imperial yachts monaco

The Middlemen at the Heart of an Oligarch-Industrial Complex

They oversee the flow of billions of dollars from Putin-connected Russians to companies involved in superyachts and villas. They’ve drawn the attention of a U.S. task force.

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By Michael Forsythe ,  Gaia Pianigiani and Julian E. Barnes

• June 1, 2022

On Feb. 24, as Russian troops poured into Ukraine on Day 1 of the invasion, an employee of a yacht management company sent an email to the captain of the Amadea, a $325 million superyacht: “Importance: High.”

The family of a Russian oligarch under sanctions had spent much of January and February cruising from island to island in the Caribbean and had some questions and concerns. When would be a good time to visit New Zealand? Bali? Could the yacht get a special boat to pull water skiers? And would the staff of the Amadea please stop folding napkins in triangles? “Guests don’t like it,” wrote the employee, Victoria Pastukhova, a “client coordinator” for the company, Imperial Yachts.

At Imperial Yachts, no detail is too small to sweat. Based in Monaco, with a staff of about 100 — plus 1,200 to 1,500 crew members aboard yachts — the company caters to oligarchs whose fortunes turn on the decisions of President Vladimir V. Putin. Imperial Yachts and its Moscow-born founder, Evgeniy Kochman, have prospered by fulfilling their clients’ desires to own massive luxury ships.

For a Russian with hundreds of millions of dollars to spend, Mr. Kochman’s company takes care of everything: It oversees construction, hires the crew, manages the vessel’s day-to-day operation and can charter the ship or sell it, if need be. Another company also run by Mr. Kochman, BLD Management , performs a similar service for villas.

Imperial’s rise has benefited an array of businesses across Europe, including German shipbuilders, Italian carpenters, French interior design firms and Spanish marinas , which together employ thousands of people. Imperial Yachts is at the center of what is essentially an oligarch-industrial complex, overseeing the flow of billions of dollars from politically connected Russians to that network of companies, according to interviews, court documents and intelligence reports.

Imperial Yachts and BLD are now under scrutiny by a U.S. government task force, called KleptoCapture, that is trying to disrupt the Russian war machine by going after the assets of oligarchs tied to Mr. Putin. After some high-profile raids and seizures, the Americans are focusing on the network of enablers working outside of Russia. Investigators from the F.B.I., the Treasury and several intelligence agencies are gathering evidence showing that businesses and individuals knowingly aided Russians under sanctions whose wealth came through corruption, making them vulnerable to U.S. charges.

Andrew Adams, a federal prosecutor leading the task force, said in an interview that “targeting people who make their living by providing a means for money laundering is a key priority.”

Documents obtained from the Amadea by U.S. officials show the role Imperial Yachts plays in managing the myriad requests of stunningly rich, seaborne Russians. The Amadea is now in Fiji, where American officials are fighting a court battle to take possession of the yacht. Mr. Adams said that Russian superyachts that don’t find a buyer may be sold to salvagers for their pricey fittings: gold-plated bathroom fixtures , marble, inlaid floors made of rare wood.

In pursuing the enablers, American and European investigators have confronted a deliberately confusing ownership structure involving daisy chains of shell companies stretching from the Marshall Islands to Switzerland. Along with the Amadea, Imperial Yachts oversaw the construction of the Scheherazade, a $700 million superyacht that U.S. officials say is linked to Mr. Putin, and the Crescent, which the Spanish police believe is owned by Igor Sechin, chairman of the state-owned oil giant Rosneft.

A secret U.S. intelligence assessment concluded that the money to build the ships came from a group of investors led by Gennady Timchenko, a confidant of Mr. Putin and one of Russia’s richest men, who, like Mr. Sechin, has been under U.S. sanctions since 2014. Mr. Timchenko and his partners designed the Scheherazade — seized in early May by the Italian police — as a gift for Mr. Putin’s use, according to the assessment. Together, the three vessels may have cost as much as $1.6 billion, enough to buy six new frigates for the Russian navy.

Simon Clark, a lawyer for Imperial Yachts, said that the company “is unaware of any connection between our business and Mr. Timchenko. However, we are in the yacht-building business; we are not involved in our clients’ financial affairs.” Mr. Clark added that the company has “never conducted business or provided services to any parties subject to international sanctions.”

But U.S. officials are not buying such explanations. Elizabeth Rosenberg, the assistant secretary for terrorist financing and financial crimes at the Treasury Department, said it was the responsibility of people in the yacht services industry to avoid doing business with people under sanctions.

“And if you do,” she said, “you yourself will be subject to sanctions.”

Courting Russia’s Wealthiest

Mr. Kochman, 41, got his start in the yacht business in Russia in 2001, the year after Mr. Putin took power, selling Italian-made yachts . Russia had been through a decade of turmoil after the collapse of the Soviet Union, and many of today’s oligarchs had yet to amass their billions. But Mr. Kochman, then just 20 years old, had plenty of millionaires to court.

As some well-connected Russians joined the ranks of the world’s wealthiest people and began to buy up villas on the French and Italian Rivieras, Mr. Kochman moved to Monaco. Instead of selling mere yachts, often made on a production line, Mr. Kochman and his sister, Julia Stewart, now 46, entered into the world of superyachts, custom-made vessels of about 100 feet or longer. “We grow with our clients like parents with babies,” he said in 2016 in a rare interview .

Company records in Monaco show that Imperial Yachts was set up in 2008. The business also registered that year in the secrecy haven of Jersey in the English Channel.

But Mr. Kochman was still spending a lot of time in Moscow. That year he attended an exhibition for the ultrawealthy, with one of his British-built yachts on display. “We buy your yachts and you buy our gas,” Mr. Kochman told a Guardian reporter. Soon, his business took off.

Rich Russians and Persian Gulf royalty now dominate the ranks of owners of the world’s most extravagant superyachts, which can cost up to $75 million a year to operate . Since 2010, 17 superyachts 400 feet or longer have been delivered; all are owned by Russians or members of the Gulf monarchies.

In about 2014, Imperial Yachts landed its biggest project to date, a 349-foot superyacht to be constructed by Lürssen, a German shipbuilder: This would become the Amadea. Its Russian owner was sparing no expense, with hand-painted Michelangelo-style clouds above the dining table, a lobster tank, a fire pit and, at the bow, a five-ton stainless-steel Art Deco albatross figurehead . Nick Flashman, a former yacht captain who had joined Imperial, oversaw the project. Zuretti, a French firm, did the interior design.

Sébastien Gey, the director at Zuretti, said in an interview that the yacht’s owner — whom he declined to name because of nondisclosure agreements — was deeply involved in its design and construction, making frequent visits as the ship was built and outfitted. It was delivered in 2017.

But even before it was finished, the owner had Lürssen build another, larger superyacht, the Crescent, delivered in 2018, followed by the even bigger 459-foot Scheherazade, which went into service in 2020. Most of the planning and details for those two vessels were left to Mr. Kochman, recalled Mr. Gey.

That, Mr. Flashman said, was not unusual. “The client may be fully immersed in the project, he might not be,” he said in a phone interview. “I channel everything through Mr. Kochman.”

While Imperial Yachts oversees the projects, Lürssen, based in Bremen, receives payments directly from yacht owners, a company spokesman said. Lürssen is following “all sanctions and associated laws,” he added.

“We are not currently working with anyone on the sanctions list and we have shared all requested information with the authorities, with whom we continue to work,” the spokesman said in an email.

Mr. Gey, from the French design firm, said it does not work with people under sanctions.

The owner of all three vessels — at least on paper — was Eduard Khudainatov, a onetime pig breeder who is a protégé of Mr. Sechin, according to interviews with two people with direct knowledge of his role. Documents filed in a Fiji court show Mr. Khudainatov’s ownership of two of them. He was president of Rosneft when Mr. Sechin served as deputy prime minister. After stepping down from that post in 2013, he began buying up oil companies.

In 2020 Proekt, an independent Russian media outlet, citing an unnamed acquaintance, described him as a compliant and agreeable lieutenant: “Khudainatov knew how to give the impression of a simpleton, which is why he managed to please many bosses and make a career.”

Mr. Khudainatov, 61, had another appealing quality: Unlike Mr. Sechin or Mr. Timchenko, he was not under any sanctions.

But according to U.S. investigators, Imperial Yachts brokered the sale of the Amadea late last year to Suleiman Kerimov, a Russian government official and billionaire investor who has been on the U.S. sanctions list since 2018. He was among a group of seven oligarchs who the American officials said “benefit from the Putin regime and play a key role in advancing Russia’s malign activities.”

Showing that he was the new owner was key in what so far appears to be a successful effort by U.S. officials to persuade a Fijian court that the Amadea could be seized. The ship may leave this week. But in arguing its case, the U.S. investigators lacked official documents showing that Mr. Kerimov was the owner. Feizal Haniff, a lawyer in Fiji, disputed the U.S. claims, saying that Mr. Khudainatov remains the owner of the Amadea, controlling it through an offshore company.

In an affidavit, Timothy J. Bergen, special agent for the Federal Bureau of Investigation, said that Mr. Khudainatov, who doesn’t appear on lists of Russia’s richest people, was a “clean, unsanctioned straw owner” of the Amadea and the Scheherazade. Mr. Bergen said that Imperial Yachts, referred to as “Company A” in his affidavit, “has a practice of concealing yacht ownership behind nested shell companies” and using stand-ins like Mr. Khudainatov “in order to conceal the true beneficial owner.”

Mr. Clark, the lawyer for Imperial Yachts, said the company “would never knowingly create structures to hide or conceal ownership, nor would we knowingly broker deals to sanctioned individuals.”

Mr. Khudainatov, Mr. Timchenko and Mr. Kerimov didn’t return emails and phone calls seeking comment.

One thing is clear, according to the U.S. task force: Members of Mr. Kerimov’s family were on board the Amadea earlier this year, based on investigators’ interviews with crew members, reviews of emails between the ship and Imperial, and other documents from the superyacht including copies of passports.

On Jan. 21, Mr. Gey, the French designer, received an email from the captain of the Amadea. G2 — Imperial’s code name for Firuza Kerimova, Mr. Kerimov’s wife, according to the affidavit from the F.B.I. agent — was unhappy with the design of the electrical sockets in the guest bathrooms. They were in the cupboards, inconveniencing the family on their Caribbean tour.

The captain had been told of the request by Ms. Pastukhova, the Imperial client coordinator. Mr. Gey booked a flight and a hotel in St. Barts.

A few days later, Imperial Yachts signed off on another request. “Mr. Kochman has granted permission to sail to Antigua,” Ms. Pastukhova wrote to Ms. Kerimova. Mr. Kochman’s approval was also needed for a new onboard pizza oven.

“He wants to have an eye on everything, everything, everything,” Mr. Gey said.

An Italian Downton Abbey

With its colorful homes aging gracefully in the Mediterranean sun, and its harbor holding dinghies in neat rows, Portofino is the archetypal Italian seaside village. Strict conservation laws, in place since the rule of Benito Mussolini, are meant to ensure that it stays that way.

Portofino is a playground of the rich. Superyachts clutter the coast. Last month, Kourtney Kardashian was married there. And these days, a massive construction crane looms over the village, dominating the skyline.

Beneath the crane is Villa Altachiara, a 30-room mansion built in the late 19th century by a British earl. His son, the fifth Earl of Carnarvon, sponsored the expedition that discovered the pharaoh Tutankhamun’s tomb in 1922. Some locals believe the villa is cursed. In 2001, its owner, an Italian countess, fell to her death from the steep hill leading to the sea, her body washing up in France.

The name Altachiara is an Italian translation of Highclere , the palatial Carnarvon estate in Hampshire where “Downton Abbey” was filmed.

When the villa, complete with a helipad, a pool and an eight-acre park, was sold in 2015, everyone in Portofino soon knew who the new proprietor was. “Villa Altachiara will speak Russian,” read a headline in the Genoa newspaper. The owner, the paper reported, was Eduard Khudainatov.

The cast of characters restoring Villa Altachiara to its former glory is familiar. Mr. Kochman’s BLD Management is supervising the project. Mr. Gey is helping to oversee the local and international artisans restoring the interior of the mansion. Yachtline 1618 , an Italian high-end carpentry company that has worked on Imperial Yachts projects, is also involved.

It has been seven years since the purchase, and construction was underway this winter, but the work stopped and the crews left at about the time of the Russian incursion into Ukraine, several local residents said. The towering crane remains, along with some green nets meant to help restore the erosion-preventing terracing.

Locals have never seen Mr. Khudainatov. Mariangela Canale, owner of the town’s 111-year-old bakery, said she was worried that Portofino would become a place where the homes were mere investments, owned by wealthy people who rarely visited, and the community would lose its soul. “Even the richest residents have always come for a chat or to buy my focaccia bread with their children, or have dinner in the piazza,” she said. “They live with us.”

Company records indicate that Mr. Kochman got into the villa business years after his yacht business was flourishing. BLD Management was set up in Jersey in 2016 through Fiduchi Group , the same offshore corporate services firm that registered Imperial Yachts. Mr. Kochman owns 5 percent of each company; the rest is hidden by a company called Fiduchi Trustees Limited. Both Mr. Kochman and Fiduchi declined to comment on the shareholding.

Much of BLD’s business is in Russia, especially around the Moscow area where it builds dachas for wealthy Russians, often with interior designs by Zuretti and carpentry by Yachtline 1618. BLD’s website lists a Moscow address and is in English and Russian.

But the idea is the same as with Imperial Yachts: work in total secrecy.

“Everything is under very strict nondisclosure agreements,” Mr. Gey said. “It’s a standard in the industry.”

He added, “It’s not like there is something to hide.”

Ivan Nechepurenko contributed reporting.

Michael Forsythe is a reporter on the investigations team. He was previously a correspondent in Hong Kong, covering the intersection of money and politics in China. He has also worked at Bloomberg News and is a United States Navy veteran. More about Michael Forsythe

Gaia Pianigiani is a reporter based in Italy for The New York Times.  More about Gaia Pianigiani

Julian E. Barnes is a national security reporter based in Washington, covering the intelligence agencies. Before joining The Times in 2018, he wrote about security matters for The Wall Street Journal. More about Julian E. Barnes

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6 More Russian Superyachts Were Just Added to the US’s Oligarch Sanctions List

Imperial yachts, a monaco-based brokerage firm, was also added to the us sanctions list., michael verdon, michael verdon's most recent stories, this new 144-foot superyacht has a glassed-in dining room with ocean views.

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Six more superyachts, and a European yacht brokerage firm reportedly linked to Russian oligarchs, have been added to the sanctions list by the US, according to a statement released by the US Treasury Department.

The Treasury Dept.’s Office of Foreign Assets Control (OFAC) said yesterday that Russian-flagged Graceful and Cayman Islands-flagged Olympia were yachts in which Russian President Vladimir Putin had an interest, including having taken trips on these vessels. The office also targeted two other yachts with financial links to Putin, Shellest and Nega , which are owned by the Russian Non-profit Partnership Revival of Maritime Traditions.

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Monaco-based Imperial Yachts is the first yacht-brokerage firm added to the US sanctions list. OFAC said that Imperial’s Moscow offices have provided “yacht-related services to Russia’s elites, including those in President Putin’s inner circle.”

Sailing Yacht A, which was impounded by Italian authorities in April, belongs to Russian oligarch Andrey Melnichenko; His Motor Yacht A remains in Dubai (opening Image).  Courtesy AP

The statement added that the 446-foot Flying Fox , a yacht already on the sanctions list, has also been connected to Imperial Yachts.

“Imperial Yachts has been targeted by numerous unfounded and inaccurate accusations following events that are unrelated to this family owned company and its services,” the company said in a statement sent to Robb Report. “The accusations made against us by the US Government and in the press are false. We will pursue all available legal remedies to resolve this matter promptly.”

Meanwhile, the number of yachts being seized continues to increase. Andrey Melnichenko’s Sailing Yacht A was impounded in Italy by the Guardia di Finanzia in March, while his Motor Yacht A is now in Dubai. The UAE is not confiscating Russian yachts. The superyacht Amadea was seized in Fiji in April, but remains in the middle of a court battle. Last Friday, the US won the latest round to gain permission to sail Amadea out of the country, claiming it is owned by Suleiman Kerimov, a Russian oligarch close to Putin. Attorneys fighting the US seizure say it’s owned by Eduard Khudainatov, another Russian not on the sanctions list. The Fijian court of appeals allowed 10 days before their order could be executed, presumably to give attorneys time to appeal to the Fijian Supreme Court.

The 435-ft. Flying Fox has been tied to Imperial Yachts, which is now on the US sanctions list. The Monaco-based yacht-services firm denies any wrongdoing.  Courtesy Imperial Yachts

Yesterday, the Treasury Department also named two other yachts, Madame Gu and Sea Rhapsody, as belonging to Russians on the sanctions list.

Elizabeth Rosenberg, assistant secretary for terrorist financing and finance crimes at the Treasury Department, said that cooperation for going after Russian oligarchs on the US sanctions list is increasing.

“It’s a huge leap forward on international cooperation for hunting assets, for freezing them and for pursuing law enforcement investigations and activity, including seizure activities,” Rosenberg told the New York Times . She added: “It will constrain Russia’s ability to make money to support their war effort.”

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US imposes sanctions on luxury yacht firm linked to Putin

Monaco-based Imperial Yachts and its owner, Evgeniy Kochman, added to expanded sanctions list

• Russia-Ukraine war: latest updates

The US government has imposed sanctions on a close Vladimir Putin associate as well as a yacht management firm and its owners, describing them as part of a system that allows the Russian president and his elite to “move money and anonymously make use of luxury assets around the globe”.

In a statement, the treasury department said that it was sanctioning Monaco-based Imperial Yachts and its owner, Moscow-born Evgeniy Kochman.

According to the department, Kochman’s company “provides yacht-related services to Russia’s elites, including those in President Putin’s inner circle”. It identified four yachts “favoured by Putin” that the Russian leader has “taken numerous trips on” as recently as last year: the Nega, the Graceful, the Olympia and the Shellest.

According to the department, Putin used the Nega for travel in Russia’s north, and the Shellest to visit his “infamous Black Sea Palace”, a £1bn seaside mansion that Putin has denied owning.

The BBC Russian service earlier reported that the Graceful abruptly left the German port in Hamburg where it was docked for maintenance two weeks before the invasion of Ukraine, prompting speculation that it was trying to avoid sanctions as it arrived in the Russian exclave of Kaliningrad.

Notably, the treasury department did not name the 459-foot Scheherazade , an Imperial Yachts-linked ship that was seized last month by Italy for its ties to Putin.

The White House said in a statement that the latest sanctions were designed “to crack down on evasion and tighten our sanctions to enhance enforcement and increase pressure on Putin and his enablers”.

“Russia’s elites, up to and including President Putin, rely on complex support networks to hide, move and maintain their wealth and luxury assets,” said Brian Nelson, the under secretary for terrorism and financial intelligence at the treasury department. “We will continue to enforce our sanctions and expose the corrupt systems by which President Putin and his elites enrich themselves.”

The department also announced sanctions against the cellist Sergei Roldugin, a longtime friend of Putin who is believed to be the godfather of the Russian leader’s first child.

Roldugin, already sanctioned by the EU, was named in the 2016 Panama Papers leaks as a behind-the-scenes player in a clandestine network operated by Putin associates that has shuffled hundreds of millions through banks and offshore companies.

Putin at the time defended Roldugin, denying there was anything corrupt about his friend’s involvement in offshore companies.

The state department also imposed sanctions on Maria Zakharova, the spokesperson for the Russian minister of foreign affairs and one of the country’s most vocal supporters of the war in Ukraine , and Alexei Mordashov, a Russian steel magnate.

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Most viewed.

U.S. Department of the Treasury

U.s. treasury severs more networks providing support for putin and russia’s elites.

Targeting key nodes of Russian attempts to evade unprecedented U.S. sanctions

Kremlin elites, luxury assets, and Putin’s favored yachts blocked

WASHINGTON – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is taking further action to degrade the key networks used by Russia’s elites, including President Vladimir Putin, to attempt to hide and move money and anonymously make use of luxury assets around the globe. Today’s action targets a Kremlin-aligned yacht brokerage, several prominent Russian government officials, and a close Putin associate and money-manager, Sergei Roldugin, who is a custodian of President Putin’s offshore wealth. In order to further tighten and enforce existing sanctions, this action further identifies yachts and aircraft in which sanctioned Russian elites maintain interests.

“Russia’s elites, up to and including President Putin, rely on complex support networks to hide, move, and maintain their wealth and luxury assets,” said Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian Nelson. “Today’s action demonstrates that Treasury can and will go after those responsible for shielding and maintaining these ill-gotten interests. We will continue to enforce our sanctions and expose the corrupt systems by which President Putin and his elites enrich themselves.”

Today’s actions were taken pursuant to Executive Orders (E.O.) 14024, E.O. 13685, and E.O. 13661, and further align the United States with its international partners and allies. Today’s designations were taken in tandem with the U.S. Department of State and the U.S. Department of Commerce. The U.S. Department of State imposed sanctions on five of Russia’s oligarchs and elites, including Maria Zakharova, the spokesperson of the Russian Ministry of Foreign Affairs; Alexey Mordashov, the leader of Severgroup and one of Russia’s wealthiest billionaires; and family members and entities associated with the oligarchs and elites. The U.S. Department of Commerce is adding 71 additional parties located in Russia and Belarus to the Entity List, further restricting the Russian military’s ability to obtain technologies and other items it needs to sustain aggression and project power.

PUTIN-LINKED YACHTS

Today, OFAC is identifying Russia-flagged Graceful and Cayman Islands-flagged Olympia , as blocked property in which President Vladimir Putin has an interest. On February 25, 2022, OFAC designated Vladimir Putin pursuant to E.O. 14024 for being or having been a leader, official, senior executive officer, or member of the board of directors of the Government of the Russian Federation (GoR). While the leader of Russia, Putin has taken numerous trips on these yachts, including a 2021 trip in the Black Sea where he was joined by Alyaksandr Lukashenka, the OFAC-designated corrupt ruler of Belarus, who has supported Russia’s war against Ukraine.

Olympia (Photo credit: Feadship)

OFAC also designated the following entities and an individual who were registered owners of or involved in the management of either Graceful or Olympia. OFAC designated Russian Federation state-owned, Cyprus-registered SCF Management Services Cyprus Ltd pursuant to E.O. 14024 for being owned or controlled by, or for having acted or purported to act for or on behalf of, directly or indirectly, the GoR. OFAC designated Ironstone Marine Investments , JSC Argument , and O’Neill Assets Corporation pursuant to E.O. 14024 for having materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services to or in support of, Vladimir Putin. OFAC additionally designated JSC Argument’s sole shareholder and former director, Andrei Valeryevich Gasilov , pursuant to E.O. 14024 for being or having been a leader, official, senior executive officer, or member of the board of directors of JSC Argument.

OFAC also targeted two additional yachts linked to Putin, Shellest and Nega , which are owned by the Russian company Non-Profit Partnership Revival of Maritime Traditions (Revival of Maritime Traditions) and its Russian subsidiary Limited Liability Company Gelios (LLC Gelios), respectively. OFAC designated Revival of Maritime Traditions pursuant to E.O. 14024 for operating or having operated in the marine sector of the Russian Federation economy. OFAC designated LLC Gelios pursuant to E.O. 14024 for being owned or controlled by, or for having acted or purported to act for or on behalf of, directly or indirectly, Revival of Maritime Traditions. OFAC identified Shellest as blocked property in which Revival of Maritime Traditions has an interest and identified Nega as blocked property in which LLC Gelios has an interest. Shellest periodically travels to the coast where President Putin’s infamous Black Sea Palace is located, and President Putin uses Nega for travel in Russia’s North.

Shellest (Credit: Romeo United Yachts)

KREMLIN-ALIGNED YACHT BROKERAGE

Imperial Yachts SARL (Imperial Yachts) is a yacht brokerage that offers a variety of services relating to superyachts, including their design, order, charter, and management. In addition to their head office in Monaco, Imperial Yachts maintains an office in Russia’s capital and provides yacht-related services to Russia’s elites, including those in President Putin’s inner circle. When not in use by their owners, superyachts can be offered for charter through businesses such as Imperial Yachts, generating income for the owners, who are in some cases Russia’s oligarchs. Imperial Yachts conducts business with U.S.-designated oligarchs, including through providing management services to at least one yacht linked to an OFAC-designated individual. 

OFAC designated Monaco-based Imperial Yachts and its Russian CEO, Evgeniy Borisovich Kochman (Kochman), pursuant to E.O. 14024 for operating or having operated in the marine sector of the Russian Federation economy. OFAC also designated Imperial Yachts pursuant to E.O. 14024 for being owned or controlled by, or for having acted or purported to act for or on behalf of, directly or indirectly, Kochman. 

Additionally, OFAC identified the largest yacht currently available for charter through Imperial Yachts, Flying Fox , as blocked property in which Imperial Yachts has an interest.

Flying Fox (credit: Tom Drust )

The entities OOO Nord Marine , OOO Yakht-Treid , OOO Bilding Management , and OOO Nord Marin Inzhiniring were designated pursuant to E.O. 14024 for being owned or controlled by, or for having acted or purported to act for or on behalf of, directly or indirectly, Kochman.

PUTIN’S MIDDLE-MAN

Sergei Pavlovich Roldugin (Roldugin) is a close friend and part of a system that manages President Putin’s offshore wealth. The two have known each other for over four decades, and Roldugin is the godfather to one of Putin’s daughters. Roldugin is a cellist, conductor, and the artistic director of the St. Petersburg Music House, a state-owned cultural institution in Russia. Elena Yuryevna Mirtova (Mirtova), Roldugin’s wife, is a soprano opera singer and actress who has performed alongside her husband. Roldugin was previously designated by the European Union, United Kingdom, Australia, and New Zealand.

Roldugin was designated today pursuant to E.O. 14024 for being or having been a leader, official, senior executive officer, or member of the board of directors of the GoR. Mirtova was designated pursuant to E.O. 14024 for being a spouse or adult child of Roldugin.

ADDITIONAL YACHTS AND AIRCRAFT

OFAC designated San Marino-based SRL Skyline Aviation (Skyline) pursuant to E.O. 13685 for operating in the Crimea region of Ukraine and identified aircraft T7-OKY as property in which Skyline has an interest. As part of a scheme involving jets owned by VTB Bank and controlled by the chief of staff of VTB Bank’s CEO, Andrei Kostin (Kostin), the jets were transferred to an anonymous offshore company. Kostin’s chief of staff still manages these jets, which Skyline operated. OFAC designated VTB Bank pursuant to E.O. 14024 for being owned or controlled by, or for having acted or purported to act for or on behalf of, directly or indirectly, the GoR, and for operating or having operated in the financial services sector of the Russian Federation economy. OFAC designated Kostin in 2018 pursuant to E.O. 13661 for being an official of the GoR.

As part of today’s action, OFAC also identified a yacht named Sea Rhapsody as property in which Kostin has an interest. Priced at $65 million, Kostin’s yacht Sea Rhapsody is flagged in the Marshall Islands and has an International Maritime Organization (IMO) number of 1010648.

T7-OKY (" T7-OKY@ZRH;21.01.2020 " by  https://www.flickr.com/photos/46423105@N03  is licensed under CC BY-NC-SA 2.0. )

OFAC identified Cayman Islands-flagged yacht, Madame Gu , helicopter 3A-MGU housed on the yacht, and private plane P4-MGU as blocked property in which twice-designated Russian Federation Duma member and billionaire Andrei Vladimirovich Skoch (Skoch) has an interest. The 324-foot Madame Gu (IMO 1011331), which is valued at $156 million, includes an elevator, beach club, gym, and requires significant maintenance and repair, including approximately $1 million for painting annually. OFAC designated Skoch in 2022 pursuant to E.O. 14024 for being or having been a leader, official, senior executive officer, or member of the board of directors of the GoR and in 2018 pursuant to E.O. 13661 for being an official of the GoR.

3A-MGU taking off from the deck of Madame Gu (Dutch Yachting via Youtube )

P4-MGU (" Global Jet Luxembourg, P4-MGU, Airbus A319-115 CJ " by Anna Zvereva is licensed under CC BY-SA 2.0. )

TOP RUSSIAN GOVERNMENT OFFICIALS

Yury Slyusar (Slyusar) is the President of United Aircraft Corporation (UAC), a Russian state-owned company and major supplier of aircraft to Russia’s military, and one of the leading actors in Russia’s industry and defense sector with close ties to the GoR. UAC has supplied aircraft that have been used by Russia’s military to threaten and destabilize Ukraine. UAC is 88 percent owned by Rostec, a Russian stated-owned defense company subject to the debt-related prohibitions of Directive 3 under E.O. 13662.

Slyusar was designated today pursuant to E.O. 14024 for having been a leader, official, senior executive officer, or member of the board of directors of the GoR and for operating or having operated in the aerospace sector of the Russian Federation economy. Slyusar has previously been designated by the European Union, Australia, Canada, New Zealand, and the United Kingdom.

Vitaly Savelyev (Savelyev) is the Minister of Transport of the Russian Federation and a member of the Board of Directors of Russian Railways; he also serves as the Chairman of the Board of Directors of Aeroflot. Savelyev was designated today pursuant to E.O. 14024 for being or having been a leader, official, senior executive officer, or member of the board of directors of the GoR. Savelyev has previously been designated by the European Union and the United Kingdom.

Maxim Reshetnikov (Reshetnikov) is the Minister of Economic Development of the Russian Federation. Reshetnikov serves on the board of sanctioned Russian entities, including VTB Bank, VEB.RF, and Russian Railways. Reshetnikov was designated today pursuant to E.O. 14024 for being or having been a leader, official, senior executive officer, or member of the board of directors of the GoR. Reshetnikov has previously been designated by the European Union, Australia, Canada, New Zealand and the United Kingdom.

Irek Envarovich Faizullin (Faizullin) is the Minister of Construction, Housing and Utilities of Russia and is a member of the board of directors of Russian Railways. Faizullin was designated today pursuant to E.O 14024 for being or having been a leader, official, senior executive officer, or member of the board of directors of the GoR. Faizullin has previously been designated by the European Union and the United Kingdom.

Dmitriy Yuryevich Grigorenko (Grigorenko) is the Deputy Prime Minister and Chief of the Government Staff of Russia. Grigorenko was designated today pursuant to E.O. 14024 for being or having been a leader, official, senior executive officer, or member of the board of directors of the GoR. Grigorenko has previously been designated by the European Union, Australia, Canada, New Zealand and the United Kingdom.

SANCTIONS IMPLICATIONS

As a result of today’s action, all property and interests in property of the designated persons above that are in the United States or in the possession or control of U.S. persons are blocked and must be reported to OFAC. In addition, any entities that are owned, directly or indirectly, 50 percent or more by one or more blocked persons are also blocked. All transactions by U.S. persons or within (or transiting) the United States that involve any property or interests in property of designated or otherwise blocked persons are prohibited, unless authorized by a general or specific license issued by OFAC, or exempt. These prohibitions include the making of any contribution or provision of funds, goods, or services by, to, or for the benefit of any blocked person and the receipt of any contribution or provision of funds, goods, or services from any such person.

For identifying information on the individuals and entities sanctioned today, click here.

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The Best of Imperial's Superstar Monaco Fleet

By George Bains

The most important event in the superyacht industry’s calendar is fast approaching. From 25-28th September, the Monaco Yacht Show will welcome over 125 of the world’s most exciting superyachts, entertaining the most prominent names in the industry. Never far from a headline, Imperial Yachts will be exhibiting some of the finest superyachts on the brokerage market amongst the hive of activity in Port Hercules. Here we take a look at three of the standout yachts available to buy exclusively through Imperial.

Amadea   Displayed at Quai Rainier III, Berth D02 This magnificent gigayacht from renowned German builder Lurssen was added to Imperial’s fleet earlier this month , and becomes the second largest yacht at the Show, behind Tis. Amadea will be exhibited for the very first time since her 2016 launch and there is plenty about her that will leave viewers in awe. The 106m superyacht has a breath-taking design from Espen Øino and a luxurious interior from Francisco Zuretti. Amadea is a remarkably voluminous yacht, with accommodation spread out over eight cabins and a sublime private Owner’s deck. Around the yacht, amenities including a 10m infinity pool, Spa and Cinema will provide endless entertainment for the Owner and their guests.

Grace   Displayed at Jetee Lucciana, berth L02 .

Next up is this icon from the Amels Limited Editions series, the world’s best-selling 55m superyacht since 2007 and for good reason. Since her delivery in 2009, Grace has never been listed on the charter market and so she enters the brokerage market in pristine condition. Nuvolari Lenard is responsible for styling Grace’s contemporary interior, beautifully complimenting Tim Heywood ’s modern exterior design with 649GT of pure luxury. With generous exterior spaces, Grace is fitted with a sun deck that features a large dining area, bar and Jacuzzi for the perfect on-board getaway.

Hokulani   Displayed at Jetee Lucciana, berth L03 .

Gold dust. This 49.5m Palmer Johnson creation stands out with her champagne-gold coloured hull, providing a luxurious coating for the beautiful exterior design by Nuvolari Lenard. Hokulani is the No. 1 hull of the PJ150 series and has been perfectly maintained by her highly professional crew since her launch in 2007. What sets Hokulani apart from others in her series are her yearly upgrades that have kept her up to speed with the highest industry standards.

Elsewhere during the show, Imperial will be exhibiting two more enticing superyachts in the Cap D’Ail area. Guests can travel with Imperial via a VIP tender to Cap D’Ail where appointments can be made to view the 50m Mangusta yacht Rush  or Mondomarine’s 41m Legenda . Both are exceptional superyachts in their category, and were managed during their build by Imperial. We look forward to seeing this exceptional fleet up close, along with the other gems in Monaco’s star studded line-up .

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“La Datcha”: the Imperial Yachts’ polar explorer

La Datcha joins the top fleet of Imperial , the well-known luxury yacht charter agent based in Monaco. A 77-meter superyacht, La Datcha is the product of the Danish shipbuilding art known as Damen Yachting . An over-the-top level of precision and plenty of customisation are just some of the elements that make La Datcha the dream boat that she is. 

The hull is “ice-classed” , which means structural strength so that La Datcha can “ sail even in the harshest weather conditions “. On the contrary, they also explain in the corridors of Imperial: La Datcha “ has been conceived for expeditions around the globe from the Arctic to the Antarctic “, as confirmed by the IMO Polar Code certification that the boat holds.

Tempered in the cold

A range of 40 days at sea is one of the main features of this superyacht which boasts plenty of space, including a helipad for two helicopters . Additional transport facilities include t wo expedition RIBs, two beach-tenders, two jet skis and two amazing three-seater submersible seaters. Imperial describes the new creation with a definition that leaves no room for doubt: “ The Datcha is a luxury explorer”. Prices? Around 840,000 euros per week. All the more reason to take advantage of a cruising speed of up to 15 knots.

Life aboard this blue-blooded vessel offers numerous facilities including a Hammam, Jacuzzi, Finnish buckets for waterfalls, massage room, facial body treatments, gym and a certified diving center. Six cabins are available for a dozen guests who, during their adventurous explorations, will also be able to admire the “killer whales” while sailing the coldest seas in total comfort.

The interior design is by Vasily Shprits, a well-known French designer who has taken care of all the decoration with great taste. Imperial was able to perfectly define what this marvel of the seas is capable of representing: “ an example of how to live a complete experience where the only limits are those we impose on ourselves” .

La Datcha Technical Specs

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On board 106m M/Y Amadea with Imperial Yachts

By Ellie Brade – from Superyacht Digest | October Issue 2019

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AT THE 2019 MONACO YACHT SHOW ONE YACHT HAS, QUITE LITERALLY, STOOD OUT ABOVE THE REST. AT 106.1M, AMADEA WILL BE ONE OF THE VERY BIGGEST YACHTS ON DISPLAY AT THE SHOW AND A HEAD TURNER FOR ALL THE RIGHT REASONS. LITTLE INFORMATION HAS BEEN RELEASED ON THE TOP-SECRET AMADEA SINCE HER LAUNCH, BUT THAT IS ALL ABOUT TO CHANGE…

Lürssen has built a reputation for their expertise in creating gargantuan custom superyacht builds and Amadea is no exception. Originally known as Project Mistral, Amadea launched from the German yard in 2017. “ Amadea is an absolutely unique superyacht; she cannot be compared to any other vessel in the world”, says Julie Stewart, Director of Imperial . According to Stewart the project – as with all Imperial projects – was developed with all the key parties working in close conjunction to create a yacht that was entirely tailored to the owner and his family.

“We are proud to have worked with Espen Oeino and Francois Zuretti and to benefit from their creativity, with everyone involved bringing fresh ideas to the table”, she adds. “Because our relationships are very strong and have become true friendships over the years, Amadea couldn’t have been anything else than a fantastic achievement for all our respective companies. She is sophisticated and was developed with care, she remains the pride of our new construction team, and for our company in general. She is a testimony to Imperial’s savoir-faire”.

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Superyacht Digest | October Issue 2019

It is hard to do justice to the scale of Amadea until you see her in person. At 4420GT, with five decks and an 18m beam she offers a vast amount of space, and every area on board has been thoughtfully designed to maximize her generous proportions. Outside, Oeino’s design is striking and the three dimensional profiles of the deck overhangs and covered balconies create an elegant exterior look. An ornamental albatross, which serves as the figurehead, sits above the anchor wingdoors.

Inside, Amadea ’s opulent interior is highly detailed, all hand finished by skilled craftsmen and women. A double-height atrium gives the feel of a ballroom and everywhere you turn a different detail catches your eye, including the stunning marquetry, marble inlays, polished woods and glasswork. The devil is in the detail and it is clear the sheer time and effort that was poured into making Amadea a reality. She is a masterpiece.

Once the client had conveyed their overall brief for the project to Imperial, he left it to the management team to craft a one-of-a-kind yacht with a huge number of spaces, each tailored to a different purpose. “The client trusted us to reflect his vision in Amadea and everything we did came back to the question of what he wanted to achieve with the yacht”, says Stewart. The features on board are almost too numerous to mention individually but for Stewart a few key spaces stood out as particularly suiting the owner. “We created the ideal spa area for him, with a sea terrace offering the best point of view from the Moroccan salon; we developed with him a fantastic sun deck with the best AV/IT system for entertainment and built a bespoke Jacuzzi that could transform in a proper band stage at night to enjoy late parties; we also helped to achieve his vision of a luxurious but fully functional interior full of natural lights with larger social spaces”. Stewart notes that the interior is particularly special. “Francois Zuretti and his experienced team did a fantastic job with the interior, from the double-height ceiling on the main deck with the atrium overlooking the owner’s deck, to the exceptional winter garden on the sun deck”, says Stewart. “Everything about Amadea ’s interior is a symphony of tailor-made furniture and the finest materials including leathers, fabrics, marbles and more”.

Lürssen applied their skill in yacht building to the project, using clever techniques to optimize the design and keep weights as low as possible. Superstructure decks were built entirely of aluminium, to save around 200T compared to steel, with the decks built upside down in a separate hall to avoid any contamination with steel. The top deck was fixed on after she departed the shed, due to her sheer height. Following final completion work she undertook sea trials before delivering to her happy owner. Powered by twin MTU 20V 4300KW (total 8600KW) engines, she has a range of 8000nm at 13 knots, and underwater stabilisers deliver exceptional comfort.

Able to welcome up to 16 guests and 36 crew, all guest accommodation on Amadea was designed around the motto “for the guest, only the best”. There are seven spacious ensuite cabins in addition to the owner’s suite. The VIP cabin has its own lobby and saloon, bedroom with two king beds and an expansive bathroom. Two double cabins are on the bridge deck and five guest suites, including three doubles, a twin and twin VIP, are on the main deck. A bonus space is the meeting room on the lower deck which has a single sofa bed and a private entrance, adding an additional sleeping option if needed.

Of course the private owners deck is one of the most impressive spaces on board, stretching from bow to stern to create an entire apartment dedicated entirely to the owner. The build team designed this to be a real retreat, where the owner can live autonomously if needed and in total privacy. Private balconies overlook the sea and a separate staircase allows access to the bridge and main deck. The owner’s many different spaces include an office, private gym and wellness hub, library, bar and deck that is ideally suited to hosting intimate dinner parties.

Throughout the rest of the vessel there are no shortage of different areas for guests to enjoy and a white marble staircase and glass lift connect the decks in a stylish way. Main gathering spots include the main saloon and the more relaxed skylounge. The main saloon connects with a social bar space that then flows neatly out to the main aft deck. A full length dining table stretches the full width of the main saloon and the intricately designed bar is kept well stocked by the extra-large wine cellar, located in the tank deck. Up in the skylounge the scene is set for luxurious relaxation with a real wood burning fire, relaxed lounge seating, games tables and much more.

There are relaxation hubs on every deck. A particularly popular space is the main wellness hub with a sauna, hammam spa, chromotherapy room or massage room, and a recreation room that looks out on to a large sea terrace, inspiring serenity and a connection with nature.

Outdoor living is at the heart of life on board Amadea, across all decks. The aft main deck is a favoured space, with numerous layouts, and its mosaicked pool is a stunning centerpiece that looks out over the ocean. The aft terrace on the bridge deck, with a real fire pit, is a popular gathering spot, and leads directly into the cinema room – perfect for hosting movie nights. The sundeck boasts views across the ocean, a Jacuzzi and a breathtaking winter garden for year round use.

On the water’s edge the multi-purpose swim platform was designed to be a base for multiple activities, from sunbathing to water sports. A vast tender garage is packed with watertoys and tenders, including two custom built tenders – a 11m Windy Custom Limousine tender and an 11m Windy Custom Open tender – each with an albatross figurehead to match the mother ship. Side boarding access allows guests to arrive and depart the yacht with ease, and the large helideck on the forward deck allows easy movement on and off the vessel and direct access to the owner’s private quarters.

In conclusion, Amadea is an example of what can be achieved when some of the industry’s finest come together to create a truly unique yacht. The creativity that has gone in to Amadea is a reflection of the incredible skillsets on offer to those who choose to build a custom yacht. “All our efforts were rewarded by seeing the happiness of our client enjoying his vessel on a daily basis”, says Stewart. For Imperial, Amadea is a reflection of their personal commitment to absolute excellence, with the team ensuring that there is never any compromise on any aspect of the builds they work on. “This is how we work with all our clients and our reputation is based on this special care”, finishes Stewart. “We are proud to have established new standards with every shipyard and designer we have worked with so far: we learn from them as they have learnt from us, it’s a win-win process”.

Q&A WITH IMPERIAL

What makes Amadea a must-see at MYS? “ Amadea  will be one of the largest superyachts on display at MYS 2019, she will stand out by herself without any words! Her bow sculpture, depicting an albatross flying, is a good summary of her elegance and the high-standards she offers throughout all her decks, on both the exterior and interior. She is more than words, and the pride of Imperial. As a Monaco-based superyacht company, with her we prove that the Principality is at the cutting edge of the yachting industry, and Imperial is raising new standards with a never-seen-before attention to any detail on board Amadea : her level of finishing is above any other superyacht in existence!”

What are her most spectacular features? “From your first step on board, the impressive design with striking caps above the front of each deck will immediately catch your eye. Her design is emotional, she is an eye-catching vessel created by the talented Espen Oeino, and her design by Francois Zuretti is breathtaking. On board, from the 10-metre infinity pool to her wide aft decks and hidden lounges everywhere, Amadea is made for those wanting privacy at sea. For those who visit, their attention will be immediately caught by the level of details on board, everywhere inside and outside”.

Amadea ’s design cleverly incorporates a huge number of different spaces on board. How did the design team meet the challenge of ensuring that all the different spaces worked together and that there was a natural/logical flow between all areas on board?

“Imperial does not work on one-off projects for any of our clients, and it is the relationship we build with them through the years that bring us to their final dream: with Imperial, they let their emotions speak and we are here to translate these expectations into reality, with all the attention to detail that us possible. We don’t think about a type of yacht for a type of client: we are here to pair the dream of our clients with the right partners who will be able to understand these expectations, and this motto hasn’t changed since we delivered our first ever yacht in 2005”.

This is an incredibly custom vessel. What were the most important features for the owner when the design was being developed?

“It would be too easy to sum-up too few areas: for Amadea , we let our client speak about his ideas, his mindset and what he was looking to achieve with this superyacht. Many of the yacht owners around the world would tell you they want a vessel which includes having liberty at sea to enjoy precious time with their family. For Amadea  this is true: this vessel is thought, designed and built to have the most memorable family moments aboard, and this quality time was in the center of every discussion we had. From the sea terrace, to the Moroccan saloon and the bespoke Jacuzzi, everything was designed with the family in mind”.

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Imperial Yachts issues press statement after US sanctions move

Posted by Staff Writer | Jun 3, 2022 | News

Following our report that Monaco-based Imperial Yachts has been sanctioned by the US Treasury Department, the company issued the following statement:

“Press Statement:

Like all leaders in our business, we have gone through a recent period where the yacht industry has been subjected to inquiries from some authorities, but over the past few months, Imperial Yachts has been targeted by numerous unfounded and inaccurate accusations following events that are unrelated to this family owned company and its services.

These events culminated today with the announcement of sanctions on our company by the United States government. The accusations made against us by the U.S. government and in the press are false.  We will pursue all available legal remedies to resolve this matter promptly. 

Imperial Yachts conducts all its businesses in full compliance with laws and regulations in all jurisdictions in which we operate. We are not involved in our clients’ financial affairs.

We are in the yacht building, management, sale and charter business. That is our focus and what we do. We started this company from nothing, and now, it appears that due to our success, we are unfortunately being targeted by those who would like to bring us down.

We look forward to settling all matters resulting from this turbulent time, as well as disproving the damaging smears made against our company. As always, our focus remains on living up to our established name as an international leader in providing the highest level of excellence for yacht sales, construction, management, and chartering.

Spokesperson for Imperial Yachts”

ORIGINAL ARTICLE: https://news.mc/2022/06/02/us-treasury-sanctions-monaco-based-imperial-yachts-and-owner/

FILE PHOTO: Imperial Yachts is based in the Ermanno Palace

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Despite wars and sanctions, superyacht market continues recent growth.

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The Phi has been detained in Canary Wharf since March 2022.

A superyacht is a status symbol and the ultimate pleasure boat. What ordinary people envisage doing on cruise ships, the super-rich do on their mega-yachts. Space and change of scenery have appealed to humans from time immemorial. However, with luxury yacht ownership requiring vast sums of disposable income, one would think that factors putting the global economy under pressure, such as inflation, Houthi terrorists and Somali pirates attacking ships in the Red Sea, sanctions following the Russian invasion of Ukraine, and before that, the COVID-19 pandemic, would slow down the demand for superyachts. Instead, despite severe disruptions, mainly because of the post-Ukraine 2022 Russian invasion sanctions, with billions sloshing around in the global economy, demand for these vessels has reached a high point, driven by changes in the tastes of the ultra-rich, innovative new uses for superyachts, and the number of buyers able to splurge on such craft.

Expensive Mega-Toys The unique uses of a superyacht are driven by the size and crew demands that separate it from a regular yacht. A superyacht is considered to be a pleasure vessel larger than 24m (80ft) with a full-time captain and crew. This is a costly outlay. There are added costs for not including maintenance, fuel, and expensive power plant, navigation, and communications gear.

The desire for seclusion and social distancing exhibited by the rich since the 2020 pandemic lends itself perfectly to these large, customizable ships that can be taken out to sea. A fully crewed ship is also needed to keep up with for new trend in exploration and environmental sailing, with boat owners venturing outside of the Mediterranean and Caribbean to experience more varied habitats. Other luxury sectors are taking note of these trends driving demand for superyachts, with hotel chains like The Four Seasons and The Ritz-Carlton aiming to offer bespoke superyacht experiences by 2025. By introducing this option, hotel chains are responding to the increased market demand for exploration while creating an experience that is more exclusive and private than a luxury cruise.

Demand has also been driven by an expanding number of prospective superyacht buyers as the number of ultra-high-net-worth individuals continues to increase globally. The growth is primarily driven by American buyers, with significant potential in regions like China and Southeast Asia, where ultra-rich buyers with disposable income are growing at a faster pace than they are in the West. This increase in wealthy customers in Southeast Asia, combined with miles of islands and coastlines, creates the conditions for a robust scene for superyachts in the area. The emergence of a new customer base wealthy enough to purchase super- and mega-yachts has made the industry resilient in the face of government sanctions against one of the industry’s largest consumer bases: Russian oligarchs.

The megayacht Nord, believed to belong to sanctioned Russian oligarch Alexey Mordashov, is seen in ... [+] Hong Kong on Friday, Oct. 7.

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Target: Russia Beginning in the early 2000s, Russian billionaires developed a taste for luxury superyachts, with some like Roman Abramovich (who is reported to own 16 vessels , including the Aquamarine, Eclipse, Garcon, Halo, Pelorus, Solaris and Sussurroo), Alexei Mordashov ( Lady M and Nord ) and Eduard Khudainatov ( Scheherazade , Amadea , Crescent ) placing orders for multiple vessels. According to Superyacht News, an industry publication, Russians account for a significant piece of the world's superyacht market. Their estimated share represents about 10% of superyachts exceeding 40 meters in length. The percentage of Russian ownership rises even further for mega-yachts exceeding 80 meters, where Russians hold the number two spot globally, owning 20% of these vessels. Research by Boat International estimates the contribution of Russian buyers to the global superyacht order book (valued between €35 and €40 billion) to be €3.9 billion.

The popularity of superyachts among Russia’s wealthy has caused them to become a focus of the sanctions imposed on Russia following its invasion of Ukraine in February 2022. Alongside traditional targets, including Russian financial holdings, banks, and energy, the assets of oligarchs are actively being seized and frozen by Western powers when possible through initiatives like the Russian Elites, Proxies, and Oligarchs (REPO) task force launched by the G7 and the U.S. Treasury’s Kleptocracy Asset Recovery Rewards (KARR) program.

The seizure of superyachts as assets will likely continue through the end of the invasion of Ukraine and possibly beyond. Recently, there have been increasing calls to sell or transfer these assets, allowing Ukraine to use or sell them to compensate for the damages caused by the war.

Eclipse | 162.5m Built in 2010 , Germany

Europe Suffers Even though the superyacht industry has a sizeable consumer base in Russia, the companies building and managing these yachts are primarily based in Western Europe. Many of these boats are built by shipbuilders such as Lürssen in Germany and Heesen Yachts and Oceanco in the Netherlands. This has led one of the shipyards, Damen, to sue the Dutch government over damages it claims it suffered from the EU sanctions. Additionally, companies like Burgess in the UK, Imperial Yachts and Edmiston in Monaco, and Moran Yacht & Ship in the US, in charge of servicing, managing, and brokering superyachts, are also concentrated in the West.

While Western shipyards and management companies may lose revenue because of sanctions and asset seizure of the Russian oligarchs, keeping the yachts frozen generates additional costs for the countries where they are being held. Some Western countries devised a solution to ease the burden on taxpayers, granting owners and their representatives special licenses to pay for the frozen vessels. Notably, France and Spain have allowed the billionaire owners of at least four mega-yachts to pay for their upkeep. In the UK, the Office of Financial Sanctions Implementation (OFSI) has allowed the management company Burgess to pay for pre-sanction crew salaries of a yacht frozen in the UK.

Though the media associated superyachts with Russian oligarchs, this archetypal image of a superyacht owner may soon grow obsolete if the sanctions regime remains or even strengthens, causing multi-million dollar losses to the industry. Instead, growth in the sector is driven by a new class of rich being created in places like the United States and the Pacific Rim, seeking luxury lifestyles that can be provided by a superyacht. The superyacht industry will capitalize on the unprecedented wave of demand to increase its resilience in the stormy global security and economic environment.

Quin Buckley & Henry Tsai contributed to the production of this article.

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By SuperyachtNews 26 May 2020

Imperial Yachts: positive for the season ahead

Imperial yachts is confident that most of its fleet will operate this season….

Imperial Yachts is a leading authority on superyacht charter, brokerage, new construction and management, and is now tackling the immediate and ongoing effects of the COVID-19 crisis with high hopes for a return to normality as soon as possible. SuperyachtNews  speaks exclusively to the team for an update.

“The impact of the COVID-19 crisis and the unforeseen lockdown took immediate effect in many factors and continues to test our operations,” begins Mark Harrison, head of operations at Imperial Yachts. “It was clear from the lockdown that our general strategy had to change, and new procedures and policies needed to be applied in a very short period of time, so we have been planning daily to stay ahead and with all schedules.”

Even under lockdown, the Imperial operational team continued to work in isolation and took every opportunity to catch-up and progress, and are now back at full capacity in the Monaco offices. The first issue that Imperial had to face was dealing with delays in all planning, further to a slowing of most winter maintenance projects, shipyard periods, survey works and preparation for the season, followed by the closing of international borders causing an issue of free movement of crew to and from the vessels – a situation that still remains unclear for some nationalities.  

“Our team are constantly monitoring the easing of the restrictions and remain positive that most of our fleet will operate this season,” continues Harrison, who says that this would only be possible with planning in place to minimise risk for guests, procedures in place for crew changes allowing quarantine prior to client arrival and extra hygiene, and with personal protective equipment and regular COVID-19 testing.

"This uncertain period tested our capacities, but we are proudly standing up after the peak of this crisis with certainty in our processes...” - Mark Harrison, head of operations at Imperial Yachts

“This uncertain period tested our capacities, but we are proudly standing up after the peak of this crisis with certainty in our processes, attention to our crew and hard efforts. We learnt a lot, and confirm our procedures applied on board our managed fleet were built in anticipation of a crisis like this. We, as a team, successfully passed the stress-test,” Harrison adds.

In terms of brokerage activity, Eric Lepeingle, head of sales and charter, believes that a market rebound could differ from country to country depending on how the situation evolves; “In Europe, the market did not go down during this crisis. We felt that it obliged all traditional brokers to re-invent their marketing, and so to be more reactive to a potential positive 'boom' post-lock down. When we look at the USA, and even before COVID-19 hit them, 2020 is an election year so it’s always special in terms of business due to the uncertainty of who is going to be the next President. Now, it’s obviously enhanced by this sanitary situation.”

“The stock market is probably not the best driver to compare - people are making money on the market even if it goes up and down, but we are following the movements of commodities (oil and gas) as the impact of a certain region in the world could be huge, and impact the superyacht market itself in the nearest months,” Lepeingle adds.

When asked if he feels that there will be some semblance of a charter season later this summer, Lepeingle says he cannot answer because the situation changes every day. “It depends on the opening date of the borders for each country. Now, Croatia gave the first shot by opening their borders for yachts and tourists. This announcement will certainly make the country ‘the’ summer destination in the Mediterranean.

"Traditional spots like French Riviera, Corsica or Sardinia may suffer more this year, but again, nobody can predict at this time. ‘Wait and see’ is the current motto, so we have to be ready as though it would be a normal and busy season...” - Eric Lepeingle, head of sales & charter - Imperial Yachts

“Traditional spots like French Riviera, Corsica or Sardinia may suffer more this year, but again, nobody can predict at this time. ‘Wait and see’ is the current motto, so we have to be ready as though it would be a normal and busy season, because we have to listen to the expectations of our clients and their health compulsory requests more than ever before.”

At the moment, Lepeingle believes it’s too early to see any engaging market recoveries due to COVID-19. “We will have to wait for the first signs - hopefully next Autumn,” he concludes. “From an operational point of view, visiting, closing, and showing the vessels is difficult, but in the meantime, we continue receiving many enquiries, and clients are waiting to come and visit the vessels. Live visits are a good start to offer a first overview, but nothing can replace the onboard viewing and exploring every single area.”

Image courtesy of www.imperial-yachts.com 

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Imperial Yachts responds to US-imposed sanctions on company and CEO

Monaco-based yacht brokerage firm Imperial Yachts has released a statement after the company was sanctioned by the US government on June 2.

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Yacht Club de Monaco awards exploration and innovation prizes

Le Prince Albert II, who is concerned about the issue, attended the event.

The 7th Monaco Ocean Week was driven by the Prince Albert II of Monaco Foundation along with the Prince’s Government, the Oceanographic Institute of Monaco, and the Scientific Centre of Monaco. During the event, the Yacht Club de Monaco led the debates in the field of Grande Plaisance (Super yachting) on Thursday 21 March, and presented the 4th “YCM Explorer Awards by La Belle Classe Superyachts,” an initiative that was launched in 2019.

A jury of professionals awarded prizes in a number of categories: “technology and innovation”, “science and mediation” and “adventure and environmental ethics”. The Sovereign praised the commitment of these men and women: “who are acutely aware of the environment and are playing and will play a crucial role in marine exploration by providing invaluable support to scientists and local communities.”  Prince Albert II also pointed out that the tradition of exploration was deeply rooted in Monaco’s history, and that we owe it to Prince Albert I.

Pelagos Sanctuary uses new technologies to raise awareness on protecting cetaceans

The four winners are:

• S/Y Cachalote , a 25-metre boat equipped with flexible solar panels
• M/Y   Archimedes , a 68-metre vessel that explores parts of the ocean that are not well sampled, such as remote areas of the Atlantic, Pacific and Southern Oceans
• M/Y Gigi , a 49-metre boat that symbolises philanthropic adventure, with missions such as distributing tablets to schools to support local education in disadvantaged regions
• M/V Lattitude , a 47m vessel for technical changes such as realigning the engines to increase efficiency and speed while limiting its ecological impact.