European authorities have begun seizing the luxury yachts of Russian oligarchs in a crackdown on Putin-linked billionaires as sanctions on the country intensify.
German authorities have seized a $US600mln superyacht reportedly belonging to Russian oligarch Alisher Usmanov, while France has impounded the vessel owned by Rosneft (LON:ROSN) boss Igor Sechin.
Usmanov’s 156-metre Dilbar superyacht, the world’s largest by tonnage, was taken by German authorities in a Hamburg shipyard.
Forbes reported that the boat had been in the shipyard of engineering firm Blohm + Voss for renovations since October last year.
Usmanov, who lost his commercial partnerships with Everton yesterday and is linked with its owner Farhad Moshiri, is reportedly being targeted by the US Treasury Department for further sanctions.
Sechin’s superyacht was seized by French authorities as it tried to leave a Mediterranean port, French finance minister Bruno Le Maire said.
Customs officers reported the yacht was "taking steps to sail off urgently, without the repair works being over", Le Maire said, prompting officers to seize it.
Le Maire tweeted: "Thank you to the French customs officers who are enforcing the European Union's sanctions against those close to the Russian government.”
Oligarchs are engaging in a selling frenzy of their assets to avoid seeing them impounded as sanctions start to bite.
Roman Abramovic confirmed reports that he is putting Chelsea Football Club, which he has owned since 2003, up for sale, while he is also reported to be putting his UK properties on the market.
His superyacht is reported to be at risk of being seized as it is being repaired in Barcelona.