The superyacht Axioma, seen in Gibraltar in March, once belonged to Russian oligarch Dmitrievich Pumpyansky. The vessel was seized in March last year under sanctions imposed by Britain and the European Union. It will be auctioned off on Tuesday, with proceeds going to JP Morgan Chase.

JOHN NASCA/REUTERS


hide caption

toggle caption

JOHN NASCA/REUTERS

The superyacht Axioma, seen in Gibraltar in March, once belonged to Russian oligarch Dmitrievich Pumpyansky. The vessel was seized in March last year under sanctions imposed by Britain and the European Union. It will be auctioned off on Tuesday, with proceeds going to JP Morgan Chase.

JOHN NASCA/REUTERS

A superyacht that once belonged to a Russian billionaire was put up for auction on Tuesday in the British territory of Gibraltar. The vessel, valued at tens of millions of dollars, was captured in March in the warehouse Western sanctions against Russia after the invasion of Ukraine.

According to court documents, the Marshal of the Admiralty of Gibraltar was instructed to value and sell the yacht, which had received 63 bids. Its official estimated value is “a confidential matter that cannot be disclosed”, although outside estimates have reportedly put it between $42 million and $75 million. Details of who will ultimately purchase the vessel and at what price will be released once the transaction is complete.

Measuring 236 feet long and weighing more than 1,600 tons, Axioma is a sight to behold. It can accommodate 12 guests in six cabins – along with a crew of 20 in 12 other rooms – and has a gym, a full-service spa, an infinity pool and a luxury movie theater, according to Howe Robinson Partners’ auction website.

Cost of freight According to Yacht Charter Fleet, Axioma averages about $500,000 per week, excluding other operating costs.

The ship’s former owner is Dmitriyevich Pumpiansky, once Russia’s largest steel pipe producer, now worth $2 billion, according to Forbes. Unfortunately for Pumpiansky, after the invasion, he came under sanctions from Great Britain and the European Union.

Other superyachts owned by Russian oligarchs have been detained as a result of sanctions, but the Axiom is the first to be sold, the Guardian writes.

Despite calls for the sale proceeds to benefit Ukraine, the money will be paid to JP Morgan Chase. According to the Guardian, an international bank had a loan agreement with Pumpyanski’s holding company Pyrene Investments.

However, sanctions against Russia prevented JP Morgan Chase from accepting payments from the holding, violating the agreement, and the bank filed a lawsuit to seize the vessel and sell it at auction.

Other superyachts of Russian elites were detained all over the world including Amadea, which was seized in Fiji at the request of the United States in May. According to Forbes, this $300 million yacht belonged to Suleiman Kerimov, a Russian gold miner worth more than $12 billion.

However, Amadea’s fate is uncertain; it could also be sold to the highest bidder, which would suit President Biden’s goals of holding Russian oligarchs accountable for their role in the invasion and potentially using the proceeds to aid Ukraine.

Source by [author_name]

Previous articleA former Apple engineer accused of stealing automotive trade secrets has pleaded guilty
Next articleBritain and Ukraine begin talks on digital trade – SABC News