Gibraltar receives 63 offers for yacht seized from Russian oligarch

Seized in Gibraltar, Russian oligarch Dmitry Pumpyansky’s yacht, targeted by British sanctions following Russia’s invasion of Ukraine, has received 63 auction offers, a court in the British enclave has announced.

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“63 bids were received,” continues the press release, stating that a sale may be possible, adding that “63 bids were received,” said the Maritime Law Officer (Marshal of the Admiralty). Finished “in about 10 to 14 days”.

The Axioma, seized in March, is a 72-metre luxury yacht flying the Maltese flag that can accommodate 12 passengers and 20 crew, the law enforcement agency said.

The auction does not include bottles from the bar, whose total value is estimated at more than 150,000 euros.

Authorities in the tiny southern Spanish territory seized the vessel after a complaint was filed by American bank JP Morgan.

The bank in December granted a 20.5 million euro loan to a company registered in the British Virgin Islands whose shareholder is a Cypriot company owned by Dmitry Pampiansky.

JP Morgan considers the oligarch’s placement on a list of Russians targeted by British sanctions to be in breach of this loan agreement. Sanctions in particular lead to the freezing of the assets of the traders concerned, jeopardizing the payment of debts.

The bank therefore appealed to Gibraltar authorities to seize the registered yacht as security for the loan.

Proceeds from the auction will go to Gibraltar’s Supreme Court, which will decide the oligarch’s ‘priority of claims brought by creditors’.

The boss of pipeline giant TMK, Dmitry Pumpyansky, has also been targeted by EU sanctions imposed since Russia invaded Ukraine.

Several countries, including Spain, Italy and France, have seized yachts belonging to wealthy Russians under European sanctions, which freeze all their assets in the EU.