Seized in Gibraltar, the yacht of Russian oligarch Dimitri Pumpianski, targeted by British sanctions following the Russian invasion of Ukraine, received 63 auction offers, announced a court in this British enclave. “63 bids have been received,” said the maritime judicial authority (Admiralty Marshal), who “will select the winner, but the latter and the value of the bid will be confidential”, continues the press release, specifying that the sale could be concluded “in about ten to fourteen days”.
The Axioma, seized in March, is a luxurious 72m yacht flying the Maltese flag, capable of accommodating 12 passengers and 20 crew members, according to the judicial authority. The auction does not include the bottles from the bar, whose total value is estimated at more than 150,000 euros.
A complaint from the American bank JP Morgan
This ship had been seized by the authorities of this small territory located in the extreme south of Spain after a complaint filed by the American bank JP Morgan. This bank had granted in December a loan of 20.5 million euros to a company registered in the British Virgin Islands, whose shareholder was a Cypriot company, itself owned by Dimitri Pumpianski.
JP Morgan considers that the placement of the oligarch on the list of Russian personalities targeted by British sanctions constitutes a breach of this loan agreement. The sanctions lead in particular to a freezing of the assets of the businessmen concerned, jeopardizing the repayment of debts. The bank had therefore appealed to the Gibraltar authorities to seize the yacht, which had been registered as one of the guarantees for the loan.
The Supreme Court of Gibraltar will receive the money
The proceeds of the auction will go to the Supreme Court of Gibraltar, which will then determine “the priority of claims brought by creditors” of the oligarch. Boss of pipeline giant TMK, Dimitri Pumpianski is also targeted by EU sanctions imposed since the Russian invasion of Ukraine.
Several countries, such as Spain, Italy and France, have seized yachts belonging to the wealthiest Russians under European sanctions that will freeze all their assets in the EU.
