On March 9, a day after coal and fertiliser millionaire Andrey Melnichenko was sanctioned by the European Union, his luxury Motor Yacht A ceased broadcasting its whereabouts while in Maldives waters, maritime data revealed.
Four days later, officials in Italy confiscated another of Melnichenko’s yachts – the world’s largest sailing yacht, valued at $578 million by Italian financial police.
Turning off gadgets that allow authorities to track a ship’s location can assist in keeping yachts out of their sights.
However, according to interviews with a dozen people familiar with internal discussions about how to respond to US and European financial sanctions, including government ministers, diplomats, and experts in the country’s superyacht industry, the chances of action against the property of sanctioned oligarchs are slim.
The Maldives’ cautious attitude to enforcing sanctions imposed following Russia’s invasion of Ukraine has resulted in the Indian Ocean island nation emerging as an appealing destination for yacht-owning Russian oligarchs.
Melnichenko’s yacht is one of six Russian-linked vessels that have sailed between Maldives atolls southwest of India since Western governments imposed sanctions on several billionaires in reaction to the February 24 invasion.
According to data provided by MarineTraffic, a marine analytics service, three of the yachts concealed their current locations, altered claimed destinations, or went into foreign seas.
The thought of seizing yachts is ‘far-fetched’ since the Maldives’ legal system is ‘weak,’ according to the country’s chief prosecutor, Hussain Shameem, who added that authorities could not readily remove visiting vessels unless a crime under local law was committed.
His spokeswoman told Reuters last month that the billionaire would contest the sanctions and that he had no political affiliations.
According to images given by its builder, the 119-metre (390-foot) Motor Yacht A includes crystal furniture and three swimming pools, and it has been valued at $300 million in specialist boating periodicals. Melnichenko’s wife has stated that she helped with the interior design.
Melnichenko’s representative confirmed to the BBC in 2017 that the sailing vessel belonged to his boss. Philippe Starck, the renowned French designer, styled both vessels.
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