Gibraltar has sold 72 meters super yacht Malta flagged MV Axioma belonging to Russian oligarch & head of Russia’s biggest pipe maker TMK Mr Dmitry Pumpyansky for USD 37.5 million in an auction, which attracted 63 bids. The funds raised will be used to compensate the oligarch’s creditors. Any creditors will now have 60 days to make a claim against the proceeds of the sale, and the court will decide how the money is distributed. It will also determine the fate of any leftover funds.In December 2021, JP Morgan granted a loan of EUR 20.5 million to a company registered in the British Virgin Islands whose shareholders included a Cypriot firm owned by Mr Pumpyansky. But the bank saw Mr Pumpyansky’s inclusion on Britain’s sanctions list as a breach of the loan contract since it led to the freezing of his assets. Pyrene Investments broke the terms of the loan after Mr Pumpyansky transferred his interests in Furdberg to a third party on 4 March and was subsequently fined, preventing the loan's repayment. JP Morgan asked the Gibraltar authorities to seize the yacht which was listed as one of the loan guarantees, and requested it be sold to repay the loan.MV Axioma was seized on 22 March 2022 following a complaint filed by the US bank JP Morgan after Mr Pumpyansky was added to the list of tycoons targeted by EU and UK sanctions after Russia invaded Ukraine in February. Mr Pumpyansky, 58, served as the owner and chairman of OAO TMK, a supplier of steel pipes to the Russian energy giant Gazprom, until March. According to Forbes magazine, he is worth an estimated USD 2 billion.Authorities in Spain, Italy and France have all impounded yachts linked to Russian oligarchs known for ties to Mr Vladimir Putin as part of European efforts to pressure the Russian leader.1. The Amore Vero2. Dilbar3. ICE4. Quantum Blue 5. Nirvana6. Eclipse7. Solaris8. Graceful9. Scheherazade10. Stella Maris11. Sailing Yacht A
Gibraltar has sold 72 meters super yacht Malta flagged MV Axioma belonging to Russian oligarch & head of Russia’s biggest pipe maker TMK Mr Dmitry Pumpyansky for USD 37.5 million in an auction, which attracted 63 bids. The funds raised will be used to compensate the oligarch’s creditors. Any creditors will now have 60 days to make a claim against the proceeds of the sale, and the court will decide how the money is distributed. It will also determine the fate of any leftover funds.In December 2021, JP Morgan granted a loan of EUR 20.5 million to a company registered in the British Virgin Islands whose shareholders included a Cypriot firm owned by Mr Pumpyansky. But the bank saw Mr Pumpyansky’s inclusion on Britain’s sanctions list as a breach of the loan contract since it led to the freezing of his assets. Pyrene Investments broke the terms of the loan after Mr Pumpyansky transferred his interests in Furdberg to a third party on 4 March and was subsequently fined, preventing the loan's repayment. JP Morgan asked the Gibraltar authorities to seize the yacht which was listed as one of the loan guarantees, and requested it be sold to repay the loan.MV Axioma was seized on 22 March 2022 following a complaint filed by the US bank JP Morgan after Mr Pumpyansky was added to the list of tycoons targeted by EU and UK sanctions after Russia invaded Ukraine in February. Mr Pumpyansky, 58, served as the owner and chairman of OAO TMK, a supplier of steel pipes to the Russian energy giant Gazprom, until March. According to Forbes magazine, he is worth an estimated USD 2 billion.Authorities in Spain, Italy and France have all impounded yachts linked to Russian oligarchs known for ties to Mr Vladimir Putin as part of European efforts to pressure the Russian leader.1. The Amore Vero2. Dilbar3. ICE4. Quantum Blue 5. Nirvana6. Eclipse7. Solaris8. Graceful9. Scheherazade10. Stella Maris11. Sailing Yacht A
