Italian city runs out of patience over upkeep costs for frozen Russian mega yacht

The mayor of the Italian port city of Trieste has voiced growing frustration over an unusual eyesore dominating the city’s otherwise scenic waterfront. For three years, a futuristic 143-meter vessel owned by billionaire Andrey Melnichenko—and seized under European Union sanctions in March 2022—has remained anchored in the city’s port.

While the towering masts of the world’s largest sail-assisted yacht have become an unwelcome fixture of Trieste’s skyline, the real source of irritation for local authorities lies not in the aesthetics but in the mounting financial burden of maintaining the vessel. The ship, named Sailing Yacht A, has become an expensive liability, prompting Trieste’s mayor Roberto Dipiazza to speak out, as reported by Italian media.

Because Russian assets in Europe like this one are subject to an administrative freeze rather than outright confiscation, they must be preserved in full in case sanctions are lifted or overturned in court. This means the yacht requires constant upkeep to remain in seaworthy condition.

At the end of September, Dipiazza publicly demanded answers about who will shoulder the growing maintenance bill, which local media estimate at €20,000–30,000 per day—roughly €9 million a year. After three years, the total has ballooned to nearly €27 million. The costs cover security, mooring fees, a minimal crew, fuel for onboard generators, and insurance.

Dipiazza’s frustration is amplified by the sharp contrast between these costs and the city’s own budget priorities. Trieste recently allocated €850,000 to maintain its historic tram network—a figure that barely covers a single month of expenses for Sailing Yacht A.

Born in the Belarusian Soviet Republic to a Belarusian father and Ukrainian mother, Melnichenko founded one of Russia's most successful private banks, MDM Bank, following the collapse of the Soviet Union, before eventually expanding his business into fertilizer and coal.

Melnichenko has been listed as one of Russia’s richest men by Forbes, but the journal’s reporting highlights that it does not view him as an oligarch. The publication justifies this decision because he built an independent fortune without ties to the Russian government under either Boris Yeltsin or Vladimir Putin. Despite this, he has been hit by EU sanctions as they targeted “leading businesspersons” in Russia and those involved in Russia’s largest revenue-driving sectors.

The disparity between public spending on essential services and the millions poured into preserving a sanctioned oligarch’s luxury yacht encapsulates the mayor’s anger and has reignited debate over the financial and moral costs of sanction enforcement in Europe.

By Nazrin Sadigova