The Economist: What to do with Russia’s abandoned luxury yachts?

    WORLD  01 April 2023 - 02:01

    The Economist has published an article claiming that stopping Russian oligarchs' yachts from leaving port has proved easier for governments than conclusively demonstrating their ownership. Caliber.Az reprints the article.

    Courts in the mostly Western countries applying sanctions on Russian oligarchs have ordered the seizure of at least four of their grand yachts: the Amadea, the Tango, the Meridian A and the Amore Vero. But many more remain in limbo, running up maintenance and harbour fees while they are being investigated. Some of the cost of their upkeep ends up being paid by taxpayers.

    Stopping suspect boats from leaving port has proved easier for governments than conclusively demonstrating their ownership. Few suspect vessels are foolish enough to fly the Russian flag these days, and many of the oligarchs who have been placed under sanctions have long used front companies to conceal their assets.

    America’s government is examining ways to sell off the handful of yachts it has seized so far, hoping to use the money to fund Ukraine’s war effort or reconstruction. This is easier said than done. Alex Finley, a former cia officer and now a spy novelist who has tracked the movements of suspect yachts, says that seizing assets was an important tool for destabilising Mr Putin’s support network and “the yachts are the biggest catches”.

    Nevertheless, she points out that selling off a boat the size of a football field and worth half a billion dollars is no easy feat. There are simply not a lot of potential buyers, and even fewer who might wish to gallivant about in the former property of a Russian oligarch (who might take it rather badly). Given how quickly luxury yachts deteriorate without maintenance, many could end up fetching only knock-down prices.

    Frozen yachts have become a potential shipping hazard even in places where the authorities are not enforcing sanctions. The government of Antigua and Barbuda declared in March that it would amend its law to allow it to sell the Alfa Nero, a yacht under American sanctions that has been cluttering up Falmouth Harbour since early 2022. The Alfa Nero allegedly belongs to Andrei Guriev, a Russian billionaire. But the vessel appears abandoned, with fuel, crew and general upkeep going unpaid for.

    Caliber.Az

    Subscribe to our Telegram channel


Read also

India has more nuclear weapons than Pakistan Swedish think-tank says

18 June 2024 - 12:33

Police detain 9 protesters outside of Israeli PM's residence in Jerusalem

18 June 2024 - 10:39

US, Saudi top diplomats discuss Sudan, Yemen, Gaza Crisis

18 June 2024 - 10:13

Two-thirds of Europe’s defence spending goes to US contractors NATO Secretary General says

18 June 2024 - 09:28

Ammunition explosion at Czech army training area kills one, injures 8 others

17 June 2024 - 18:42

Houthis maintain stronghold in Red Sea Despite US-led coalition efforts

18 June 2024 - 09:02
ADVERTS
Video
Latest news

    Russian flag, coat of arms torn down at Victory Park in Yerevan

    PHOTO/VIDEO

    18 June 2024 - 13:40

    European far-right turn

    New political landscape emerges

    18 June 2024 - 13:23

    Jamaican professor calls for urgent need of climate adaptation

    Addressing Baku Summit

    18 June 2024 - 13:08

    France, Armenia sign agreement for supply of CAESAR howitzers

    18 June 2024 - 12:50

    India has more nuclear weapons than Pakistan

    Swedish think-tank says

    18 June 2024 - 12:33

    Turkish Intelligence thwarts planned second terror attack in Moscow - media

    18 June 2024 - 12:17

    Revenge seeker at the separatist's grave

    Galstanyan calls upon Muradyan's spirit

    18 June 2024 - 12:00

    Azerbaijan prioritizes human health investments during COP29 chairmanship

    18 June 2024 - 11:52

    Over 3 billion people globally impacted by climate change

    Forecasting Healthy Futures chief urges

    18 June 2024 - 11:38

    Armenian opposition announces youth rally amid ongoing protests

    18 June 2024 - 11:19

    Special Representative urges focus on climate, health financing ahead of COP

    18 June 2024 - 11:04

    COP29 lead negotiator affirms focus on public health

    Amid climate change challenges

    18 June 2024 - 10:52

    Washington's hasty steps

    Yerevan is in turmoil, Baku is in no rush

    18 June 2024 - 10:45

    Police detain 9 protesters outside of Israeli PM's residence in Jerusalem

    18 June 2024 - 10:39

    WHO Director General commends integration of health in COP29 agenda

    18 June 2024 - 10:26

    US, Saudi top diplomats discuss Sudan, Yemen, Gaza Crisis

    18 June 2024 - 10:13

    Global summit "Forecasting Healthy Futures" kicks off in Baku

    Ahead of COP29

    18 June 2024 - 10:06

    Armenian parliament speaker dismisses opposition calls for resignation

    18 June 2024 - 09:58

    Azerbaijani judokas clinch top spot at European Cup

    18 June 2024 - 09:50

    Armenian parliament disrupts as PM's faction blocks session on government resignation

    18 June 2024 - 09:43

    Two-thirds of Europe’s defence spending goes to US contractors

    NATO Secretary General says

    18 June 2024 - 09:28

    Armenian, US officials discuss expanding strategic partnership

    18 June 2024 - 09:21

    Azerbaijan conference calls for unified global response to demining

    Article by Euronews

    18 June 2024 - 09:15

    Houthis maintain stronghold in Red Sea

    Despite US-led coalition efforts

    18 June 2024 - 09:02

    Far right's global surge

    Democracy as the defining divide

    18 June 2024 - 08:05

    China's proxy war on Israel

    Dangerous alliance with Hamas

    18 June 2024 - 06:13

    The Economist: Vladimir Putin and Kim Jong Un's "bromance"

    Strategic alliances amid global tensions

    18 June 2024 - 04:07

    Desperate Beijing seeks love wherever it can find it

    18 June 2024 - 02:10

    Paris loses crown as Europe’s biggest stock market to London

    18 June 2024 - 00:06

    ASEAN all adrift over South China Sea consensus

    17 June 2024 - 22:04

    Ukraine appeals to bondholders for $20 billion debt reduction

    17 June 2024 - 20:02

    Ammunition explosion at Czech army training area kills one, injures 8 others

    17 June 2024 - 18:42

    Armenian prime minister hints at need for referendum

    17 June 2024 - 18:30

    Turkish MP: Brotherhood of Azerbaijan, Türkiye strengthens OTS power

    17 June 2024 - 18:15

    Russia's president to visit Vietnam, sparking US rebuke of Hanoi

    17 June 2024 - 18:01

    EU plans to crack down on aid theft to Ukraine

    17 June 2024 - 17:44

    Azerbaijani FM holds telephone conversation with Turkish counterpart

    17 June 2024 - 17:29

    US, Canada, Japan, Philippines conduct exercises in South China Sea

    17 June 2024 - 17:13

    Iranian conservative candidate Qalibaf pushes rivals out

    17 June 2024 - 16:58

    Israeli PM Netanyahu disbands war cabinet

    17 June 2024 - 16:42

All news