In an audacious display of high-seas drama, Western sanctions have ensnared the floating palaces of Russian oligarchs, transforming them into costly white elephants for European states. Italy seized the world's largest sailing yacht, allegedly belonging to the Russian oligarch Andrey Melnichenko. A towering marvel at 143 meters in length, now moored off Trieste like a costly exhibit. Tax payers have to pay €800,000 per month for the maintenance!
Andrey Melnichenko, who holds the distinction of being the wealthiest individual in Russia, is currently embroiled in a legal suit brought forth by the government. The allegations revolve around claims of "corrupt collusion" in a transaction involving the acquisition of an energy company. Numerous reports highlight this development, which is unfolding against the backdrop of the ongoing conflict with Ukraine, as authorities strive to repatriate Russian wealth.
Russia’s ultra-rich have seen their wealth swell over the past year despite punishing Western sanctions against Moscow over its invasion of Ukraine. CEO Magazine has published a new ranking of the richest Russians. The ranking is headed by Andrey Melnichenko, with an estimated net worth of $24.4 billion, followed by Vladimir Potanin, with a net worth of $23.7 billion, and Vladimir Lisin, with $22.1 billion.
On August 17, 2023 we brought a report about the yacht of the richest Russian oligarch Andrey Melnichenko, giving a brief description of the oligarch and his activities. We then received an email purporting to be from the oligarch's media tem. In it we were informed that the yacht would not belong to the oligarch, but to a trust. We bring the email below in the original. We could not check the authenticity of the sender.
The sanctions against Russian oligarchs were intended to hit Putin's war activities. The sanctions also provide for confiscating the oligarchs' assets in the West. On March 11, 2022, the Italian state seized the super-yacht SY A, owned by Russian oligarch Andrey Melnichenko in the Italian port of Trieste. There, the reportedly $600 million luxury toy remains anchored to this day and has become a public attraction.