Russia’s billionaires with ties to President Vladimir Putin are moving their super-yachts as the United States and allied countries prepare more sanctions against Russians and their property.
At least four massive yachts owned by Russian oligarchs and business leaders have been moving towards Montenegro and the Maldives over the past week. It comes as sanctions have been rolling in against Russia after Putin ordered the invasion of Ukraine.
The Maldives does not have an extradition treaty with the United States, meaning if the yachts reach the country, the U.S. will not be able to seize the property. Montenegro is a member of NATO, and applied for EU status in 2008. Its foreign minister said it would be joining the EU in its sanctions against Russia, but it is not yet clear what effect this will have on the oligarchs seeking to hide their yachts in its waters.
It is expected that the list of Russian business leaders and their property being targeted in sanctions will grow. President Joe Biden’s administration announced that a Taskforce is being forced to specifically target the executives’ lucrative assets, including mansions and yachts.
The White House tweeted that a multilateral Transatlantic task force was forced to identify, hunt down, and freeze the assets of sanctioned individuals and companies. Yachts, mansions, and “other ill-gotten gains” would be found and frozen under law.
France is compiling a list of properties that is owned by Russian billionaires, including yachts and cars, meaning the property could be seized under European Union sanctions.
This has caused Russia’s wealthiest to start moving their boats around, hoping they can keep them out of the eyes and hands of the international community.
One of the Russia-based billionaires has come out against the invasion of Ukraine, saying that peace is the priority, and negotiations must begin immediately. Oleg Deripaska is worth about $4 billion, and he and his companies were sanctioned in 2018 by the U.S. His yacht set sail from Sri Lanka about two weeks ago, and is expected to soon arrive in the Maldives.
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