The U.S. government has seized a mega-yacht owned by an oligarch with close ties to Russian President Vladimir Putin today, making it the first in the government’s sanctions initiative to seize and freeze mega yachts and other expensive assets of Russian elites.
The yacht was seized in Spain today. Spain’s Civil Guard and U.S. federal agents from the FBI and Homeland Security Investigations worked together to descend on the yacht in the port of Palma de Mallorca, which is the capital of Spain’s Balearic Islands. The joint operation to seize the vessel was carried out at the request of U.S. authorities.
A member of Spain’s Civil Guard said that the yacht was immobilized, and is named Tango, valued at $120 million. The 254-foot yacht carried the Cook Islands flag and the flag of the specialized website superyachtfan.com.
The yacht is one of the many assets of Viktor Vekselberg, a billionaire and a close ally to Putin. Vekselberg heads up the Moscow-based Renova Group, which is a conglomerate stretching across mining, metals, tech, and more.
Any of Vekselberg’s assets in the U.S. have already been frozen, and all American companies are completely forbidden from conducting businesses with him and his entities.
He has not been sanctioned yet by the European Union.
Vekselberg is under investigation currently by the U.S. for potential tax fraud, money laundering, and for falsifying documents to hide ownership of the mega yacht.
It is the first time that the U.S. government has seized a yacht belonging to an oligarch since a task force was formed by Attorney General Merrick Garland and Treasury Secretary Janet Yellen. The task force REPO — which stands for Russian Elites, Proxies, and Oligarchs — is an effort to enforce sanctions after Russia invaded Ukraine seven weeks ago.
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