 25B, General License 36 , General License 37 and General License 38. 

In addition, the following names have been added to the Specially Designated Nationals (SDN) list or updated on the Sectoral Sanctions Identifications (SSI) list:

The following aircraft have been added to OFAC's SDN List: 

3A-MGU; Aircraft Model AS365 Dauphin; Aircraft Manufacturer's Serial Number (MSN) 6959; Aircraft Tail Number 3A-MGU; Secondary sanctions risk: Ukraine-/Russia-Related Sanctions Regulations, 31 CFR 589.201 and/or 589.209 (aircraft) [UKRAINE-EO13661] [RUSSIA-EO14024] (Linked To: SKOCH, Andrei Vladimirovich).    P4-MGU; Aircraft Manufacture Date 18 Feb 2013; Aircraft Model A319; Aircraft Manufacturer's Serial Number (MSN) 5445; Aircraft Tail Number P4-MGU; Secondary sanctions risk: Ukraine-/Russia-Related Sanctions Regulations, 31 CFR 589.201 and/or 589.209 (aircraft) [UKRAINE-EO13661] [RUSSIA-EO14024] (Linked To: SKOCH, Andrei Vladimirovich).    T7-OKY; Aircraft Manufacture Date 2014; Aircraft Model BD700-1A10 Global 6000; Aircraft Manufacturer's Serial Number (MSN) 9576; Secondary sanctions risk: Ukraine-/Russia-Related Sanctions Regulations, 31 CFR 589.201 and/or 589.209; Registration Number T7-OKY (San Marino) (aircraft) [UKRAINE-EO13685] (Linked To: SRL SKYLINE AVIATION). 

6 More Russian Superyachts Were Just Added to the US’s Oligarch Sanctions List

Imperial yachts, a monaco-based brokerage firm, was also added to the us sanctions list., michael verdon, michael verdon's most recent stories.

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Six more superyachts, and a European yacht brokerage firm reportedly linked to Russian oligarchs, have been added to the sanctions list by the US, according to a statement released by the US Treasury Department.

The Treasury Dept.’s Office of Foreign Assets Control (OFAC) said yesterday that Russian-flagged Graceful and Cayman Islands-flagged Olympia were yachts in which Russian President Vladimir Putin had an interest, including having taken trips on these vessels. The office also targeted two other yachts with financial links to Putin, Shellest and Nega , which are owned by the Russian Non-profit Partnership Revival of Maritime Traditions.

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Monaco-based Imperial Yachts is the first yacht-brokerage firm added to the US sanctions list. OFAC said that Imperial’s Moscow offices have provided “yacht-related services to Russia’s elites, including those in President Putin’s inner circle.”

Sailing Yacht A, which was impounded by Italian authorities in April, belongs to Russian oligarch Andrey Melnichenko; His Motor Yacht A remains in Dubai (opening Image).  Courtesy AP

The statement added that the 446-foot Flying Fox , a yacht already on the sanctions list, has also been connected to Imperial Yachts.

“Imperial Yachts has been targeted by numerous unfounded and inaccurate accusations following events that are unrelated to this family owned company and its services,” the company said in a statement sent to Robb Report. “The accusations made against us by the US Government and in the press are false. We will pursue all available legal remedies to resolve this matter promptly.”

Meanwhile, the number of yachts being seized continues to increase. Andrey Melnichenko’s Sailing Yacht A was impounded in Italy by the Guardia di Finanzia in March, while his Motor Yacht A is now in Dubai. The UAE is not confiscating Russian yachts. The superyacht Amadea was seized in Fiji in April, but remains in the middle of a court battle. Last Friday, the US won the latest round to gain permission to sail Amadea out of the country, claiming it is owned by Suleiman Kerimov, a Russian oligarch close to Putin. Attorneys fighting the US seizure say it’s owned by Eduard Khudainatov, another Russian not on the sanctions list. The Fijian court of appeals allowed 10 days before their order could be executed, presumably to give attorneys time to appeal to the Fijian Supreme Court.

The 435-ft. Flying Fox has been tied to Imperial Yachts, which is now on the US sanctions list. The Monaco-based yacht-services firm denies any wrongdoing.  Courtesy Imperial Yachts

Yesterday, the Treasury Department also named two other yachts, Madame Gu and Sea Rhapsody, as belonging to Russians on the sanctions list.

Elizabeth Rosenberg, assistant secretary for terrorist financing and finance crimes at the Treasury Department, said that cooperation for going after Russian oligarchs on the US sanctions list is increasing.

“It’s a huge leap forward on international cooperation for hunting assets, for freezing them and for pursuing law enforcement investigations and activity, including seizure activities,” Rosenberg told the New York Times . She added: “It will constrain Russia’s ability to make money to support their war effort.”

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Putin's superyachts targeted in latest round of U.S. sanctions

The White House announced a new round of sanctions Thursday against Russia over its assault on Ukraine , which include targeting four yachts linked to Russian President Vladimir Putin.

The Treasury Department said Putin has taken numerous trips on two of the yachts, the Russia-flagged Graceful and the Cayman Islands-flagged Olympia, "including a 2021 trip in the Black Sea where he was joined by Alyaksandr Lukashenka, the OFAC-designated corrupt ruler of Belarus, who has supported Russia’s war against Ukraine." (OFAC is the Treasury Department’s Office of Foreign Assets Control.) 

The Treasury Department also identified two other yachts it said are linked to Putin — the Shellest and the Nega. "Shellest periodically travels to the coast where President Putin’s infamous Black Sea Palace is located, and President Putin uses Nega for travel in Russia’s North," the agency said in a news release.

The U.S. first sanctioned Putin in February. Some experts have  estimated  that his net worth is in the tens of billions; he has buried his wealth behind numerous shell companies, making it  difficult  to locate and freeze his assets. The Treasury Department said Thursday that the Olympia and the Graceful are owned by a company owned by the Russian government, while the Shellest and the Nega are owned by a Russian company.

Secretary of State Antony Blinken said the new sanctions were designed "to degrade the networks allowing Russia’s elites, including President Putin, to anonymously make use of luxury assets around the globe."

As part of the effort, the U.S. sanctioned Imperial Yachts SARL, a yacht brokerage it said is aligned with the Kremlin and provides "yacht-related services to Russia’s elites, including those in President Putin’s inner circle."

"When not in use by their owners, superyachts can be offered for charter through businesses such as Imperial Yachts, generating income for the owners, who are in some cases Russia’s oligarchs," the Treasury Department said.

In a statement Thursday, Imperial Yachts called the accusations "false" and said it "will pursue all available legal remedies to resolve this matter promptly."

"We are not involved in our clients’ financial affairs,” the company said.

The Treasury Department took aim at Putin allies, as well, including business leaders and government officials. Sergei Pavlovich Roldugin , whom the Treasury Department identified as a close friend of Putin's who helps manage his offshore wealth, was sanctioned, as was Yury Slyusar, the president of a state-owned company that is a major aircraft supplier for the Russian military.

The sanctions also targeted yachts and luxury aircraft belonging to other oligarchs, including a yacht called the Sea Rhapsody and a jet that have been linked to Andrei Kostin , the previously sanctioned head of Russia's VTB Bank.

Andrei Vladimirovich Skoch, a billionaire member of the Russian Duma who was also previously sanctioned , has been linked to a Cayman Islands-flagged yacht called the Madame Gu, a helicopter housed on the yacht and a private plane. The Treasury Department said that the 324-foot Madame Gu is valued at $156 million and that it "includes an elevator, beach club, gym, and requires significant maintenance and repair, including approximately $1 million for painting annually."

Dareh Gregorian is a politics reporter for NBC News.

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Sanctioned Russian Oligarch And Others Indicted For Sanctions Violations And Money Laundering

Damian Williams, the United States Attorney for the Southern District of New York; Merrick B. Garland, the Attorney General of the United States; Lisa O. Monaco, the Deputy Attorney General of the United States; Christopher A. Wray, the Director of the Federal Bureau of Investigation (“FBI”); and David J. Scott, the Special Agent in Charge of the Washington Field Office (“WFO”) of the FBI, announced the unsealing of an Indictment charging sanctioned Russian oligarch and the President and Chairman of a Russian state-owned bank, ANDREY KOSTIN, with participating in two separate schemes that violated U.S. sanctions.  In one scheme, KOSTIN and others conspired to evade sanctions and launder funds by using a series of shell companies and strawmen in order to access the U.S. financial system to operate, maintain, and improve KOSTIN’s two superyachts, collectively worth over $135 million.  The other scheme charges KOSTIN and two U.S. persons, VADIM WOLFSON and GANNON BOND, for their roles in providing goods, funds, and services to KOSTIN related to a luxury home in Aspen, Colorado, including wiring KOSTIN approximately $12 million after he was sanctioned.  WOLFSON and BOND were arrested this morning in Austin, Texas, and Edgewater, New Jersey, respectively, and will be presented in federal courts in Texas and New York today.  KOSTIN remains at large and is believed to be in Russia.  The case is assigned to U.S. District Judge Gregory H. Woods.

U.S. Attorney Damian Williams said: "As alleged, sanctioned oligarch Andrey Kostin and his co-defendants flouted U.S. sanctions to support his exceptionally lavish lifestyle.  Through complex schemes involving shell companies and illicit transactions, Kostin and his associates allegedly laundered funds and illegally made transactions with U.S. currency for the maintenance and enhancement of Kostin’s superyachts and luxury Aspen home, blatantly disregarding U.S. law.  This investigation highlights the collaborative efforts of this Office and our law enforcement partners around the globe to uphold critical sanctions put in place to support our national security goals and hold accountable those who seek to undermine them."

Attorney General Merrick B. Garland said: “The Justice Department is more committed than ever to cutting off the flow of illegal funds that are fueling Putin’s war and to holding accountable those who continue to enable it.  That is why today we are announcing several additional enforcement actions that the Justice Department has taken to bring prosecutions against and seize assets of sanctioned enablers of the Kremlin and Russian military.”

Deputy Attorney General Lisa O. Monaco said: “Since the onset of Russia’s brutal and unprovoked invasion of Ukraine, the Justice Department has used every tool in our arsenal – including our international partnerships – to target the criminal actors and activity propping up Vladimir Putin, his henchmen, and his illegal war.  Over the last two years, our Task Force KleptoCapture has restrained, seized, and obtained judgments to forfeit nearly $700 million in assets from Russian enablers and charged more than 70 individuals for violating international sanctions and export controls levied against Russia.  The charges we announce today against oligarchs, facilitators, and money launderers are the next chapter: so long as Russia's aggression continues, so too will our resolve to hold its enablers accountable.  We stand firmly with the people of Ukraine.”

FBI Director Christopher A. Wray said: “It has been two years since Russia's unprovoked invasion of Ukraine and the FBI continues to go after the Russian criminals who finance and enable Russia’s war.  To the people of Ukraine fighting for their freedom: The FBI remains steadfast in our efforts to disrupt and hold accountable the criminals supporting the Russian War, and we will continue to stand with you to fend off Russian aggression for as long as it takes.”

FBI WFO Special Agent in Charge David J. Scott said: "As alleged, Kostin conspired with the defendants and others to violate U.S. sanctions.  Today's indictment demonstrates that the FBI will work with our partners to hold sanctioned oligarchs and their co-conspirators responsible for their crimes and ensure that they cannot use U.S. financial institutions to harbor illicit funds and goods."

As alleged in the Indictment: [1]

KOSTIN is a Russian oligarch who was sanctioned and designated a Specially Designated National (“SDN”) by U.S. Department of Treasury’s Office of Foreign Assets Control (“OFAC”) on April 6, 2018, pursuant to the International Emergency Economic Powers Act (“IEEPA”).  From at least on or about April 6, 2018, through at least on or about March 2, 2022, KOSTIN and others, including at times WOLFSON and BOND, participated in schemes to violate IEEPA through the provision of funds, goods, and services, including U.S. financial services and U.S. dollar transactions, to and for KOSTIN’s benefit.  KOSTIN also engaged in a scheme to commit money laundering to promote IEEPA violations.

Before and after OFAC sanctioned KOSTIN, he beneficially owned and controlled, through various shell companies, several assets worth tens of millions of dollars, including two superyachts identified as the Sea Rhapsody and Sea & Us .  The Sea Rhapsody , valued at approximately $65 million, is a 216-foot superyacht and has six staterooms, including two luxurious master cabins identical in size.  This superyacht is equipped with amenities including water toys, gym equipment, an infinity pool, a jacuzzi, a cinema and club area, and customized stationery.  The Sea & Us , valued at approximately $70 million, is a 205-foot superyacht that was custom-built for KOSTIN.

KOSTIN and others violated IEEPA on numerous occasions, including by causing U.S. dollar payments to be made for the maintenance, operation, and/or improvement of the Sea Rhapsody and Sea & Us for the benefit of KOSTIN and without an OFAC license, which is required to transact with an SDN.  In causing these U.S. dollar payments to be made, KOSTIN and others also committed international money laundering.

KOSTIN also owned a luxury home in Aspen, Colorado, that he purchased for $12.5 million in 2010.  From at least on or about April 6, 2018, through at least in or about September 2019, KOSTIN, WOLFSON, BOND, and others participated in a scheme to violate IEEPA by providing funds, goods, and services for the benefit of KOSTIN, whose property and interests in property, including the Aspen home, were blocked as a result of his SDN designation.  Specifically, notwithstanding having been designated an SDN by OFAC, KOSTIN and his conspirators schemed to operate, maintain, and improve KOSTIN’s Aspen residence in a manner designed to conceal KOSTIN’s continued ownership of this luxury asset.  In addition, in or about September 2019, KOSTIN, WOLFSON, BOND, and others committed additional sanctions violations by dealing in and transferring KOSTIN's blocked property.  Specifically, the conspirators arranged to sell the Aspen home and provide KOSTIN with approximately $12 million resulting from the sale.

*                *                *

KOSTIN, 67, of Russia, is charged with two counts of conspiracy to violate IEEPA, two counts of violating IEEPA, and one count of conspiracy to commit international money laundering, each of which carries a maximum sentence of 20 years in prison.

WOLFSON, 56, of Austin, Texas, a legal permanent resident of the U.S., is charged with one count of conspiracy to violate IEEPA and two counts of violating IEEPA, each of which carries a maximum sentence of 20 years in prison.

BOND, 49, of Edgewater, New Jersey, a U.S. citizen, is charged with one count of conspiracy to violate IEEPA and two counts of violating IEEPA, each of which carries a maximum sentence of 20 years in prison.

The maximum potential sentences in this case are prescribed by Congress and are provided here for informational purposes only, as any sentencing of the defendants will be determined by a judge.

Mr. Williams praised the outstanding work of the FBI and its Washington Field Office.  Mr. Williams further thanked the Department of Justice (“DOJ”)’s National Security Division, Counterintelligence and Export Control Section, and DOJ’s Criminal Division, Money Laundering and Asset Recovery Section for their work on this matter.

Assistant U.S. Attorneys Emily Deininger and David Felton for the Southern District of New York’s Illicit Finance and Money Laundering Unit, and Trial Attorneys Derek Shugert of the National Security Division’s Counterintelligence and Export Control Section and Oleksandra Johnson of the Criminal Division’s Money Laundering and Asset Recovery Section are prosecuting the case.

The charges contained in the Indictment are merely accusations, and the defendants are presumed innocent unless and until proven guilty.

This case was coordinated through the Justice Department’s Task Force KleptoCapture, an interagency law enforcement task force dedicated to enforcing the sweeping sanctions, export controls and economic countermeasures that the United States, along with its foreign allies and partners, has imposed in response to Russia’s unprovoked military invasion of Ukraine. Announced by the Attorney General on March 2, 2022, and under the leadership of the Office of the Deputy Attorney General, the task force will continue to leverage all of the department’s tools and authorities to combat efforts to evade or undermine the collective actions taken by the U.S. government in response to Russian military aggression.

[1] As the introductory phrase signifies, the entirety of the text of the Indictment, and the description of the Indictment set forth herein, constitutes only allegations, and every fact described therein should be treated as an allegation.

Nicholas Biase, Lauren Scarff (212) 637-2600

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Putin's superyachts targeted in latest round of U.S. sanctions

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The White House announced a new round of sanctions Thursday against Russia over its assault on Ukraine , which include targeting four yachts linked to Russian President Vladimir Putin .

The Treasury Department said Putin has taken numerous trips on two of the yachts, the Russia-flagged Graceful and the Cayman Islands-flagged Olympia, "including a 2021 trip in the Black Sea where he was joined by Alyaksandr Lukashenka, the OFAC-designated corrupt ruler of Belarus, who has supported Russia’s war against Ukraine." (OFAC is the Treasury Department’s Office of Foreign Assets Control.)

The Treasury Department also identified two other yachts it said are linked to Putin — the Shellest and the Nega. "Shellest periodically travels to the coast where President Putin’s infamous Black Sea Palace is located, and President Putin uses Nega for travel in Russia’s North," the agency said in a news release.

The U.S. first sanctioned Putin in February. Some experts have  estimated  that his net worth is in the tens of billions; he has buried his wealth behind numerous shell companies, making it  difficult  to locate and freeze his assets. The Treasury Department said Thursday that the Olympia and the Graceful are owned by a company owned by the Russian government, while the Shellest and the Nega are owned by a Russian company.

Secretary of State Antony Blinken said the new sanctions were designed "to degrade the networks allowing Russia’s elites, including President Putin, to anonymously make use of luxury assets around the globe."

As part of the effort, the U.S. sanctioned Imperial Yachts SARL, a yacht brokerage it said is aligned with the Kremlin and provides "yacht-related services to Russia’s elites, including those in President Putin’s inner circle."

"When not in use by their owners, superyachts can be offered for charter through businesses such as Imperial Yachts, generating income for the owners, who are in some cases Russia’s oligarchs," the Treasury Department said.

In a statement Thursday, Imperial Yachts called the accusations "false" and said it "will pursue all available legal remedies to resolve this matter promptly."

"We are not involved in our clients’ financial affairs,” the company said.

The Treasury Department took aim at Putin allies, as well, including business leaders and government officials. Sergei Pavlovich Roldugin , whom the Treasury Department identified as a close friend of Putin's who helps manage his offshore wealth, was sanctioned, as was Yury Slyusar, the president of a state-owned company that is a major aircraft supplier for the Russian military.

The sanctions also targeted yachts and luxury aircraft belonging to other oligarchs, including a yacht called the Sea Rhapsody and a jet that have been linked to Andrei Kostin , the previously sanctioned head of Russia's VTB Bank.

Andrei Vladimirovich Skoch, a billionaire member of the Russian Duma who was also previously sanctioned , has been linked to a Cayman Islands-flagged yacht called the Madame Gu, a helicopter housed on the yacht and a private plane. The Treasury Department said that the 324-foot Madame Gu is valued at $156 million and that it "includes an elevator, beach club, gym, and requires significant maintenance and repair, including approximately $1 million for painting annually."

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U.S. Imposes Sanctions on Yacht Company That Caters to Russian Elites

The Treasury Department also identified four yachts as being linked to President Vladimir V. Putin of Russia.

• Share full article

By Julian E. Barnes and Michael Forsythe

• June 2, 2022

WASHINGTON — The U.S. government leveled sanctions against a yacht management company and its owners, describing them as part of a corrupt system that allows Russian elites and President Vladimir V. Putin to enrich themselves, the Treasury Department announced on Thursday.

Imperial Yachts, which is based in Monaco and controlled by the Moscow-born Evgeniy Kochman, caters to Russian oligarchs. The Treasury Department said Mr. Kochman and his company provide yacht-related services to “Russia’s elites, including those in President Putin’s inner circle.” Imperial Yachts, the department said , conducts business with at least one person subject to sanctions.

The Treasury Department also identified four yachts linked to Mr. Putin: the Shellest, the Nega, the Graceful and the Olympia. The department said Mr. Putin used the Nega for travel in Russia’s north, and the Shellest periodically travels to his Black Sea palace. The department said Mr. Putin has taken numerous trips in the Black Sea on the Graceful and the Olympia.

The Treasury action did not name the 459-foot Scheherazade , an Imperial Yachts-associated ship that U.S. intelligence officials say could have been built for Mr. Putin’s use.

“Russia’s elites, up to and including President Putin, rely on complex support networks to hide, move and maintain their wealth and luxury assets,” said Brian Nelson, the under secretary for terrorism and financial intelligence at the Treasury Department.

“We will continue to enforce our sanctions and expose the corrupt systems by which President Putin and his elites enrich themselves,” he added.

The department also announced sanctions against four Russian government officials and Yury Slyusar, the president of a Russian state-owned company that supplies aircraft to Russia’s military.

The State Department separately imposed sanctions on Maria Zakharova, the spokeswoman for the Russian minister of foreign affairs, and Alexei Mordashov, a Russian billionaire. The Commerce Department announced that it was adding 71 organizations to its entity list, in an attempt to block Russia’s military from importing key technology.

Also put under sanctions was Sergei Roldugin, a Russian cellist and a longtime friend of Mr. Putin, described by the Treasury Department as “a custodian of President Putin’s offshore wealth.” Mr. Roldugin was added to the European Union’s sanctions list in late February, days after Russia’s invasion of Ukraine. He has been described as “ Putin’s wallet. ”

Mr. Kochman and Imperial Yachts were the focus of a New York Times investigation showing that the company was at the heart of what is essentially an oligarch-industrial complex, a network of companies including German shipbuilders, French designers, high-end Italian carpenters and Spanish marinas that serve Russian oligarchs and employ thousands of skilled workers.

According to a U.S. intelligence assessment, a group of investors led by one of Russia’s richest men, Gennady Timchenko, who has been under sanctions since 2014, provided the money to buy three ships: the Scheherazade, the Crescent and the Amadea, whose construction at a German shipyard was overseen by Imperial Yachts. Their combined cost of as much as $1.6 billion could have bought six new frigates for the Russian navy.

In addition to Imperial Yachts, the Treasury Department issued sanctions against four other companies owned or controlled by Mr. Kochman. Those include OOO Bilding Management, which is known as BLD Management, a company that builds and renovates villas in Russia as well as in Western Europe for oligarchs.

A lawyer for Imperial Yachts, Simon Clark, previously denied that the company had any connection to Mr. Timchenko.

In a statement released Thursday after the Treasury Department announcement, Imperial Yachts said the “accusations made against us by the U.S. government and in the press are false.”

“Imperial Yachts conducts all its business in full compliance with laws and regulations in all jurisdictions in which we operate,” the company added. “We are not involved in our clients’ financial affairs.”

But Treasury officials disputed that contention in their announcement. U.S. and international authorities have moved to seize the three yachts connected to Mr. Kochman and his company. U.S. officials are fighting a court battle in Fiji to take control of the Amadea, which they contend was sold last year to Suleiman Kerimov, a Russian oligarch who is on a U.S. sanctions list. Feizal Haniff, a lawyer for the British Virgin Islands company that controls the Amadea, said the owner is Eduard Khudainatov, who is not under any sanctions.

Mr. Khudainatov is a protégé of Igor Sechin, the chief executive of the state-controlled oil company Rosneft and a close ally of Mr. Putin.

Mr. Khudainatov is also the owner — on paper — of the Scheherazade, according to documents the United States submitted to a Fiji court. The United States contends that he is a “straw owner” of the two vessels.

Last month Italy impounded the Scheherazade , after it appeared to be readying to set sail from the port of Marina di Carrara, on the northern coast of Tuscany. In March, Spain seized the Crescent in the port of Tarragona. Spanish police told Reuters that the superyacht is believed to belong to Mr. Sechin.

The United States added the Flying Fox, another yacht managed by Imperial Yachts, to its sanctions list. The 446-foot vessel is the world’s biggest yacht available for charter , at 3 million euros ($3.2 million) a week, according to Imperial’s website. Last year, Jay-Z and Beyoncé vacationed on the yacht.

Treasury Secretary Janet Yellen and other American officials are helping lead an international effort to seize the assets of Russians who have acted as enablers of the Kremlin and its invasion of Ukraine.

In an interview Tuesday, before the new sanctions were announced, Elizabeth Rosenberg, the assistant secretary for terrorist financing and financial crimes at the Treasury Department, said that international cooperation to go after Russian oligarchs and their assets was increasing.

“It feels like we’re experiencing a sea change right now,” Ms. Rosenberg said. “It’s a huge leap forward on international cooperation for hunting assets, for freezing them and for pursuing law enforcement investigations and activity, including seizure activities.”

Treasury officials say taking action against oligarchs and the companies that help them spend their wealth will ultimately hurt the Russian government’s ability to wage war against Ukraine.

“Suddenly some of these secrecy jurisdictions around the world are no longer so secret for Russian ultrahigh-net-worth individuals to hide and move their money,” Ms. Rosenberg said. “It will constrain Russia’s ability to make money to support their war effort.”

Julian E. Barnes is a national security reporter based in Washington, covering the intelligence agencies. Before joining The Times in 2018, he wrote about security matters for The Wall Street Journal. More about Julian E. Barnes

Michael Forsythe is a reporter on the investigations team. He was previously a correspondent in Hong Kong, covering the intersection of money and politics in China. He has also worked at Bloomberg News and is a United States Navy veteran. More about Michael Forsythe

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US cracks down on more yachts with ties to Putin

The move is part of the US strategy to degrade the crucial networks used by Russia’s elites.

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The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) has expanded its sanctions on yachts linked to Russian President Vladimir Putin and his elite circle as its Ukraine offensive continues unabated.

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The move to clamp down on these luxury assets is part of the US’ strategy to degrade the crucial networks used by the elites Russia to conceal money.

Monaco-based yacht brokerage Imperial Yachts has been named in this fresh crackdown.

The company, which also has an office in Moscow, offers yacht-related services to Russia’s elites including people close to Putin.

It delivers various services linked to superyachts such as design, order, charter, and management.

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Superyachts can be chartered via businesses such as Imperial Yachts when they are not used by their owners.

Imperial Yachts carries out business with US-designated oligarchs. It is expected to offer management services to at least one yacht linked to an OFAC-designated individual.

OFAC also sanctioned Imperial Yachts’ Russian CEO Evgeniy Borisovich Kochman for working in the marine sector of the Russian Federation economy.

Besides, it announced Flying Fox as blocked property in which Imperial Yachts owns a stake.

The US regulator also sanctioned a $65m yacht called Sea Rhapsody, which is linked to VTB Bank ’s CEO Andrei Kostin.

Furthermore, OFAC included two additional yachts, named Shellest and Nega, related to Putin, in the sanctioned list.

Both the yachts are owned by the Russian company Non-Profit Partnership Revival of Maritime Traditions (Revival of Maritime Traditions) and its Russian subsidiary Limited Liability Company Gelios.

Additionally, OFAC sanctioned Russia-flagged Graceful and Cayman Islands-flagged Olympia, in which Putin has a stake.

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Fiji court lets U.S. seize Russian oligarch’s $300 million superyacht

The United States secured a victory in its campaign to punish Russian billionaires for the war in Ukraine when Fiji’s Supreme Court ruled Tuesday that a $300 million yacht owned by a pro-Kremlin oligarch could be seized by American authorities.

The ship, the Amadea, is headed to the United States, Justice Department spokesman Anthony Coley said in a tweet Tuesday, posting photos of the ship leaving port in Fiji while flying a U.S. flag. “The United States is deeply grateful to the Fijian police and prosecutors whose perseverance and dedication to the rule of law made this action possible,” he said.

The court’s ruling lifted a stay order that had blocked the United States from seizing the yacht.

Yacht justice: A new front in the war drags Russia’s oligarchs into the spotlight

Amadea’s owner is Russian billionaire Suleyman Kerimov , U.S. officials say . The seizure comes about a month after the Justice Department asked Fijian officials for permission to take the yacht after the U.S. Treasury Department’s Office of Foreign Assets Control designated Kerimov as part of a group of oligarchs who it says profited from the Russian government through corruption and suspect activity, including the occupation of Crimea. The Treasury Department also said Kerimov was an official of the Russian government and a member of Russia’s upper chamber of parliament.

Fijian authorities seized the ship with assistance from the FBI, executing a U.S. warrant that was approved by Fijian judges. The paper owner of the ship, Millemarin Investments, appealed the seizure in Fijian courts, bringing the case to Fiji’s Supreme Court last week.

Russian oligarch’s $300 million yacht seized by Fiji on behalf of U.S.

But Fijian justices ruled in favor of U.S. authorities. The Amadea “sailed into Fiji waters without any permit and most probably to evade prosecution by the United States,” the justices wrote in their ruling . The yacht “has no interest in Fiji” and “should sail out of Fiji waters,” they said.

Kerimov and his family have a net worth of $9.8 billion, according to E.U. officials. He has received large sums of money from Sergei Roldugin, a caretaker of Russian President Vladimir Putin’s offshore wealth, E.U. officials say. He was one of the oligarchs invited to a meeting at the Kremlin on Feb. 24, the first day of Russia’s invasion of Ukraine, to discuss the war and Western sanctions.

Kerimov has made a career out of investing in distressed companies in Russia, according to Forbes . He lost billions in the 2008 financial crisis but recovered by investing in Polyus, a Russian gold producer.

The Amadea is among multiple yachts that the U.S. Treasury Department has targeted. In the early days of the invasion, President Biden warned Russian oligarchs: “We are joining with our European allies to find and seize your yachts, your luxury apartments, your private jets.”

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Since then, governments around the world have seized Russian oligarchs’ assets.

Schadenfreude at sea: The Internet is watching with glee as Russian oligarchs’ yachts are seized

In March, Spanish authorities impounded several superyachts — the Crescent in Tarragona, the Valerie in Barcelona ​​and the Lady Anastasia in Majorca’s Port Adriano.

In April, Germany’s federal police said they had impounded the Dilbar , owned by Gulbakhor Ismailova, the sister of Russian billionaire Alisher Usmanov. The same month, U.S. authorities seized a 255-foot yacht in Spain owned by Russian billionaire Viktor Vekselberg , the $90 million Tango.

In May, Italian financial authorities said they had impounded a $700 million yacht linked in media reports and by anti-Kremlin groups to Putin, but did not say who the owner might be.

This month, U.S. authorities identified the $65 million Sea Rhapsody, a ship with ties to Andrei Kostin, the top executive of a Russian bank, and the $156 million Madame Gu, which has ties to Andrei Skoch, a Russian politician, as luxury assets with ties to Putin’s allies, but they have yet to announce any seizures.

Russian Bankers Charged with Yacht & Property Violations

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The Last Safe Harbor for Russian Oligarchs

• Corona Buoys Superyacht Boom
• Credit Suisse Securitizes Yachts With Derivatives
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In the face of sanctions, Russia’s oligarchs are moving their Superyachts to destinations such as the Maldives which has no extradition.

An increasing number of Superyachts belonging to Russia’s wealthiest are on the move, with some of the very biggest either in, or moving into, the Indian Ocean, an analysis by « Bloomberg » ( being paywall ) showed. 

Currently, the four largest yachts in the Maldives are Russian-owned.

The largest vessel in the area is the 140 meter «Ocean Victory» belonging to Victor Rashinkov, and another the 111 meter «Clio» of Oleg Deripaska , and the 142 meter «Nord» owned by Alexi Mordashov.

Andrey Kostin's  «Sea Rhapsody» is reportedly heading for the Seychelles after departing from Turkey on February 18, which was before Russia invaded Ukraine on February 21.

Superyacht Group estimates 7 to 10 percent of the global fleet of Superyachts is Russian-owned. 

Dilbar Seized

Clearly, the oligarchs moving their floating palaces want to avoid the fate of the «Dilbar,» owned by Alisher Usmanov, which was seized in Hamburg by German authorities, according to a report by « Forbes»  ( behind paywall ).

Russian President Vladimir Putin avoided the same fate for his yacht «Graceful» at the beginning of February. The vessel had been at the Bloem+Voss shipyard in Hamburg for overhaul since September 2021. After media  ( in German ) reports, the ship left in a hurry and is now said to be in Kaliningrad, the former Königsberg.

Yacht Spotting

Yacht spotting might well be a modern-day equivalent of train spotting. There is even a website dedicated to this called « Superyacht fan .» Given current events, spotters might have lots to look out for. 

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Russian oligarchs’ superyachts dominate ports in european cities, but ukraine sanctions may change that, billionaires' luxury vessels in barcelona include the solaris - the 139-metre bermudan-flagged yacht that belongs to roman abramovich.

Towering above the other boats in Barcelona’s port are three superyachts owned by Russian oligarchs which could be hit by sanctions over the invasion of Ukraine .

These multi-million-pound symbols of luxury may now be in the crosshairs of economic penalties brought in by the US, Britain and European Union.

Liz Truss, the Foreign Secretary, said yesterday that Britain would draw up a “hit list” of oligarchs’ private jets , properties and other possessions but, she did not reveal who might be targeted. US government officials said the fine print of the sanctions was being worked out.

However, Washington named many oligarchs close to Russian President Vladimir Putin on a list published in 2018, and some could face fresh economic penalties.

In Barcelona’s superyacht refit bay is the Solaris, the 139-metre Bermudan-flagged yacht that belongs to Roman Abramovich , owner of 29 per cent of mining company Evraz, who gave up stewardship of Chelsea Football Club to its sporting foundation on Saturday.

Nearby is the 74-metre Aurora, owned by Andrey Molchanov, who has a controlling interest in LSR Group, Russia’s biggest building materials group. He was valued at £1bn according to Forbes magazine .

In 2018, Mr Molchanov was named by the US government in a list of Russian oligarchs but was not sanctioned.

Tourists visiting Barcelona also admire the sleek lines of the 70-metre Galactica Super Nova, owned by Vagit Alekperov, chief executive of Lukoil, Russia’s biggest energy company – who was personally valued by Forbes magazine at £16.1bn .

None of these businessmen have yet faced personal sanctions.

However, Lukoil is considered strategic to the Russian economy and is already subject to US and EU sanctions which curb exports and imports and debt-raising.

Mr Alekperov was among business leaders who were summoned to a meeting with Mr Putin in the Kremlin on the day Russian troops invaded Ukraine. His personal wealth fell £4.6bn on the first day of the invasion, according to the Bloomberg Billionaires Index.

Mr Abramovich, who was valued at £10.8bn by Forbes, was among 35 Russians on a list compiled by an anti-corruption foundation founded by imprisoned Russian opposition leader Alexei Navalny .

A spokesman for Mr Abramovich said: “He is not subject to sanctions and this has been confirmed by the Prime Minister.”

Last month, Andrey Kostin, the chief executive of VTB, one of Russia’s biggest banks, sailed his superyacht Sea Rhapsody into Barcelona. Mr Kostin has said the West is waging an “economic war” against Russia.

VTB was among five Russian banks that were banned from the Swift banking transfer system by the US government, prohibiting trade with Americans and freezing their US assets.

Meanwhile, Mr Putin’s own £73.2m superyacht, Graceful, which was in Germany last month, could be seized, as the Russian President is the subject of personal sanctions.

White House officials said his finances were opaque and difficult to track, but he may be subjected to a travel ban.

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