Within weeks, the Russian oligarch’s prized asset will become the first yacht offered up at auction since Vladimir Putin’s invasion of Ukraine. It comes after Pumpyansky was hit with sanctions by both the European Union and Britain in March, as part of an effort to crack down on those with close ties to Putin.
Didn’t realise sanctions would mean actually nicking the boats off ’em.
In March, his superyacht was detained by the Gibraltar authorities after JP Morgan filed an admiralty claim in the territory’s Supreme Court. The investment giant called in a loan on the yacht reportedly worth £18m, on the grounds that sanctions against the oligarch left him in breach of the loan agreement.
Ah, it’s not actually sanctions per se……