Italy freezes another yacht for Russian oligarchs for 530 million euros

Italy freezes another yacht for Russian oligarchs for 530 million euros

Italy has seized a yacht worth 530 million euros belonging to the Russian oligarch Andrei Melnichenko.

The Italian authorities announced, on Saturday, the freezing of a yacht worth 530 million euros belonging to the Russian oligarch Andrei Melnichenko, who was targeted by European Union sanctions, after Moscow’s invasion of Ukraine.

The CA, moored in the port of Trieste in northeastern Italy, is said to be the largest private-engine sailing yacht in the world.

Italian Financial Crimes Police alleged that Andrei Melnichenko “indirectly” owned the yacht through a company based in Bermuda.

Sailing yacht A . said "white pearl" (White Pearl), the world's largest private dhow, owned by Russian billionaire Andrei Melnichenko, near Antibes on July 3, 2020.
Sailing yacht A, known as “White Pearl”, the world’s largest private sailboat, owned by Russian billionaire Andrei Melnichenko, near Antibes on July 3, 2020 © VALERY HACHE © 2019 AFP

A multi-billion coal and fertilizer tycoon, it was blacklisted by the European Union earlier this week and is subject to an asset freeze and visa ban.

Italy last week confiscated assets owned by Russian oligarchs worth about 140 million euros, including the 65 million euros “Lady M Yacht” owned by Alexei Mordashov, a Russian businessman close to Vladimir Putin.

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