Italy seizes the yacht of the Russian oligarch for 530 million euros

© Reuters

Italian authorities confiscated a yacht worth 530 million euros belonging to Russian oligarch Andrei Melnichenko. The billionaire is one of the oligarchs who were sanctioned by the European Union after the Russian invasion of Ukraine. This was stated by the Italian authorities on Saturday.

sourceBELGA

It was also announced on Friday that chemical giant BASF in Antwerp will have to shut down a number of production runs or reduce capacity as it is no longer making deliveries to fertilizer company EuroChem, which is located at the BASF site. Melnichenko is (or was) the director and owner of EuroChem.

Melnichenko’s yacht, “SY A”, is moored in the port of Trieste, northeastern Italy. It will be the largest privately owned sailing yacht in the world.

The Italian police force tasked with combating financial crimes confirmed that Melinchenko “indirectly” owned the yacht “through a company based in Bermuda”.

Italy last week confiscated assets owned by Russian oligarchs estimated at 140 million euros, including the 65 million euro yacht “Lady M Yacht” owned by Alexei Mordashov, a Russian businessman with close ties to President Vladimir Putin.

© Reuters

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