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UPDATE: Fate Of Russian Billionaire Alisher Usmanov’s Mega-Yacht In Germany Uncertain

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Alisher Usmanov's Dilbar yacht.

CORRECTION (March 3): According to the Ministry for Economy and Innovation in the German state of Hamburg, the country’s authorities have not seized the Dilbar, a 512-foot yacht owned by sanctioned Russian billionaire Alisher Usmanov. As Forbes reported on Wednesday, work on the ship has been halted at the Hamburg shipyard where it has been stationed for refitting work since October.

Three sources had told Forbes it had been seized, but a representative for Usmanov cited the statement from the ministry in Hamburg to confirm that it had not. In its statement, the ministry elaborated that the German federal customs agency is the “responsible enforcement authority” and would have to issue an export waiver for the yacht to leave, and that “no yacht leaves port that is not allowed to do so.”

The yacht is registered in the Cayman Islands and owned through Klaret Continental Leasing Limited, a company based in Malta, according to public data from vessel tracking service VesselFinder. A spokesperson for the Malta Business Registry told Forbes that Klaret Continental Leasing Limited was a branch of a Cyprus-based company which closed in December 2018. The Cyprus company, also named Klaret Continental Leasing Limited, was dissolved in September 2019, according to corporate records in Cyprus. A spokesperson for Usmanov told the Organized Crime and Corruption Reporting Project , which Forbes is collaborating with on assets linked to Russian oligarchs, that the yacht had “long ago been transferred into an irrevocable trust” and that Usmanov had “donated” the beneficial rights to members of his family. That makes it difficult to tie the yacht directly to Usmanov for the purpose of sanctions.

In its statement, the ministry in Hamburg added that restrictions can be imposed on a yacht owned by a sanctioned Russian individual only “if the ownership situation is clearly clarified and all these possessions are also sanctioned.” The ministry confirmed to Forbes that the yacht is still in the dock at the Hamburg shipyards of Blohm+Voss.

Forbes contacted the German Ministry of Economic Affairs and the Federal Customs Service but has not received an immediate response.

Russian billionaire Alisher Usmanov was sanctioned by the European Union on Monday. Two days later, Forbes has learned from three sources in the yacht industry that work has been halted on one of his prized possessions—the 512-foot yacht Dilbar, valued at nearly $600 million—in the northern city of Hamburg, where it had been stationed for refitting at the shipyards of Blohm+Voss since October.

The ship has been in the Hamburg shipyards of German shipbuilding firm Blohm+Voss since late October for a refitting job. Sources who spoke to Forbes said that the German government froze the asset and that, likely as a result, Blohm+Voss employees who had been working on the yacht didn’t show up to work on Wednesday. A spokesperson for Lürssen, the German shipbuilder which owns Blohm+Voss, declined to comment on Thursday. “All orders and projects of the Lürssen Group and its subsidiaries are treated in accordance with the applicable laws and regulations,” the spokesperson said. Representatives for Usmanov didn’t immediately respond to a request for comment.

Usmanov purchased Dilbar in 2016 for a reported $600 million from Lürssen, which custom-built it for him over 52 months. The firm calls it "one of the most complex and challenging yachts ever built, in terms of both dimensions and technology." At 15,917 tons, it's the world's largest motor yacht by gross tonnage, and is typically manned by a crew of 96 people. Dilbar boasts the largest swimming pool ever installed on a yacht as well as two helicopter pads, a sauna, a beauty salon, and a gym. Its plush interiors have more than 1,000 sofa cushions and it can host up to 24 people in 12 suites.

The yacht is part of Usmanov’s estimated multibillion dollar fortune, which spans stakes in iron ore and steel giant Metalloinvest and consumer electronics firm Xiaomi, as well as smaller holdings in telecom, mining and media. One of the earliest investors in Facebook along with fellow billionaire Yuri Milner , Usmanov also owns extensive real estate assets in the West, ranging from two estates in the UK—Beechwood House in London and Sutton Place in Surrey, valued at a combined $280 million—to luxury homes in Munich, Germany; Lausanne, Switzerland; Monaco; and Sardinia.

Usmanov sold his 30% stake in English soccer team Arsenal F.C. in 2018 for nearly $700 million in cash, but until this week had ties to soccer through his USM Holdings and MegaFon sponsorships of Everton F.C. The Premier League team said on Wednesday that it was suspending the arrangements in light of Russia’s attack on Ukraine. Usmanov isn’t the only Russian billionaire with a mega-yacht: Forbes and yacht valuation experts VesselsValue tracked down 32 of them.

On Tuesday, Usmanov commented on the EU sanctions imposed on him in a statement to the International Fencing Federation where he also announced he was stepping down as the organization’s president. “I believe that such decision is unfair, and the reasons employed to justify the sanctions are a set of false and defamatory allegations damaging my honor, dignity, and business reputation," he wrote. "I will use all legal means to protect my honor and reputation."

Updated on March 30 with more information on Klaret Continental Leasing Ltd.

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10 Things you’re Wondering about Dilbar Yacht (price, location, owner…)

Introducing Dilbar, an awe-inspiring superyacht stretching an impressive 157 meters (512 feet) from bow to stern! Crafted by the esteemed German shipbuilder Lurssen and making her grand debut in May 2016, Dilbar isn’t just about her grandeur; she boasts the title of the largest yacht by interior volume.

Sure, Azzam may have a lengthier frame, but when it comes to sheer space and luxurious living quarters, Dilbar steals the spotlight with unmatched opulence. Step aboard and experience the pinnacle of nautical extravagance!

How much does the Dilbar superyacht cost?

Delivered in 2016, Lürssen ‘s Dilbar is the world’s largest motor yacht in terms of gross tonnage. It’s also the most expensive, with an original price tag approaching $800 million. Weighing in at 15,917 tons, this 512-foot monolith is one of the most complex and demanding vessels ever built by the German yard. Dilbar features a classic profile and a light ivory hull with bronze accents. According to the US Treasury Department, the yacht is now worth between $600 and $700 million, with annual maintenance costs of around $60 million.

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Who owns the Superyacht Dilbar?

The yacht Dilbar is owned by Russian billionaire Alisher Usmanov, who is also the president of the International Fencing Federation. Usmanov became a billionaire after the fall of the Soviet Union in the metallurgy and mining sectors. Since then, he has ventured into communications, publishing, and many other industries. He is currently among the top 100 richest individuals in the world.

Dilbar is one of the world’s largest yachts

At 156 meters in length, DILBAR ranks as the world’s 6th longest, surpassed only by:

M/Y DUBAI (162 meters)
M/Y ECLIPSE (162.5 meters)
M/Y FULK AL SALAMAH (164 meters)
M/Y AZZAM (180 meters)
M/Y REV OCEAN (182.9 meters)

However, she proudly takes its place as the 3rd widest yacht globally, with a beam of 23.5 meters, trailing just behind:

S/Y A (24.8 meters)
M/Y AL SAID (24 meters)

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Where is the Dilbar yacht currently located?

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10 facts about Lürssen's 156m superyacht Dilbar

1. Dilbar is the fourth longest yacht in the world

At 156 metres, the Espen-Øino designed Dilbar is one of the longest superyachts in the world. She was a step up from Usmanov’s previous Dilbar yacht, now renamed Al Raya , which measured only 110 metres.

2. She can accommodate almost 100 crew members

Dilbar is normally run by a crew of 80 that help maintain the superyacht and wait on her guests. When necessary, this crew capacity can be increased to a maximum of 96 crew members, meaning Dilbar can carry as many as 120 people at full capacity.

3. The largest yacht in the world by gross tonnage

While the title of largest yacht in the world by length goes to the 180.61 metre Azzam , the 156 metre Dilbar has the greatest interior volume of any yacht ever delivered, boasting an impressive gross tonnage of 15,917. This translates into 3,800 square metres of living space for 24 guests styled by Winch Design with rare and exclusive luxury materials and extended by fold-out balconies.

4. Dilbar has the largest swimming pool ever installed on a superyacht

Measuring 25 metres long, the swimming pool on board Dilbar can hold an impressive amount of water – 180 cubic metres of water in fact. The swimming pool on Dilbar is reportedly the largest pool to ever be installed on board a superyacht.

5. There is a garden on board

For guests missing the shore, Dilbar is equipped with an expansive garden complete with a specially developed variety of grass that tolerates salt air. The designer of the garden, German architect and founder of Yacht-Green Axel Massmann, disclosed that plants from “Mediterranean areas” were chosen because “ Dilbar tends to be between the South of France, northern Spain and sometimes Cyprus.” By choosing plants grown within EU waters, Dilbar was also spared the headache of customs regulations that forbid the import of foreign plants.

6. The yacht is powered by a 30,000KW electric diesel power plant

Opting for an electric-diesel hybrid power source helps reduce Dilbar’s emissions while still providing a top speed of 22.5 knots. Her builder Lürssen claims that the 30,000 KW power plant on which Dilbar runs is the most powerful to ever be fitted on a superyacht.

7. Over 1,100km of cables were installed on board

Dilbar was a technical feat. A total of 1,100 kilometres of cabling (almost the same length as the total land borders of the country of Bhutan) was stretched throughout the interior to power all of the amenities and facilities on board.

8. There are two helipads

Helipads are a key asset to helping owners and guests make smooth and swift journeys from ship to shore. Dilbar however is equipped with not one but two helipads where the H175 helicopter can land to drop off or pick up. The first is located forward at the bow of the yacht, while the second is situated aft on the top deck flybridge.

9. Dilbar was built in just 52 months

From the time of signing the contract to delivering the superyacht to her owner, Lürssen and the designers working on the project managed to construct and complete Dilbar in just over four years.

10. The interiors feature over 1,000 sofa cushions

The amount of living space on board meant that Winch Design had to decorate the interiors with plentiful soft furnishings. Dilbar has been outfitted with over 1,000 custom-made sofa cushions on board, with each and every one uniquely designed to fit the interior scheme.