Europe Seizing Yachts of Russian Oil, Steel & Mining Tycoons

Italian authorities have seized a yacht owned by Severstal owner Mr Alexey Mordashov in a bid to enforce the European Union’s penalties on Moscow. Italian PM Mario Draghi’s spokesperson Mr Ferdinando Giugliano tweeted “Italy’s police have just seized Lady M Yacht, 65 million euros vessel belonging to Alexey Alexandrovits Mordaschov located in Imperia in Liguria, in compliance with the recent EU sanctions.” Mr Mordashov is the main shareholder of the Severstal, which delivers approximately 2.5 million tonnes of steel to Europe each year. He was placed on Brussels’ sanctions blacklist over alleged ties to the Kremlin. However, Mr Mordashov insisted that he had no role in the decision to attack Ukraine and that he is baffled by the penalties. He said “I have absolutely nothing to do with the current geopolitical tensions and I don’t understand why the EU has imposed sanctions on me. I have never been close to politics.” While it’s unclear exactly what role the luxurious boats play in Moscow’s war effort, unconfirmed media reports suggest that European officials have now gone after several such assets Italy - Local Italian media reports also suggest that another super-yacht Lena belonging to wealthy Russian commodities trader Mr Gennady Timchenko was also seized near Sanremo, located not far from Imperia. Reuters corroborated the reports, though it cited only a source with direct knowledge of the matter. France - A 280-foot Amor Vero yacht in the port of La Ciotat, belonging to state oil firm Rosneft’s CEO Mr Igor Sechin was seized Germany - A 512-foot super-yacht Dilbar, belonging to Metalloinvest owner Mr Alisher Usmanov, is reportedly not seized but has no permission to depart Russia is famous for its oligarchs, who emerged in the wake of the dissolution of the USSR, which saw accumulation of fabulous wealth in the hands of a few. Many of these individuals went on to become some of the richest and most influential individuals in Russia, often having significant political power as well. The Russian steel sector is dominated by themMr Vladimir Lisin (NLMK) – 17.4 million tonnesMr Roman Abramovich (EVRAZ) - 13.6 million tonnesMr Alisher Usmanov (Metalloinvest) – 4.8 million tonnesMr Viktor Rashnikov (MMK) - 11.6 million tonnesMr Alexey Mordashov (Severstal) - 11.3 million tonnesMr Igor Zyuzin (Mechel) – 3.5 million tonnes

Europe Seizing Yachts of Russian Oil, Steel & Mining Tycoons

Strategic Research Institute

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