Russian superyacht owners under fire (even in Italy)

The war in Ukraine is also having an impact on the superyacht sector, as is normal. Numerous owners from both countries have been active in the sales and charter markets for years, following a long-standing trend.

A similar argument applies to crews, although, to be fair, this is more true for the merchant shipping sector than the nautical one: according to calculations by the International Chamber of Shipping, Russian and Ukrainian seafarers account for 14,5% of the global workforce, a very high number. Similar statistics aren't available for superyacht crews, but the presence of sailors of these two nationalities is certainly significant.

The current situation, while naturally dramatic from a humanitarian perspective, is also highly uncertain for all operators, a situation that increases with the size of the vessels. It's extremely difficult to predict the duration and development of the crisis, and the first concrete signs are particularly disturbing.

It all began with a news story: the attempted sinking of the superyacht "Lady Anastasia" in the Adriani port of Calvià (Mallorca). The attack was carried out by a Ukrainian sailor, who was immediately arrested by Spanish authorities. The 47-year-old was working aboard the yacht, valued at €7 million, which appears to belong to Russian businessman Aleksander Mijeev, a former head of the Russian Helicopter Corporation and now involved in global arms sales with the Rostov company.

The shipowner's activities are precisely the reason behind the Ukrainian sailor's raid, which sought to punish the man he described in his confession before Spanish judges as an "arms trafficker." Taking full responsibility for the incident, he said he opened a valve in the engine room and one in a crew quarters, then closed the fuel valves and turned off the electricity to prevent fires on board. He then urged the other crew members to abandon the yacht, which partially sank before being recovered by port personnel. The damage, however, is extensive.

Presumably to avoid similar problems, Russian tycoon Andrey Melnichenko, a close associate of Putin, ordered the captain of his megayacht "A," located at the Trieste Arsenal, to complete the work and set sail as soon as possible, as reported by Il Piccolo. The 142-meter sailing megayacht was being maintained by Fincantieri.

Among the political initiatives worth noting is the proposal by Don Young, a Republican member of Congress representing the state of Alaska, who has asked the federal government to include the possibility of seizing yachts owned by Russian individuals within the anti-Putin sanctions. The measure, according to the proposal, would cover yachts owned by Russian owners, commercial vessels, and even ships sailing under other countries' "flags of convenience" but actually owned by Russians.

The name of the proposed sanctions package is curious, as Young has called it BOATS, an acronym for Bringing Oligarch Accountability Through Seizure. It would also include the auctioning of the assets after the seizure, with the proceeds going to humanitarian aid.

RM

CLICK HERE TO SUBSCRIBE TO THE FREE SUPER YACHT 24 NEWSLETTER

Fear of sanctions and an early departure: the Russian tycoon's yacht, docked in Trieste, must be completed as soon as possible. Work on the 143-meter sailing yacht with three gigantic masts is expected to be completed within a few days. https://t.co/RgaXIUXX2z

— messaggeroveneto (@messveneto) February 28, 2022