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Luxury yacht owned by sanctioned Russian oligarch docked in Hong Kong
Global Banking & Finance Review®
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By Tyrone Siu
HONG KONG (Reuters) – A luxury yacht worth over half a billion U.S. dollars belonging to sanctioned Russian oligarch Alexey Mordashov has docked in Hong Kong waters, according to shipping records, after a week-long voyage from Russia.
Mordashov was among a number of Russian oligarchs sanctioned by the European Union and the United States after Russia’s invasion of Ukraine for their links to President Vladimir Putin.
The vessel tracking website, Marine Tracker, showed the yacht, Nord, arrived in Hong Kong on October 5, after a voyage of seven days from Vladivostok in the Russian Far East, down through the Sea of Japan and East China Sea.
The Hong Kong government’s marine department did not immediately respond to Reuters questions on whether it was aware of the sanctions imposed on the vessel’s owner.
The multi-storey yacht, with six decks and a helipad, could be seen on Friday docked in waters west of Hong Kong’s iconic Victoria Harbour, flying a Russian flag at the stern.
The 465 foot (141-meter) Nord was manufactured by a German shipyard last year and is one of the world’s most extravagant luxury yachts, worth $521 million according to Forbes magazine.
In March, another luxury yacht owned by Mordashov, the 65-metre (215-ft) “Lady M”, was seized by Italian police in the port of Imperia.
In recent months, a number of Russian-owned superyachts have been moved to parts of the world considered beyond the reach of Western sanctions, including Turkey, parts of Asia, and the Caribbean.
Mordashov built his wealth around the Russian steel producer Severstal (CHMF.MM).
Taking into account the assets of his family, Forbes estimates that Mordashov had an estimated net worth of $29.1 billion before sanctions hit, making him the richest man in Russia.
(Reporting by Tyrone Siu; Writing by James Pomfret; Editing by Raju Gopalakrishnan)
A luxury yacht is a large, expensive boat designed for private use, often featuring high-end amenities and services for leisure and entertainment.
Cryptocurrency is a digital or virtual currency that uses cryptography for security and operates on decentralized networks based on blockchain technology.
International payments refer to transactions where money is transferred across borders, often involving different currencies and payment systems.
Financial crime refers to illegal activities that result in financial gain, including fraud, money laundering, and embezzlement.
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