Italian authorities seized a 530 million-euro ($580 million) superyacht owned by Russian billionaire Andrey Melnichenko as pressure on Russia’s elite continues following the invasion of Ukraine.
The vessel may be the world’s biggest sailing yacht and was seized in the port of Trieste in Northern Italy, according to a statement from Prime Minister Mario Draghi’s office. Melnichenko is the founder of EuroChem, a maker of fertilizers and and agricultural products.
The European Union has placed sanctions on many Russian billionaires, and governments across the bloc have begun seizing assets. Italian authorities have already detained Gennady Timchenko’s Lena in the coastal city of Sanremo and Alexey Mordashov’s Lady M in Imperia. In France, Rosneft PJSC chief Igor Sechin’s Amore Vero yacht was prevented from leaving the Cote D’Azur.
Read More: Italian Cops Seize Yachts of Sanctioned Russian Billionaires (1)
Sanctions are the tool used to continue to apply pressure on Russian President Vladimir Putin over his invasion of Ukraine. Melnichenko has withdrawn as beneficiary of his companies following sanctions.
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