Russian Oligarchs Move Their Superyachts Amid Sanction Concerns

Author Dalboyy 12 Nov 2024

As first spotted by CNBC, in the last 24 hours several sanction-sensitive Russian oligarchs may have begun the process of moving their yachts out of European and other unfriendly ports. CNBC compiled their data using a service called Marine Traffic. Marine Traffic reportedly spotted a handful of so-called "superyachts," believed to be owned by Russian oligarchs, leaving or getting ready to leave.

The rush to get the vessels out of European waters could be happening in advance of the United States and European Union potentially expanding economic sanctions to include roughly two dozen businessmen who are believed to be allies of Russian President Vladimir Putin and/or beneficiaries of longstanding Russian corruption. If sanctions were to drop, any physical assets sitting in Europe or the US could theoretically be seized. And what's a Russian billionaire oligarch without his $500 million superyacht?

Below is a sampling of oligarchs who are believed to own superyachts that are either currently docked in European waters or have just left European waters:

Vagit Alekperov

When Friday's markets closed, Vagit Alekperov was the 10th richest Russian person in the world with a net worth that stood at $15 billion. That's down $8 billion from $23 billion since January 1st. Vagit is the president of Russian energy conglomerate Lukoil, whose stock price plunged nearly 50% on Monday. So Vagit’s Friday net worth of $15 billion is likely now down around $7 billion if the current lows hold.

Vagit's yacht, called "Galactica Super Nova," features a helipad and a glass-bottomed swimming pool. It was built in 2016 and is worth around $80 million. According to CNBC and Marine Traffic, Galactica Super Nova recently departed Barcelona and is currently in open waters. Its purported destination is Montenegro, but that may change since Montenegro, which is looking to join the European Union, is apparently joining the EU in sanctioning Russia.

Montenegro has not yet announced its intention to sanction additional oligarchs like Vagit, but that may happen any minute. This situation highlights the precarious nature of wealth in times of geopolitical tension and the lengths to which individuals may go to protect their assets.

Oleg Deripaska

Before the global recession of 2008, Oleg Deripaska was the richest Russian in the world with a net worth that topped $28 billion at its peak. Unfortunately, Oleg lost a substantial amount of personal wealth in the wake of that crash due to a high debt load. Today, Oleg derives the majority of his $4 billion fortune from the aluminum company Rusal. He was sanctioned by the United States in 2018 and is one of the few oligarchs who has publicly opposed the war in Ukraine.

Over the weekend, he tweeted, "Peace is the priority. Negotiations must start ASAP." Oleg’s yacht, Clio, is reportedly en route to the Maldives, illustrating how some oligarchs are not only moving their assets but also expressing their views on the ongoing conflict.

This move signals a desire to distance themselves from potential fallout while maintaining their luxurious lifestyles. The duality of their positions as both wealthy elites and public figures is becoming increasingly complex.

Roman Abramovich

Roman Abramovich owns at least two superyachts. Roman's 139-foot "Solaris" was also docked in Barcelona as recently as this weekend. His other yacht, the $500 million Eclipse, was most recently spotted in the Caribbean at a port in Saint Martin, which is jointly governed by France and the Netherlands.

As of Friday, Roman’s net worth had dropped from $18 to $14 billion since the beginning of the year. On Saturday, he shocked the European sports world with the announcement that he was donating his ownership stake in the $2 billion English soccer team Chelsea to a charitable trust. This move may be seen as a strategic decision to distance himself from controversy amidst the ongoing situation.

Roman was also reportedly present in Belarus on Monday during the peace talks between delegates of Russian and Ukrainian ministers. This highlights his potential role in navigating the complex landscape of international relations while protecting his interests.

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