Luxury yachts linked to Russian owners, impounded in Europe under sanctions following Russia's 2022 invasion of Ukraine, have lost approximately €580 million in value due to deterioration from lack of maintenance. A Financial Times report details 15 such vessels, now worth €2.9 billion from an original €3.5 billion estimate.
Since Russia's full-scale invasion of Ukraine in February 2022, European authorities have seized numerous luxury yachts owned or linked to sanctioned Russian individuals. A Financial Times analysis reveals that 15 impounded yachts, originally valued at €3.5 billion if maintained, have depreciated to about €2.9 billion—a €580 million loss—due to inactivity and exposure.
Yacht brokerage Cecil Wright's founder, Chris Cecil-Wright, explained the rapid decline: “You would normally have that boat out of the water every year...You’d maintain all the engines, you would have water and fuels and lubricants running through the boat 24/7.” He likened yachts to 'living creatures' that deteriorate when idle, though he noted the human cost in Ukraine overshadows such losses.
Prominent examples include Viktor Vekselberg’s 143-meter ‘Tango’, seized in Spain; the 143-meter ‘A’, allegedly tied to Andrey Melnichenko (though his lawyers deny ownership), impounded in Italy; and the 58-meter ‘Phi’ in London, owned by unsanctioned Vitaly Vasilievich Kochetkov but restricted from maintenance, now protected by scaffolding and whitewashed windows.
The precise number of seized yachts is unclear. Transparency International's Steve Goodrich highlighted challenges in converting these assets to reparations for Ukraine, noting sanctions aim to influence behavior rather than recover value, even if assets 'rust in ports.'
