Written by 1:53 pm EU Investment

Gibraltar to auction Russian oligarch’s $75 mln superyacht, first since Ukraine war began

A yacht owned by a sanctioned Russian oligarch will be put up for sale by the Gibraltar government. It will become the first luxury vessel to be sold after the restrictions have been announced over Russia’s offensive in Ukraine. The money that will be received after the auction of ‘Axioma’ will be given to the US investment bank, JP Morgan, which claims that the yacht’s owner Dmitry Pumpyansky, owes them more than $20 million (Rs 1,59,85,10,000), The Guardian reported.

The 72.5-meter vessel owned by Dmitry Pumpyansky was detained after docking in Gibraltar in March. The yacht was detained after a legal claim made by JP Morgan, which said Pumpyansky’s holding company Pyrene Investment owed the bank more than $20 million (Rs 1,59,85,10,000). The money that will be received after the sale will not be given to Ukrainians.

A spokesperson for Gibraltar Courts Service told The Guardian that the Axioma was “arrested” following the “admiralty claim” filed in the Supreme Court. The spokesperson stated that the admiralty marshal will not be able to anticipate the money that will be received after the sale as the vessel will be placed on auction. 

Dmitry Pumpyansky’s yacht to be put for sale 

Nigel Hollyer, the broker to the Admiralty marshal of the Supreme Court of Gibraltar, said that there has been an “unexpected late surge” in the number of prospective buyers for the vessels, as per The Guardian report. Hollyer further added that 30 people had travelled to Gibraltar to conduct an inspection of the yacht. Notably, the UK, the US, and the EU imposed sanctions against Dmitry Pumpyansky after Russia began its offensive in Ukraine.

The UK government sanctioned Dmitry Pumpyansky on March 15 and stated that his net worth is estimated at £1.84 billion (Rs 1,73,91,74,99,200). The vessel which will be auctioned by the Gibraltar government has six luxurious guest cabins, a swimming pool, a 3D cinema room, a gym, a jacuzzi and a spa.

Since Russia’s military offensive in Ukraine, EU nations have imposed sanctions against Russia to pressurise Kremlin to end the war in Ukraine. On August 19, Estonia announced that it will dispatch an official proposal to the European Commission to impose the eighth sanctions package against Russia in response to Moscow’s offensive in Ukraine.

Image: AP

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