A $75 million superyacht owned by sanctioned Russian oligarch Dmitry Pumpyansky has been sold at auction in Gibraltar.
This is the first sale of seized assets of Russian oligarchs since Moscow launched its unprovoked invasion of Ukraine on February 24.
Howe Robinson Partners, which oversaw the auction, said on August 23 that there had been 63 bids for the 72.5-metre superyacht Axioma, which had been seized by Pumpyansky.
Pumpyansky is a close associate of Russian President Vladimir Putin. The oligarch's yacht was seized after the imposition of sanctions by Britain, the United States and the European Union.
The winning bid and the name of the new owner have not been made public. Details of the sales will be made public in two weeks.
The yacht Axioma was seized by the Government of Gibraltar following legal claims by US investment bank JP Morgan, which said Pumpyansky's company, Pyrene Investments, owed the bank more than $20 million.
JP Morgan then asked the Gibraltar courts to seize and then sell the yacht, arguing that Pumpyansky was subject to sanctions.
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Seized $75 million Russian superyacht to be auctioned
Pumpyansky was the owner and director of steel pipe manufacturer OAO TMK, the world's largest producer. Also, this company is the main supplier of the Russian state energy company, Gazprom. He stepped down from running the company after the sanctions were imposed in March.
The USA and the EU have imposed sanctions on Russian oligarchs, after the start of the invasion of Ukraine.
Western states have seized properties, superyachts and planes of Russian billionaires with ties to Putin. /Rel
