A luxurious super-yacht linked to the owner of Russia’s largest steel pipe maker, who is currently under British and European Union sanctions, docked in Gibraltar on Monday and was then detained by the authorities.
Western sanctions on Russian oligarchs over Moscow’s invasion of Ukraine have triggered an exodus of luxury yachts from Europe in recent weeks, with several heading towards the Maldives, which has no extradition treaty with the United States.
Reuters TV footage showed the “Axioma”, believed to be owned by Dmitrievich Pumpyansky, owner of steel group TMK (TRMK.MM), moored at Gibraltar, a British Overseas Territory on the southern tip of the Iberian peninsula, flying a Maltese flag.
Britain imposed sanctions on hundreds of Russian individuals and entities last week, enabling authorities to freeze their assets.
Refinitiv data show the 72-metre vessel is owned by a British Virgin Islands holding company called Pyrene investments. An article published by the International Consortium of Investigative Journalists as part of the Panama Papers leaks names Pumpyansky as a beneficiary of the holding.