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……

14 thoughts on “Eh?”

  1. Nice precedent to set when you are advertising your country as a safe stable investment base to foreign investors.
    Confidence n all that.

  2. “crack down on those with close ties to Putin”. What, like world number one tennis player Daniil Medvedev?

    I stopped watching Formula One when Hamilton started the knee nonsense (topped up more recently by Vettels insane fossil fuel hypocrisy regarding Alberta and said little *igga’s desire to deplatform those with views he deems ‘old’) and now won’t watch Wimbledon because of their targetting of someone because of their nationality (does not apply to Saudi’s, Chinese, moslems etc etc).

    Nessimmersion @ 8.30 +100

  3. Otto – arf

    Nessimmersion – Also it’s based (or at least, publicly rationalised) off a false assumption, that the oligarchs have levers of influence over Putin which can be pulled to fulfill Western objectives thru sanctions.

    They’ve got the power relationship the wrong way around – Putin is the boss, and the oligarchs know not to cross him if they don’t want to be arrested or suddenly die of Covid-tainted bullets. You won’t bring down Louis XIV by going after Fouquet.

    Pumpyassky wasn’t keeping his wealth in Gibraltar and Geneva because of his great confidence in the Russian government, and Abramovich doesn’t have 5 passports because he’s some kind of Russian superpatriot.

    Still, maybe we can exchange the yatch for some coal, oil and food.

  4. Didn’t realise sanctions would mean actually nicking the boats off ’em.

    No, just as sanctions don’t actually mean nicking a football club, just telling a Russian (as opposed to a Saudi or an Abu Dhabi dude who are just fine and dandy) that he’s no longer entitled to own it or to benefit from any of the sale proceeds.

  5. This must be putting a significant dint in the superyatch market. A large pool of potential customers removed plus “seized” assets being flogged off into the second hand scene.

    @ Steve – I don’t think Putin has Louis XIV levels of control. History will tell us how strong his power base actually is (was), but I wouldn’t be surprised if he’s reaching his limits.

  6. PJF – he certainly doesn’t have Louis XIV levels of taste, but he’s been the apex predator in one of the world’s most unforgiving political ecosystems for over 20 years.

    Nobody can go on forever, but he’s already seen off Dubya, Blair, Obama, Cameron, May, Trump, Merkel, etc. He’ll probably see off Boris and Biden. As China’s new Numbah Wan sidekick, and in a country reasonably well placed for the Winter of Shortages, his position looks more secure than any Western government right now.

    Compare to, say, Germany, which is looking at the realistic possibility of BASF Ludwigshafen closing down very soon due to lack of gas, potentially a Lehman moment for the European economy, the political climate in Russia is unlikely to change in the near term unless there’s a sudden and unexpected reversal of their war fortunes.

  7. I’m not sure why anyone would want to buy a yacht nicked from a guy whose whole thing is that the law doesn’t apply to him.

    That just sounds like a good way to end up at the bottom of the sea with a chain around your feet.

  8. Re: Steve

    Also it’s based (or at least, publicly rationalised) off a false assumption, that the oligarchs have levers of influence over Putin which can be pulled to fulfill Western objectives thru sanctions.

    As I see, they’re arm twisting the Oligarchs in the hope they’ll use their Russian contacts to have Putin assassinated.

  9. Thanks for bringing Vettel to my attention Addolff.

    Clearly Saudi Arabia doesn’t like Alberta’s competition.

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