President Joe Biden said his administration would work with European countries to target Russian oligarchs by seizing 'their yachts, their luxury apartments, their private jets.' Russia
on Tuesday, President Joe Biden said his administration would work with European countries to target Russian oligarchs by seizing “their yachts, their luxury apartments, their private jets.”
The European Union imposed sanctions on six Russian oligarchs on Monday, bringing the total number ofRussian billionaires to 16. At least two yachts owned by those sanctioned billionaires—Alexey Mordashov and Alisher Usmanov—were last tracked in Italy and Germany. Their personal assets in the European Union, from private jets and superyachts to luxury real estate, may now be frozen.
It’s still unclear whether the EU, the U.S. or the U.K. will declare additional sanctions on other individuals. As recently as February 28,tracked the wealth of more than 100 Russian billionaires. Using data from yacht valuation experts VesselsValue,has compiled a list of every yacht owned by Russian billionaires and recent dropoffs—both those that have been sanctioned and those that have not.
“Technically speaking, these yachts are owned by a special purpose vehicle, often being in a different jurisdiction to the beneficial owner,” Tucker said. “There are also lease systems, which further distance the [owner] from the asset.” Lease systems are legal structures commonly used to purchase yachts, allowing individuals to own a yacht through a separate company—often registered in places such as Malta and Cyprus—that then leases the yacht to the individual.
While the Russian economy crashes under the weight of sanctions, yachts owned by the country’s billionaires are anchored in much sunnier climes: everywhere from Monaco and Barcelona to Dubai and the Seychelles.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
BREAKING: Biden to announce that the U.S. will close its skies to Russian aircraft, following alliesPresident Joe Biden on Tuesday is expected to announce that he will order the U.S. to close its airspace to Russian aircraft, according to a source familiar with the president's plans. The announcement, which will come during his State of the Union address, follows moves by European allies to close their skies as part of a full-tilt crackdown on Russia for its unprovoked invasion of Ukraine.
Read more »
Biden, allies fan out to tout his domestic agendaThe White House has brushed off questions about whether Biden was rebranding his legislative proposals, previously known as “Build Back Better,” but the signs flanking the president in …
Read more »
Biden Cites Allies in Joint Effort to Sanction Moscow“Let each of us here tonight stand and send an unmistakable signal to the world and Ukraine,” President Biden said during his State of the Union address. “Yes, we the United States of America stand with the Ukrainian people.” SOTU
Read more »
State of the Union: Biden vows to check Russian aggression, fight inflationPresident Biden vowed in his first State of the Union address to check Russian aggression in Ukraine, tame soaring U.S. inflation at home and deal with the fading but still dangerous coronavirus.
Read more »
While celebrating unity and hope, Biden also foreshadows Russian brutality in UkraineMichael McFaul, former U.S. ambassador to Russia, shares his reaction to President Biden's State of the Union Address and points out that details in some plans, like seizing oligarchs' property may be trickier than it sounds. McFaul also highlights Biden's foreshadowing of the violence and brutality Ukrainians are likely to face as Vladimir Putin becomes more desperate.
Read more »
Biden Bans Russian Flights From U.S. Airspace During State of the UnionPresident Biden announced that American air space is now closed to 'all Russian flights' during his State of the Union speech, matching bans already in place in the EU and Canada.
Read more »