British authorities have seized a Russian billionaire’s luxurious super-yacht which docked at Gibraltar on Monday as part of the punitive sanctions imposed due to the Ukraine conflict.
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British authorities have seized a Russian billionaire&rsquo;s luxurious super-yacht which docked at Gibraltar on Monday as part of the punitive sanctions imposed due to the Ukraine conflict.</p>
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The &quot;Axioma&quot; is owned by Dmitrievich Pumpyansky who runs Russian steel giant TMK.</p>
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According to Refinitiv data, the 72-metre vessel is owned by a British Virgin Islands holding company called Pyrene investments. A report by the International Consortium of Investigative Journalists which forms part of the Panama Papers leaks has identified Pumpyansky as a beneficiary of the holding.</p>
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According to a Reuters report, The Gibraltar government confirmed in a statement that the Axioma was &ldquo;the subject of an arrest action by a leading international bank in the Supreme Court of Gibraltar&quot;.</p>
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&quot;The vessel is now subject to arrest by the Admiralty Marshal until further orders,&quot; it said.</p>
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There are around 56 such superyachts, those longer than 79 feet, valued at more than $5.4 billion that are owned by Russian oligarch&rsquo;s that are on the radar of western countries and can be seized under the new sanctions. Some of these opulent vessels have been detained in France, Germany and Spain.</p>
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However, many of them have been sailing to ports in Maldives and Montenegro, to prevent being confiscated under Western sanctions as these countries do not have any extradition treaties.</p>
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<strong>Also read:&nbsp; <a href="https://www.indianarrative.com/world-news/russia-s-billionaires-move-luxury-superyachts-to-remote-ports-to-escape-seizure-under-western-sanctions-155314.html">Russia&rsquo;s billionaires move luxury superyachts to remote ports to escape seizure under western sanctions</a></strong></p>
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