Categories: World

British authorities seize Russian billionaire’s Superyacht docked at Gibraltar

<p>
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.</p>
<p>
The "Axioma" is owned by Dmitrievich Pumpyansky who runs Russian steel giant TMK.</p>
<p>
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>
<p>
According to a Reuters report, The Gibraltar government confirmed in a statement that the Axioma was “the subject of an arrest action by a leading international bank in the Supreme Court of Gibraltar".</p>
<p>
"The vessel is now subject to arrest by the Admiralty Marshal until further orders," it said.</p>
<p>
There are around 56 such superyachts, those longer than 79 feet, valued at more than $5.4 billion that are owned by Russian oligarch’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>
<p>
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>
<p>
<strong>Also read:  <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’s billionaires move luxury superyachts to remote ports to escape seizure under western sanctions</a></strong></p>

IN Bureau

Recent Posts

Pakistan: Protests continue in Kurram over road closures amid crisis

Protests against the prolonged road closures in Kurram persisted on Sunday, as residents held a…

4 minutes ago

Sikyong Penpa Tsering successfully concludes key engagements in US, strengthening Tibetan cause

Sikyong Penpa Tsering, the political leader of the Central Tibetan Administration (CTA), has successfully concluded…

12 minutes ago

World Uyghur Congress condemns Chinese sanctions against Uyghur, Tibetan organisations in Canada

The World Uyghur Congress (WUC) has strongly condemned the Chinese government's recent decision to impose…

45 minutes ago

ISI-backed Khalistani terrorists neutralised in Pilibhit encounter: Punjab DGP

Punjab DGP Gaurav Yadav on Monday confirmed that a joint operation by the Uttar Pradesh…

1 hour ago

“Essential to nurture talent of youth, responsibility lies with country’s education system”: PM Modi

Prime Minister Narendra Modi on Monday asserted that to take the country forward, it is…

2 hours ago

PM Modi distributes 71,000 appointment letters to newly appointed recruits, says, “Development of country happens through its youth”

Prime Minister Narendra Modi on Monday distributed more than 71,000 appointment letters to newly appointed…

3 hours ago