oligarch yacht watch

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Who's Paying for Russian Oligarch's Seized Yacht in San Diego Bay?

The amadea, which superyachttimes.com called the 63rd largest yacht in the world, tied up monday at naval base san diego, in national city, by eric s. page and mari payton • published june 28, 2022 • updated on june 28, 2022 at 2:11 pm.

Many San Diegans who saw the news about the Amadea — the $325 million seized Russian oligarch's yacht that docked in San Diego on Monday — may be wondering: Who's paying for that?

Imagine how much the fuel costs to sail it more than 5,000 miles from Fiji, where it was seized earlier this month, to San Diego? A local marine fuel dock quoted the following prices, if you're wondering: $7.40 for gas, $7.35 for diesel. According to SuperYachtTimes.com, the Amadea has a 392,000-liter fuel tank. That works out to about 103,555 gallons, so it could cost $766,307 or so just to fill up.

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And then there are maintence costs on a 350-foot long yacht, which, you can be sure, are extensive and necessary — in fact, not undertaking such efforts can cause the vessel's value to decline if it deteriotes due to neglect.

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The Amadea carries a full complement of 36 crew, including the captain, according to SuperYachtTimes, but it won't need nearly that many once she tied up at Naval Base San Diego in National City. Nevertheless, someone will be monitoring the yacht and conducting the maintenance.

According to the U.S. Department of Justice, the yacht was bought with what it calls "dirty money," and, as such, some may be relieved to hear, will be sold to the highest bidder. Presumably, the associated post-seizure costs accrued after its seizure will be coming off the top of the sale price. Until then, the Amadea, which SuperYachtTimes called the 63rd larges yacht in the world, will resume in the custody of the U.S.

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Officials with the DOJ said the Amadea, which was seized in connection to the department's KleptoCapture campaign undertaken in the wake of the invasion of Ukraine by Russia, was owned by Suleiman Kerimov a Russian billionaire.

After the yacht arrived in San Diego, John Kirby, a former federal prosecutor, told NBC 7 that he thinks the U.S. government hopes moves like the Amadea's seizure are efforts to apply pressure to Russian president Vladimir Putin.

Earlier this month, Deputy U.S. Attorney General Lisa O. Monaco said, regarding the Amadea, “The department had its eyes on every yacht purchased with dirty money. This yacht seizure should tell every corrupt Russian oligarch that they cannot hide — not even in the remotest part of the world. We will use every means of enforcing the sanctions imposed in response to Russia’s unprovoked and unjustified war in Ukraine.”

The court ruling represented a significant victory for the U.S. as it encounters obstacles in its attempts to seize the assets of Russian oligarchs around the world. While those efforts are welcomed by many who oppose the war in Ukraine, some actions have tested the limits of American jurisdiction abroad.

The United States wasted no time in taking command of the after a Fiji court ruled in its favor and sailed the ship away from the South Pacific nation just hours after the ruling.

"If you could say or somehow prove that this boat … that the oligarch had the money for this boat because he bribed Vladimir Putin, that is public corruption," Kirby said. "It’s a crime even when it takes place outside the United States. The United States can still act upon it."

According the website, the Amadea is not currently for sale, but that may soon change. Until then, you can "shop" for other eye-popping, wallet-busting boats here .

The Associated Press contributed to this report — Ed.

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The Internet Sleuths Obsessively Tracking the Superyachts of Russian Oligarchs

‘Seizure of the yachts feels like a little bit of justice. It sends the message that these oligarchs have to pick a side: Support the dictator or support democracy’

For the first time in several years, Ben, a 36-year-old machinist in Michigan, hasn’t been pulling up Twitter first thing in the morning. Instead, he’s been checking MarineTraffic.com — an open, community-based website that tracks the real-time movement and location of ships — to see which yachts belonging to Russian billionaire oligarchs have been seized as a part of the economic sanctions placed on Russia following the invasion of Ukraine. “I catch up on everything else later in the day,” he tells me. “But ever since they announced the sanctions, I can’t take my eyes away from #YachtWatch and MarineTraffic.” 

To be sure, a desire to know intimate details about billionaire yachts is nothing new. Within niche communities of maritime enthusiasts and professionals, these extraordinary yachts have always been followed and discussed in great detail. In fact, many yachts have their own Wikipedia pages , and websites like SuperYachtFan.com and SuperYachtTimes.com thrive on outlining the design, specs and ownership of these multi-million dollar vessels. But for the general public to become interested in the intricacies of billionaire yacht ownership and tracking is certainly new. 

To that end, Alex Finley, a former CIA officer turned author , had been researching oligarch yachts for her upcoming novel long before they caught the public’s eye. “I was already in tune with how the yachts and other assets play a role in Putin’s wider agenda,” she tells me. “But when I was kind of shitposting about Russian yachts on Twitter, no, I didn’t think it would turn into a crowdsourced global hunt for super yachts.” 

Good day #YachtWatch -ers. Yesterday morning, around 10am, Roman Abramovich’s other yacht [insert eye roll gif] Eclipse was tracked heading toward Gibraltar. She hasn’t pinged in about 8 hours. 1/ pic.twitter.com/cdlr6TH3rW — Alex Finley (@alexzfinley) March 11, 2022

Since creating the #YachtWatch hashtag, Finley says she’s seen the number of people like Ben who regularly check in on her updates of yacht seizures grow exponentially. “I’ve gained something like 20,000 followers in just a few days, and judging by the number of media inquiries, yeah, I guess people are interested,” she explains. 

And more than merely observe, certain people have made contributions that help improve the public’s ability to track and absorb complex maritime information. “Some mariners have helped explain some of the more technical aspects regarding AIS [ automatic identification system ] and navigation and facility infrastructure, for example,” Finley says. “Others have provided great encouragement, or remind me to sleep and hydrate, which I love.” 

Italy are still winning with an early brace, but still lots to play for. Straights of Gibraltar could prove a winning card for @RoyalNavy to get UK on the board, but a strategically timed US Transfer deal with the Maldives could beat everyone! #HuntForRedYachtober #YachtWatch https://t.co/yBOyI7cBSs — Charlie Moore (@c_moore) March 11, 2022

Elsewhere, members of the #YachtWatch community have created makeshift “BINGO” cards that show pictures of yachts along with the name of the Russian billionaire to whom they belong. Others, like Jack Sweeney , a college student who recently gained notoriety for tracking Elon Musk’s private jet, created their own Twitter accounts dedicated to the pursuit. In just over a week, his @RussianYachts account has amassed over 22,000 followers after posting information about yacht ownership and location updates. 

While I figure out more to track the yachts and choose the best solution. Here's a graphic made by @CNN of the latest locations of some of the yachts. pic.twitter.com/z9FgcJNiz2 — Russian Yachts (@RussiaYachts) March 7, 2022

Finley reckons that there’s a sense of “heightened” schadenfreude driving the massive public interest in superyacht seizures. They’re not just watching bad things happen to bad people, they’re watching people who “supported a dictator who started a totally unprovoked war” lose their toys. “These oligarchs have supported Putin’s efforts to destabilize the West and our democratic institutions, while at the same time taking advantage of those very same democratic institutions,” she says. “Seizing the yachts feels like a little bit of justice. It sends the message that these oligarchs have to pick a side: Support the dictator or support democracy. We won’t let you do both anymore.” 

Roman Abramovich's yacht Solaris looks to be heading to Montenegro, a popular place for Russian yachts. His even bigger superyacht Eclipse is in the Atlantic heading toward the Strait of Gibraltar per @MarineTraffic pic.twitter.com/o70Zzl7EEi — Mike Forsythe 傅才德 (@PekingMike) March 11, 2022

With that in mind, Finley argues that a lot of people “are getting into the hunt because they feel like they’re helping a just cause.” 

Plus, unlike most white-collar crime that gets prosecuted over the course of lengthy, closed-door legal battles, the seizure of superyachts has been swift and public. On March 3rd, French authorities took to Twitter to announce they had seized a 281-foot-long yacht belonging to Russian oligarch Igor Sechin. The $120 million vessel was in breach of the law after having attempted “to leave French territorial waters,” and was therefore seized and “immobilized” by French customs. 

Dans le cadre de la mise en œuvre des sanctions de l'Union européenne à l'encontre de la Russie et en soutien à l’Ukraine ?? nous avons procédé à la saisie d’un premier yacht. ➡️ L’Amore Vero est immobilisé en France. pic.twitter.com/ncr4UOP3OD — Olivier Dussopt (@olivierdussopt) March 3, 2022

But of all the major governments cracking down on Russian yachts so far, Ben says he’s rooting for the Italians the most. “It seems like they’re the ones who aren’t pussyfooting around, pardon my French,” he says. “I don’t know what happens to the seized properties after the fact, but I feel like the Italians could end up with an army of superyachts when this is all said and done.” 

So far, Italian authorities have officially seized at least two yachts belonging to Russia oligarchs Gennady Timchenko and Alexei Mordashov — Timchenko’s Lena, a 126-foot, $55-million beast , and Mordashov’s Lady M, a 213-foot, $71-million luxury monstrosity . 

Keeping watch on these Russian's Yacht's pic.twitter.com/BaZQeNyyKB — Russian Yachts (@RussiaYachts) March 6, 2022

According to the Washington Post , MarineTraffic.com “has seen a ‘huge spike’ in interest,” with traffic reaching “a level not seen since a massive ship got stuck in the Suez Canal one year ago.” Ben says he checks the site several times a day, working his way down the curated list of oligarch yachts he’s created there. “Right now I’m watching Clio , Tango , Palladium , Nirvana and Le Grand Bleu ,” he tells me. “Le Grand Bleu has been spinning in circles outside St. Martin for a few days now, so hopefully he runs out of fuel and is forced to make a decision soon.”

That’s when he’ll get the payoff he’s been waiting for: “The day I check my phone during a break and see one of my yachts being chased down or seized by government agents… I can’t even begin to imagine what that’ll feel like.” 

Ultimately, though, when it comes to social media-driven justice , particularly involving the rich and powerful, it’s nearly impossible to not be cynical. Is #YachtWatch just another fleeting #ResistanceTwitter saga, yacht seizures being the latest carrot dangled in front of a terminally logged-on population fruitlessly grasping for control as the world spirals toward nuclear war? Or, could the growing interest in tracking billionaire’s yachts actually lead to systemic change ? 

Melnichenko's $600,000,000 Yacht A is being seized in Italy: https://t.co/oYfVydcANQ — Scott Stedman (@ScottMStedman) March 12, 2022

For her part, Finley is hopeful that it’s the latter. “We arrived at this point in history partly because we in the West allowed a system that’s fueled both inequality and authoritarianism , all because businesses, politicians and the West in general were getting rich from it, too ,” she explains. “I hope the mega-yacht hunt might be a wake-up call that we need to reform the system and make it more transparent.” 

It’s certainly opened Ben’s eyes to the idea that wealth disparity isn’t merely a flaw in the system. “I’m not naive enough to think we don’t live in a world of haves and have-nots, but the sight of all those yachts, crowding around islands in the Caribbean like mayflies to a street lamp stopped me in my tracks,” he says. “It really struck me how they live in a different universe, where laws don’t exist.” 

Ben has “read everything about the tax-dodging leaks and money in the Cayman Islands,” but if it doesn’t go over his head, it just makes him feel powerless. “There’s nothing I can do about billionaires cheating the system — all these guys have gotten away with crimes because they’re billionaires,” he concludes. “But now that I know what can happen with transparency, I like to think this is the beginning of the end for them.” 

Quinn Myers

Quinn Myers is a staff writer at MEL. He reports on internet culture, technology, health, masculinity and the communities that flourish within.

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Superyacht owned by oligarch with close ties to Putin seized by U.S.

Linked to billionaire viktor vekselberg, tango is a 78-metre vessel valued at $120m us.

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The U.S. government seized a mega yacht in Spain owned by an oligarch with close ties to the Russian president on Monday, the first in the government's sanctions enforcement initiative to "seize and freeze" giant boats and other pricey assets of Russian elites.

Spain's Civil Guard and U.S. federal agents descended on the yacht at the Marina Real in the port of Palma de Mallorca, the capital of Spain's Balearic Islands in the Mediterranean Sea. Associated Press reporters at the scene saw police going in and out of the boat on Monday morning.

A Civil Guard source told The Associated Press that the immobilized yacht was the Tango, a 78-metre vessel that carries a Cook Islands flag and that Superyachtfan.com, a specialized website that tracks the world's largest and most exclusive recreational boats, set its value at $120 million US.

The yacht is among the assets linked to Viktor Vekselberg, a billionaire and close ally of Russian President Vladimir Putin who heads the Moscow-based Renova Group, a conglomerate encompassing metals, mining, tech and other assets, according to U.S. Treasury Department documents. All of Vekselberg's assets in the U.S. are frozen and U.S. companies are forbidden from doing business with him and his entities.

U.S. Attorney General Merrick Garland confirmed the seizure in a statement released by the Justice Department, which estimated the value of the vessel as "at least $90 million."

"Today marks our task force's first seizure of an asset belonging to a sanctioned individual with close ties to the Russian regime. It will not be the last," said Garland. "Together, with our international partners, we will do everything possible to hold accountable any individual whose criminal acts enable the Russian government to continue its unjust war."

Vekselberg familiar to U.S. officials

Garland and Treasury Secretary Janet Yellen have assembled a task force known as REPO — short for Russian Elites, Proxies and Oligarchs — as an effort to enforce sanctions after Russia invaded Ukraine in late February.

Vekselberg has long had ties to the U.S. including a green card he once held and homes in New York and Connecticut. The Ukrainian-born businessman built his fortune by investing in the aluminum and oil industries in the post-Soviet era.

Vekselberg was also questioned in special counsel Robert Mueller's investigation into Russian interference in the 2016 U.S. presidential election and has worked closely with his American cousin, Andrew Intrater, who heads the New York investment management firm Columbus Nova.

Vekselberg and Intrater were thrust into the spotlight in the Mueller probe after the lawyer for adult film star Stormy Daniels released a memo that claimed $500,000 US in hush money was routed through Columbus Nova to a shell company set up by Donald Trump's personal lawyer, Michael Cohen. Columbus Nova denied that Vekselberg played any role in its payments to Cohen.

Vekselberg and Intrater met with Cohen at Trump Tower, one of several meetings between members of Trump's inner circle and high-level Russians during the 2016 campaign and transition.

The 64-year-old mogul founded Renova Group more than three decades ago. The group holds the largest stake in United Co. Rusal, Russia's biggest aluminum producer, among other investments.

Vekselberg was first sanctioned by the U.S. in 2018, and again in March of this year, shortly after the invasion of Ukraine began. Vekselberg has also been sanctioned by authorities in the United Kingdom.

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The U.S. Justice Department has also launched a sanctions enforcement task force known as KleptoCapture, which also aims to enforce financial restrictions in the U.S. imposed on Russia and its billionaires, working with the FBI, Treasury and other federal agencies. That task force will also target financial institutions and entities that have helped oligarchs move money to dodge sanctions.

"Today's seizure of Viktor Vekselberg's yacht, the Tango, in Spain is the result of an unprecedented multinational effort to enforce U.S. sanctions targeting those elites who have enabled Russia's unprovoked and illegal invasion of Ukraine," said Andrew Adams, director of that task force. "For those who have tied their fortunes to a brutal and lawless regime, today's action is a message that those nations dedicated to the rule of law are equally dedicated to separating the oligarchs from their tainted luxuries."

The White House has said that many allied countries, including Germany, the U.K., France, Italy and others are involved in trying to collect and share information against Russians targeted for sanctions. In his State of the Union address, President Joe Biden warned oligarchs that, "we are coming for your ill-begotten gains."

Other yachts seized

Monday's capture is not the first time Spanish authorities have been involved in the seizure of a Russian oligarch's superyacht. Officials there said they had seized a vessel valued at over $140 million US owned by the CEO of a state-owned defence conglomerate and a close Putin ally.

French authorities have also seized superyachts, including one believed to belong to Igor Sechin, a Putin ally who runs Russian oil giant Rosneft, which has been on the U.S. sanctions list since Russia annexed Crimea in 2014.

$90 Million Yacht of Sanctioned Russian Oligarch Viktor Vekselberg Seized by Spain at Request of United States <a href="https://t.co/plLXnHXdoU">https://t.co/plLXnHXdoU</a> <a href="https://twitter.com/DOJPH?ref_src=twsrc%5Etfw">@DOJPH</a> <a href="https://twitter.com/FBIMinneapolis?ref_src=twsrc%5Etfw">@FBIMinneapolis</a> <a href="https://twitter.com/HSINewYork?ref_src=twsrc%5Etfw">@HSINewYork</a> &mdash; @USAO_DC

Italy has also seized several yachts and other assets.

Italian financial police moved quickly seizing the superyacht Lena belonging to Gennady Timchenko, an oligarch close to Putin, in the port of San Remo; the 65-metre Lady M owned by Alexei Mordashov in nearby Imperia, featuring six suites and estimated to be worth 65 million euros; as well as villas in Tuscany and Como, according to government officials.

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US Seizes Super Yacht ‘Tango' Owned by Oligarch With Close Ties to Putin From Spanish Port

The doj alleges in a warrant the yacht should be forfeited because billionaire viktor vekselberg violated u.s. bank fraud, money laundering and sanctions statutes, by francisco ubilla, aritz parra and michael balsamo • published april 4, 2022.

The U.S. government on Monday seized a 254-foot yacht in Spain owned by an oligarch with close ties to Russian President Vladimir Putin, a first by the Biden administration under sanctions imposed after the Kremlin's invasion of Ukraine and targeting pricey assets of Russian elites.

Spain's Civil Guard and U.S. federal agents descended on the Tango at the Marina Real in the port of Palma de Mallorca, the capital of Spain’s Balearic Islands in the Mediterranean Sea. Associated Press reporters at the scene saw police going in and out of the boat.

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The U.S. Justice Department, which obtained a warrant from a federal judge in Washington, alleges the yacht should be forfeited for violating U.S. bank fraud, money laundering and sanctions statutes.

Superyachtfan.com , a specialized website that tracks the world’s largest and most exclusive recreational boats, values the 78-meter vessel, which carries the Cook Islands flag, at $120 million.

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The yacht is among the assets linked to Viktor Vekselberg, a billionaire and close Putin ally who heads the Moscow-based Renova Group, a conglomerate encompassing metals, mining, tech and other assets, according to U.S. Treasury Department documents .

All of Vekselberg’s assets in the United States are frozen and American companies are barred from doing business with him and his entities. The Ukrainian-born businessman built his fortune by investing in the aluminum and oil industries in the post-Soviet era.

Prosecutors allege Vekselberg bought the Tango in 2011 and has owned it since then, though they believe he has used shell companies to try to obfuscate his ownership and to avoid financial oversight.

They contend Vekselberg and those working for him continued to make payments using U.S. banks to support and maintain the yacht, even after sanctions were imposed on him in 2018. Those payments included a stay in December 2020 at a luxury water villa resort in the Maldives and fees to moor the yacht.

It's the first U.S. seizure of an oligarch’s yacht since U.S. Attorney General Merrick Garland and U.S. Treasury Secretary Janet Yellen assembled a task force known as REPO — short for Russian Elites, Proxies and Oligarchs — as an effort to enforce sanctions after Russia invaded Ukraine in late February.

"It will not be the last,” Garland said in a statement. “Together, with our international partners, we will do everything possible to hold accountable any individual whose criminal acts enable the Russian government to continue its unjust war.”

Vekselberg has long had ties to the U.S., including a green card he once held and homes in New York and Connecticut. He was also questioned in special counsel Robert Mueller's investigation into Russian interference in the 2016 U.S. presidential election and has worked closely with his American cousin, Andrew Intrater, who heads the New York investment management firm Columbus Nova.

Vekselberg and Intrater were thrust into the spotlight in that investigation after the lawyer for adult film star Stormy Daniels released a memo that claimed $500,000 in hush money was routed through Columbus Nova to a shell company set up by Donald Trump's personal attorney, Michael Cohen. Columbus Nova denied that Vekselberg played any role in its payments to Cohen.

Vekselberg and Intrater met with Cohen at Trump Tower, one of several meetings between members of Trump's inner circle and high-level Russians during Trump's 2016 campaign and the transition before his presidency.

The 64-year-old Vekselberg founded Renova Group more than three decades ago. The group holds the largest stake in United Co. Rusal, Russia’s biggest aluminum producer, among other investments.

Vekselberg was first sanctioned by the U.S. in 2018, and again in March of this year, shortly after the invasion of Ukraine began. Vekselberg has also been sanctioned by authorities in the United Kingdom.

The yacht sails under the Cook Islands flag and is owned by a company registered in the British Virgin Islands administered by different societies in Panama, the Civil Guard said, “following a complicated financial and societal web to conceal its truthful ownership.”

Agents confiscated documents and computers inside the yacht that will be analyzed to confirm he real identity of the owner, it said.

The U.S. Justice Department has also launched a sanctions enforcement task force known as KleptoCapture, which also aims to enforce financial restrictions in the U.S. imposed on Russia and its billionaires, working with the FBI, the U.S. Treasury and other federal agencies. That task force will also target financial institutions and entities that have helped oligarchs move money to dodge sanctions.

The White House has said that many allied countries, including Germany, the United Kingdom, France, Italy and others are involved in trying to collect and share information against Russians targeted for sanctions. In his State of the Union address on March 1, President Joe Biden warned oligarchs that the U.S. and European allies would “find and seize your yachts, your luxury apartments, your private jets.”

“We are coming for your ill-begotten gains,” he said.

Monday's capture is not the first time Spanish authorities have been involved in the seizure of a Russian oligarch’s superyacht. Officials said they had seized a vessel valued at over $140 million owned by the CEO of a state-owned defense conglomerate and a close Putin ally.

French authorities have seized superyachts, including one believed to belong to Igor Sechin, a Putin ally who runs Russian oil giant Rosneft, which has been on the U.S. sanctions list since Russia annexed Crimea in 2014.

Italy has seized several yachts and other assets.

Italian financial police moved quickly seizing the superyacht Lena belonging to Gennady Timchenko, an oligarch close to Putin, in the port of San Remo; the 65-meter (215-foot) Lady M owned by Alexei Mordashov in nearby Imperia, featuring six suites and estimated to be worth 65 million euros; as well as villas in Tuscany and Como, according to government officials.

Parra reported from Madrid and Balsamo reported from Washington.

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Russian oligarch's yacht costs U.S. taxpayers close to $1 million a month

A mega-yacht seized by U.S. authorities from a Russian oligarch is costing the government nearly $1 million a month to maintain, according to new court filings.

The U.S. Department of Justice is seeking permission to sell a 348-foot yacht called Amadea, which it seized in 2022, alleging that it was owned by sanctioned Russian billionaire Suleiman Kerimov. The government said it wants to sell the $230 million yacht due to the “excessive costs” of maintenance and crew, which it said could total $922,000 a month.

“It is excessive for taxpayers to pay nearly a million dollars per month to maintain the Amadea when these expenses could be reduced to zero through [a] sale,” according to a court filing by U.S. prosecutors on Friday.

The monthly charges for Amadea, which is now docked in San Diego, California, include $600,000 per month in running costs: $360,000 for the crew; $75,000 for fuel; and $165,000 for maintenance, waste removal, food and other expenses. They also include $144,000 in monthly pro-rata insurance costs and special charges including dry-docking fees, at $178,000, bringing the total to $922,000, according to the filings.

The battle over Amadea and the costs to the government highlight the financial and legal challenges of seizing and selling assets owned by Russian oligarchs after the country’s invasion of Ukraine. European Commission President Ursula von der Leyen said last week that the European Union should use profits from more than $200 billion of frozen Russian assets to fund Ukraine’s war effort.

Her comments echoed government calls in the spring of 2022 to freeze the yachts, private jets and mansions of Russian billionaires in hopes of putting pressure on Russian President Vladimir Putin and raising money for the war effort.

Yet, nearly two years later, the legal process for proving ownership of the Russian assets and selling them has proven to be far more time-consuming and costly. In London, Russian billionaire Eugene Shvidler has waged a court battle over his private jets that were impounded, and Sergei Naumenko has been appealing the detention of his superyacht Phi.

The battle over Amadea began in April 2022, when it was seized in Fiji at the request of the U.S. government, according to the court filings.

Though the U.S. alleges that the yacht is owned by Kerimov, who made his fortune in mining, attorneys for Eduard Khudainatov, an ex-Rosneft CEO who has not been sanctioned, say he owns the yacht, and have sought to take back possession of the vessel.

In court filings, Khudainatov’s attorneys have objected to the U.S. government’s efforts to sell the yacht, saying a rushed sale could lead to a distressed sale price and that the maintenance costs are minor relative to the potential sale value.

Khudainatov’s attorneys refuse to pay the ongoing maintenance costs as long as the government pursues a sale and forfeiture. However, they say their client will reimburse the U.S. government for the more than $20 million already spent to maintain the yacht if it’s returned to its proper owner.

In court papers, the government says Kerimov disguised his ownership of Amadea through a series of shell companies and other owners. They say emails between crew members show Kerimov “was the beneficial owner of the yacht, irrespective of the titleholder of the vessel.”

The emails show that Kerimov and his family ordered several interior improvements of the yacht, including a new pizza oven and spa, and that between 2021 and 2022, when the boat was seized, “there were no guest trips on the Amadea that did not include either Kerimov or his family members,” according to the court filings.

The government also says Kerimov has been trying to sell Amadea for years, so a sale would be in keeping with his intent.

“This is not a situation in which a court would be ordering sale of a precious heirloom that a claimant desperately wishes to keep for sentimental reasons,” the government said in filings.

Even if Amadea were sold quickly, the proceeds wouldn’t automatically go to the government. Under law, the money would be held while Khudainatov and the government continue their battle in court over the ownership and forfeiture.

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Court in Fiji approves U.S. warrant to seize Russian-owned mega-yacht

By Graham Kates

May 3, 2022 / 9:32 AM EDT / CBS News

Fiji's High Court on Tuesday ruled that a massive Russian-owned yacht can be seized by U.S. authorities.

American and Fijian officials claim the Cayman Islands-flagged Amadea is the property of Suleiman Kerimov, an oligarch who built his fortune on gold mining. Kerimov was sanctioned in March by the United States, United Kingdom and European Union in response to the Russian invasion of Ukraine . 

But an attorney who represents Millemarin Investments, the company the $325 million ship is registered to, said it's not owned by Kerimov. Instead, he argued in court that corporate paperwork traces the ship's ownership to Eduard Khudainatov, a former executive at Russia's state-owned Rosneft oil company who has not been sanctioned. 

Kerimov and Khudainatov could not be reached for comment. The company intends to appeal Tuesday's decision.

The Amadea berthed in Fiji on April 13, according to local reports and the maritime analytics website Marine Traffic. Soon after, a federal judge approved a warrant for the ship to be seized and on April 19, Fiji's top prosecutor moved to prevent the ship from leaving.

• Russian oligarchs moving yachts as U.S. tracks down assets

The Department of Justice could not immediately be reached for comment. 

On April 4, the agency announced that Spanish authorities had assisted it in seizing another Russian yacht, the $90 million Tango, which was owned by Viktor Vekselberg, the owner of the Russian conglomerate Renova Group.

Legislation passed by the House of Representatives on April 27 would allow the U.S. to sell the yacht and other properties worth more than $2 million seized from Russian oligarchs in order to fund the Ukrainian war effort. President Joe Biden supports the bill, which has yet to pass the Senate.

"We're going to seize their yachts, their luxury homes and other ill-begotten gains," Biden said on April 28 at the White House.

Graham Kates is an investigative reporter covering criminal justice, privacy issues and information security for CBS News Digital. Contact Graham at [email protected] or [email protected]

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Oligarch.info

An interactive project to provoke a better understanding of russian oligarchs and their assets..

• Yacht Seized

Due to the owners’ involvement in supporting the Invasion of Ukraine, these yachts have been seized, frozen, or impounded.

• Yacht Tracking Enabled

These yachts transmit their AIS tracking data in compliance with international regulations and can be tracked in real-time.

• Yacht Tracking Disabled

These yachts previously transmitted AIS tracking data but have since turned it off and “gone dark.” Turning the AIS off is usually used to avoid detection or sanctions and is against international regulations as it increases the potential for collisions.

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#YachtWatch: Oligarchs Triumph in Courts (So Far)

Welcome to Whale Hunting, a weekly newsletter delving into the hidden worlds of wealth and power. This week contributor Alex Finley revives her #YachtWatch franchise to catch up on how a number of Russian tycoons are using legal tools to stop Western efforts to seize their assets in the aftermath

Welcome to Whale Hunting, a weekly newsletter delving into the hidden worlds of wealth and power. This week contributor Alex Finley revives her #YachtWatch franchise to catch up on how a number of Russian tycoons are using legal tools to stop Western efforts to seize their assets in the aftermath of the Russian war on Ukraine.

Last September, 250 German police officers fanned out across the country raiding villas and other properties belonging to Alisher Usmanov, a Russian oligarch who made his fortune from the ashes of the Soviet Union, building up an estimated wealth of $14.3 billion . Another 60 officials from Germany’s Federal Criminal Police Office and tax authorities raided Dilbar , Usmanov’s 156-meter megayacht worth an estimated $600 million.

Authorities seized millions of dollars-worth of art and caches of documents. It looked like a massive haul of evidence for a money laundering investigation the state had launched against the oligarch, who was sanctioned by the European Union last year as Russia launched its full-scale invasion of Ukraine.

But last month a German court declared those search warrants were unlawful. The ruling marked a big win for Usmanov, who has joined a chorus of other Russian oligarchs aiming to use the free world’s rule of law and stable justice systems to get back their assets that were seized by governments claiming they were corruptly acquired using Russia’s crony kleptocracy.

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WATCH: Saweetie Details the Yachty Day That Inspired Her Single “Richtivities”

Saweetie is revealing what inspired her anthem, “Richtivities.” Speaking with Jen for an Audacy Check-In at the Hard Rock Hotel New York, Sawettie revealed that the release came from a yacht fun day.

“‘Richtivities’ came from [being] on a yacht with my home girls. We drank champagne, rode jet skis [and] ordered food to the boat. It was a crazy experience, and I was like, ‘this is a richtivity’ like a rich activity,” she said. “That’s what inspired that song. The underlying message is that if you work hard, this is what you reach. You reap the rewards of working hard. It’s a song to celebrate your wins or listen to when trying to reach certain goals.”

Listen to the Audacy Check-In below to hear Saweetie detail the story, her soundtrack to life, and more.

Saweetie unveiled “Richtivities” track under ICY/Warner Records. The song adds another dimension to the Northern California artist’s musical catalog with its infectious beat, confident lyrics, and undeniable swagger.

In “Richtivities,” Saweetie celebrates the empowerment of “pretty bitches” acronymized as B.I.T.C.H. (Boss, Intelligent, Tough, CEO, Hyphy), encouraging listeners to embrace their success and live boldly.

The release coincided with Saweetie’s exciting announcement of her role in the third season of Starz’s acclaimed series ‘BMF,’ alongside Ne-Yo and 2 Chainz. Saweetie portrays Keeya, a former college athlete with ties to the streets of St. Louis. The show, executive produced by Curtis “50 Cent” Jackson for G-Unit Film and Television in collaboration with Lionsgate Television, promises riveting drama and stellar performances.

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The best luxury yacht builder and shipyard in the world.

This article will reveal the best luxury yacht builder and shipyard in the world. Check out our full list of 15 best luxury yacht builders and shipyards in the world .

Luxury Yacht Builders Rebound Post-Pandemic

According to a study from the Italian Marine Industry Association and Deloitte , the global new build yachting market has reached €33 billion ($35.9 billion) during the industry boom in 2022. This marks an 11% increase from the year before, and a CAGR of 10% since 2014. Increasing prices, along with increasing demand from customers, has been responsible for this positive growth. According to the study, Europe and North America are the biggest consumer groups, taking up 70% of the total market share. Italy remains at the top in yacht building, generating €4.4 billion in yacht production value for 2022.

Despite the positive growth, superyacht sales have taken a dive in 2023, the new SuperYacht Times’ State of Yachting report indicates. Long wait times, rising costs, and the exclusion of Russian oligarchs from the superyacht market have all led to this decline. There were 203 superyacht sales in 2023, down from 245 in 2022, and from a record 313 in 2021. A buyer placing an order for a new yacht over 200 feet today has to wait three to four years owing to backlogs from the pandemic. Orders for yachts between 200 t0 600 feet have experienced the most decline, by 40%, largely since the rich buyers from Russia are dropping out of the market. Despite the drop in new sales, yacht completions have been up. According to SuperYacht Times, there are now nearly 6,000 super yachts, triple the number in 2022.

It wasn't simple to make a list of the world's best yacht builders and shipyards in the world, especially now when it seems that the superyacht business has regained its momentum. Following the pandemic's upheaval, boat builders have resumed normal operations. There are now 173 small yacht manufacturers and large builders in 25 countries working on at least one yacht larger than 24m. Every year, around 400 boats larger than 24m are supplied to their owners by luxury yacht companies that specialize in yacht categories or product segments that distinguish them from other commercial shipyards. Experts believe that there are currently around 5,000 boats larger than 24 meters navigating the world's oceans.

The Netherlands and Germany leads the yachting sector in terms of providing yachts larger than 50m with high volume and value. Some other yacht builders in the world include those in Turkey, Asia, North America, South Africa, Oceania, and Brazil. Turkish shipyards are now building motor and sailing yachts out of GRP and steel, North America has turned its focus on semi-custom motor yachts, Asia is known to be a hub for production series motor yachts made from GRP, while the top builder nation Italy excels in larger yachts and more customizable options.

When it comes to the US, United States Luxury Yacht Market  is  expected  to reach USD 4.45  billion  in 2024 and grow at a CAGR of 8.25% to reach USD 6.61  billion by 2029. On the list of yachth-related companies, Marine Max, Inc. (NYSE: HZO ) is a known name, with a $750 million market capitalization. The total enterprise value is $1.76 billion. The corporation is headquartered in Florida and employs an estimated 2,666 people. In the United States, the company has a significant market share in at least one area as a boat dealership and repair company, where they account for an estimated 6.4% of total industry sales. They are classified as an All-Star and one of the best luxury yacht brands because they have a higher market share, profit, and revenue growth than their competitors.

A boat is in the middle of a body of water

Methodology

To compile a list of the premier luxury yacht builders and shipyards globally, we undertook a comprehensive comparison of leading companies with those recognized for producing the most esteemed and high-value yachts. Our methodology involved cross-referencing top-rated yacht lists with data on their builders. By aggregating the frequency of mentions across lists such as IYC Yacht, YachtWorld, Elite Traveler, amongst others; we established a preliminary ranking. Subsequently, we assessed these companies based on the prominence of their yachts on industry-leading rankings and their annual revenue. This analysis revealed that the top-ranked companies distinguished themselves not only through frequent appearances on prestigious lists but also through exceptional performance across various metrics.

Insider Monkey Score: 6

There is no ranking of the top yacht companies or boats that does not include Lürssen as one of the best in its area. Lürssen, a German shipyard with headquarters in Bremen-Vegesack and shipbuilding facilities in Lemwerder, Berne and Bremen-Fähr-Lobbendorf, has been a leader in marine innovation since 1875. Lürssen, which built the world's first speedboat and some of history's most renowned superyachts, including Azzam, Limitless, and Dilbar, is currently run by fourth-generation family members who are carrying on their great-grandparents' legacy. Lürssen was created by Friedrich Lürßen, a 24-year-old German boatbuilder who learned about the industry from his father Lüder Lürßen, who also owned a boatbuilding workshop. The company's long-standing connection to shipbuilding and German maritime excellence has helped it land first place on the list of the best luxury yacht builders and shipyards in the world .

Check out our full list of 15 best luxury yacht builders and shipyards in the world .

At Insider Monkey, we delve into a variety of topics, ranging from the most hated brands to business aspects; however, our expertise lies in identifying the top-performing stocks. Currently, Artificial Intelligence (AI) technology stands out as one of the most promising fields. If you are looking for an AI stock that is more promising than NVDA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: Analyst Sees a New $25 Billion "Opportunity" for NVIDIA and Jim Cramer is Recommending These 10 Stocks in June .

Disclosure: None. This article is originally published on Insider Monkey.

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2 Yale researchers are pulling back the curtain on Russia's sanctions-stricken economy — and it's landed them on a list of Putin's enemies

• Jeffrey Sonnenfeld and Steven Tian, two Yale researchers, have issued dire predictions for Russia's economy. 
• Their work has landed them on a list of sanctioned individuals in Russia. 
• In their view, the country's economy is in shambles, and Putin could end up losing support of the people. 

Jeffrey Sonnenfeld and Steven Tian, two researchers at the Yale School of Management, have been targeted for their views on Russia's economy since the war in Ukraine began. 

Over the last few years, they've found themselves on Vladimir Putin's watch list for stating what they see as a simple truth: the Russian economy is in trouble, and there's only so much cherry-picking of the data that can obscure that fact. 

Moscow has fiercely defended its vision of a prospering economy, but the evidence speaks for itself, Sonnenfeld and Tian say. Soaring prices and ailing consumer sentiment have hit key sectors in Russia's economy , and Moscow is paying a huge cost to keep its war machine running.

The nation is in such dire straits that citizens could even start turning on Putin later this year, they predicted, assuming the West continues to supply military and financial aid to Ukraine. 

"We can list for you what Putin has concealed – suddenly – the past three years. If his economy was performing at the level he claims, he'd provide the data ad not hide those facts," Sonnenfeld told Business Insider in an interview. "Putin survives only by cannibalizing Russian businesses – throwing the living room furniture into the furnace to keep the fire burning."

The researchers, who met as a professor-student pair at Yale, have received a lot of criticism for their work on Russia, much of it in the form of hate mail and threatening phone calls.

"I've had a lot of threats on the phone, and my home has been vandalized," Sonnenfeld told BI last summer. "Now we have so many security cameras I can't even have my shirt tails untucked, let alone walk around in my shorts at home."

Both are barred from entering Russia and were put on the nation's sanctioned US citizens list in 2022. 

Still, neither of them regrets their work.

"We're pretty excited about it," they said of their research. "Any of the threats only motivate us to work down much harder."

Putin's top critics

Sonnenfeld, 70, and Tian, 25, didn't plan on getting their names added to a list of Putin's critics.

Neither are technically economists, but they began researching Russia's economy while compiling a list of companies that exited or scaled back their operations in Russia in the wake of the invasion of Ukraine.

That list went viral online, and was instrumental in getting more than 1,000 companies to scale back their business in the country, the Yale School of Management says on its website.

At that time, Tian and Sonnenfeld began noticing cracks forming in Russia's economy. Putin has claimed Russia is becoming the new " growth hub " of the world, and the IMF says Russia's economy is on track to grow over 3% this year, more than any other OECD economy, including the US. But that doesn't square with data Sonnenfeld and Tian are seeing, with some pockets of the country's economy in dire shape. 

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Activity in Russia's car sector is down around 95%-99%, Sonnenfeld and Tian estimate, and activity in most industries is down at least 60%, they said, despite Putin frequently brushing off the impact of sanctions .

The nation, meanwhile, is still suffering from huge capital losses from when it first invaded Ukraine. Russia lost 1 million citizens , 15% of its millionaires , as well as $19 billion in foreign direct investment in 2022 alone, making its future growth prospects dismal, the researchers say. 

Among their biggest predictions is that the situation in Russia is so bad that the country could eventually turn on Putin , with a shift in the domestic temperament coming as soon as the November US presidential election this year.

That's because if Biden is re-elected, the US will likely continue supplying aid to Ukraine, forcing Russia to continue spending money and lives to keep waging war on Ukraine.  

"Putin has no grand strategy other than to hope Trump wins and cuts a favorable deal with Russia," Tian said. "Russia is in for a world of economic pain for a long time to come."

Positive forecasts on Russia's economy are based on a lack of visibility, Sonnenfeld and Tian say.

The pair began working together when Tian was an undergraduate at Yale, chasing Sonnenfeld around lecture halls. Eventually, Sonnenfeld became Tian's advisor and has mentored Tian for over eight years.

The two researchers are still working on ways to urge the West to tighten and enforce sanctions on Russia. They also continue to update their list of companies that have exited the country in the hope that it will encourage more firms to do the same. 

Colleagues describe Sonnenfeld as opinionated but generous and charismatic. Tian, meanwhile, has a near-photographic memory and is a highly analytical thinker, colleagues mentioned.

"Steven does a lot of the analytic heavy lifting, and I do the flamboyant color," Sonnenfeld said of their work together.

People who have worked with them also say the pair is extremely passionate about their work, and both are often known to answer emails at all hours of the night and early morning.

"We don't believe in regular sleep patterns," Sonnenfeld added. "Actually, we know it's very important, but sometimes when there's a sense of urgency, we do seriously dive into the crisis du jour. We just don't like bullies, whether or not it's Putin or some other bravado."

Watch: The rise and fall of Russian oligarchs

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