Sailing Yacht A: Change of Ownership Contested as Italy's Bill Rises
Russian oligarch Melnichenko's giga yacht reportedly changed ownership during its seizure, now a trust is claiming the property and damages
Superyacht seizures: how much do they cost us? Russian oligarch Melnichenko's yacht alone has already triggered maintenance costs for the state of at least €7 million. A considerable windfall in times of crisis. Now, with a potentially landmark appeal to the Regional Administrative Court, doubts are beginning to surface. The seizure of the megayacht could be invalidated, with subsequent demands for compensation. This would add insult to injury: the risk is that the sanctions, once again, will backfire on those who imposed them.
Rewinding the thread, we return to last March, when, in compliance with EU sanctions against Russia, the Guardia di Finanza (Italian Finance Police) in Trieste completed the seizure of Sailing Yacht A, attributed to Russian oligarch Andrei Melnichenko. Since then, the Italian government has been responsible for preserving the vessel, covering all costs. Anchored in the Gulf of Trieste, the yacht displays all its splendor, with its 143 meters overall length and three large masts piercing the Adriatic sky. However, its history, beyond its beauty, conceals a tangle of alleged changes of ownership.
The estimated value of Sailing Yacht A is around 450 million euros, while the assets of Melnichenko, a friend of Putin, are even more substantial. According to Forbes, Melnichenko owns approximately 27,5 billion dollars accumulated in the coal and sulphate trade. But let's look at the costs of maintaining the frozen asset. They are around, as the He would run, around 800 euros per month. At least 20 people are required to be on board at all times, and these are also paid for by the state.
According to the Via Solferino newspaper, a new owner of the megayacht, specifically a trust, has come forward through its lawyers seeking recovery of the frozen asset. The trust in question is not registered in the register of companies subject to EU sanctions, and has therefore challenged the seizure of the asset before the Lazio Regional Administrative Court.
This would confirm the statements of a spokesperson for Melnichenko, who previously emphasized that ownership of the property no longer belonged to the Russian oligarch, but to the trust in question. During the seizure, the yacht also reportedly changed flag, moving from the Isle of Man to Sierra Leone.
The Guardia di Finanza and the State Property Agency disagree, emphasizing that a seized property cannot change ownership. Therefore, the owner would still be Melnichenko, but an appeal is pending. And so far, there's no doubt, but the millions of dollars in costs remain the responsibility of the state.
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