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Gibraltar sells Russian oligarch’s yacht for $37.5 million

Gibraltar on Tuesday bought a superyacht belonging to Russian oligarch Dmitry Pumpyansky for $37.5 million following its seizure in March beneath Ukraine conflict sanctions, judicial authorities mentioned.

Gibraltar’s Admiralty Marshal, a specialist British maritime court docket that handles the sale of ships, didn’t launch the client’s identify.

The 72-metre (236-foot) vessel, MV Axioma, was seized on March 22 following a criticism filed by the U.S. financial institution J.P. Morgan, authorities within the tiny British enclave on the southern tip of Spain mentioned on the time.

The transfer got here shortly after Pumpyansky — head of TMK, Russia’s largest producer of metal pipes — was added to the checklist of tycoons focused by EU and U.Ok. sanctions after Russia invaded Ukraine in February.

Gibraltar’s Supreme Court had in June ordered that the yacht be bought at public sale, with the Malta-flagged Axioma attracting 63 bids.

The funds raised will probably be used to compensate the oligarch’s collectors.

In December 2021, J.P. Morgan granted a mortgage of 20.5 million euros ($21.7 million) to a company registered within the British Virgin Islands whose shareholders included a Cypriot agency owned by Pumpyansky.

But the financial institution noticed Pumpyansky’s inclusion on Britain’s sanctions checklist as a breach of the mortgage contract because it led to the freezing of his property.

Dozens of yachts allegedly tied to Russian oligarchs have been seized since Russia started its offensive in Ukraine seven months in the past. In April, Dutch authorities seized 14 yachts, 12 of which had been nonetheless beneath building. U.S. and Spanish authorities took a $90 million super-yacht docked in Palma de Mallorca with ties to Viktor Vekselberg; and the U.S. additionally seized a $300 million vessel in Fiji. Italy froze a $700 million mega-yacht linked to “prominent elements of the Russian government.”

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