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Italian Police Seize Russian Oligarch Andrey Melnichenko’s 468-Foot ‘Sailing Yacht A’

The list keeps growing with the impoundment of "sailing yacht a" and suspicion that "scheherazade" might be connected to vladimir putin., michael verdon, michael verdon's most recent stories, new zealand’s thrilling win gets the america’s cup off to a rip-roaring start.

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Italy’s finance police seized one of the world’s most iconic sailing yachts, owned by a Russian oligarch. Andrey Melnichenko’s Sailing Yacht A , with an estimated value of $578 million, was impounded in dry dock at the Port of Trieste, according to a statement from the Guardia di Finanzia. Melninchenko was sanctioned by the European Union on March 9 as part of a group of Russian oligarchs who met with Russian President Vladimir Putin following its Ukraine invasion to discuss the potential economic impact of EU and American sanctions.

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Melnichenko owns the major fertilizer producer EuroChem Group and SUEK, a coal company. He also owns the 390-foot Motor Yacht A. A spokesperson said in a statement that Melnichenko has nothing to do with politics and that he has removed himself from the board of Eurochem and SUEK after the EU sanctioned him. “He has no relation to the tragic events in Ukraine. He has no political affiliations,” said the statement.

US intelligence officials have also said they are trying to link the Scheherazade , a $700 million superyacht in dry dock in Italy, to Putin. The New York Times reported that the US government has made no definite conclusions about the yacht’s ownership, but believe it could be owned by the Russian president. The yacht’s captain, Guy Bennett-Pearce, told the Times that Putin had no stake in the yacht, but declined to name the owner. Bennett-Pearce said he would provide Italian police with documents that divulged the owner’s name. The Italian Sea Group, which owns the shipyard where Scheherazade is dry docked, said that, based on “checks carried out by relevant authorities,” the yacht is “not attributable to the property of Russian President Vladimir Putin.”

Roman Abramovich, who owns Solaris. last week was placed on the UK sanctions list.  Courtesy of Lloyd Werft

Chelsea FC owner Roman Abramovich was also added to the UK sanctions list days after he announced the sale of the football club. Abramovich, who owns a string of supercars and several private jets, also owns the superyachts Solaris and Eclipse. Solaris is reportedly sailing towards Israel, where Abramovich has dual citizenship.

On March 3, France’s finance ministry said that it had impounded Amore Vero , a yacht owned by Igor Sechin, CEO of Russian oil giant Rosneft. The EU had sanctioned Sechin earlier that week, calling him one of Putin’s “most trusted and closest advisors, as well as his personal friend.” German authorities also detained the 512-foot superyacht Dilbar in Hamburg, owned by Alisher Usmanov. Reports said the crew was fired last week. On March 5, Italian authorities impounded two yachts, Lena and Lady M , owned by Gennady Timchenko and Alexei Mordashov, respectively.

On Friday, the US State Department placed Viktor Vekselberg on its sanctions list. Two of Vekeselberg’s luxury assets, an Airbus A319-115 jet and his yacht Tango , were identified as “blocked property.”

The superyacht Scheherazade was impounded in Italy during an investigation to uncover whether it is owned by Russian President Vladimir Putin.  Video Still/YT

The seizures have prompted the superyacht industry to distance itself from the oligarchs. Italian yacht builders Sanlorenzo and Azimut both released statements that they have limited exposure to Russian clients, and none are on the sanctions list. Heesen Yachts released a statement that two Russians sitting on its supervisory board of directors have resigned their positions. The builder said Heesen is 100-percent Dutch-owned company and that Pavel Sukhoruchkin and Pavel Novoselov had nothing to do with its day-to-day operations.

Ownership of many Russian yachts is often hidden by shell companies in tax havens like the Cayman Islands. They are not only hard to trace, but actually seizing and selling them could present a legal quagmire that could take years to resolve.

Some are wondering whether seizing the oligarchs’ private yachts and jets will work. “Sanctions are another example of the West doing what it does best, which is just throwing a lot of cash at the problem and hoping it gets solved,” Olga Chyzh, a professor of political science at the University of Toronto, told the Washington Post. “However sad they are to let go of their Western assets, oligarchs have even more to lose if Putin is no longer there to protect them.”

Eclipse is another yacht owned by Roman Abramovich.  Robb Report File

In the meantime, some oligarchs are taking their yachts to destinations like the Maldives , the Seychelles and Dubai, which have no extradition treaties with the US and EU. Dubai has become a favorite destination for Russian tourism and wealth.

Alex Finley, a former CIA officer, has been tracking the yachts from Barcelona. Using the hashtag “Yacht Watch,” she posts updates on Twitter for Russian-owned superyachts.

“For me, the yachts are a big, easily recognizable symbol of the more serious side of this [Russian invasion]: These are people who support a dictator, and have been supporting him in carrying out destabilization operations against democracy, while at the same time coming here and taking all the benefits of the exact same democracies they were destabilizing,” Finley told the Washington Post.

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The $578 million megayacht owned by Russian oligarch Andrey Melnichenko was seized by Italy

• Russian oligarch Andrey Melnichenko's yacht was seized Friday, Italian authorities said.
• Sailing Yacht A is the world's largest sailing yacht at around 469 feet long and has eight decks.
• Melnichenko was sanctioned by the European Union in response to Russia's invasion of Ukraine.

A megayacht belonging to Russian oligarch Andrey Melnichenko was seized by Italian authorities on Friday, CNN reported.

A statement from Italy's finance police said the yacht, known as SY A or Sailing Yacht A, was worth around 530 million euros, or $578 million, according to CNN. It also said the yacht was currently in storage in Trieste, Italy. Maritime tracking data viewed by Insider confirmed the location of the yacht in the Adriatic Sea.

Melnichenko is one of the billionaire oligarchs sanctioned by the European Union in response to Russia's invasion of Ukraine. Melnichenko, who is worth $11 billion according to Forbes, founded fertilizer producer EuroChem Group and coal energy company SUEK.

In announcing its decision, the EU council said Melnichenko "belongs to the most influential circle of Russian businesspeople with close connections to the Russian Government." It also said he was among a group of 37 businesspeople who met with Russian President Vladimir Putin and other officials on February 24 to discuss the impact of potential sanctions.

"The fact that he was invited to attend this meeting shows that he is a member of the closest circle of Vladimir Putin and that he is supporting or implementing actions or policies which undermine or threaten the territorial integrity, sovereignty and independence of Ukraine, as well as stability and security in Ukraine," the EU said, adding it also showed he is "providing a substantial source of revenue to the Government of Russia."

In a statement provided to Insider, a spokesperson for Melnichenko denied the EU's accusations about his connections to the war in Ukraine.

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"Andrey Melnichenko is an international self-made entrepreneur. He has no relation to the tragic events in Ukraine. He has no political affiliations. To draw a parallel between attending a meeting through membership in a business council, just as dozens of businesspeople from both Russia and Europe have done in the past, and undermining or threatening a country is absurd and nonsensical," the statement said.

"There is no justification whatsoever for placing him on the EU sanctions list. We will be disputing these baseless and unjustified sanctions, and believe that the rule of law and common sense will prevail," the statement continued.

The spokesperson also noted Melnichenko resigned as a member of the board and main beneficiary of both EuroChem Group  and SUEK this week, as the companies announced in separate statements on Thursday. He also said both companies are privately owned and not affiliated with any government, and that EuroChem Group is based in Switzerland.

Sailing Yacht A is the worlds largest sailing yacht at around 469 feet long, according to SuperYachtFan.com . It has 300-foot masts, eight decks, a swimming pool, and an underwater observation pod. It's one of several megayachts owned by Russian oligarchs that are subject to sanctions.

Some Russian oligarchs and billionaires have tried to escape sanctions by transporting their luxury yachts to places like Dubai, which has not enacted sanctions, and the Maldives, which does not have an extradition treaty with the US.

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SY A: Italy seizes one of the world’s largest superyachts owned by Russian businessman

The vessel, called “sy a”, is in storage at the northeastern port of trieste, article bookmarked.

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A £530 million mega yacht owned by Russian oligarch Andrey Melnichenko was seized on Friday by Italian authorities.

The vessel, called “SY A”, was in storage at the northeastern port of Trieste , a statement from Italy ’s financial police said.

Mr Melnichenko was one of a number of Russian elites recently sanctioned by the EU over close supposed links to the Kremlin, in response to Vladimir Putin’s decision to invade Ukraine .

In announcing its decision the EU said Mr Melnichenko - who owns fertilizer producer EuroChem Group and coal company SUEK - was among a group of 36 businesspeople who met with Mr Putin and other officials on February 24 to discuss the impact of economic sanctions by the EU and EU.

The EU Council decision said: “The fact that he was invited to attend this meeting shows that he is a member of the closest circle of Vladimir Putin and that he is supporting or implementing actions or policies which undermine or threaten the territorial integrity, sovereignty and independence of Ukraine, as well as stability and security in Ukraine.

“It also shows that he is one of the leading businesspersons involved in economic sectors providing a substantial source of revenue to the government of Russia, which is responsible for annexation of Crimea and ​destabilization of Ukraine.”

The businessman is worth approximately £8.4billion ($11 billion) - making him the eight richest man in Russia, according to Forbes.

The 143m (469ft) long superyacht was constructed by German shipbuilder Nobiskrug and features a host of amenities, including an underwater observation pod and hybrid diesel-electric propulsion.

European countries have responded rapidly to seize assets from Russian oligarchs and have already taken a number of the sailing vessels.

Italian authorities have taken Lena belonging to Gennady Timchenko, in the port of San Remo and the Lady M owned by Alexei Mordashov in nearby Imperia.

And French customs officials seized the yacht of Rosneft boss Igor Sechin, before it attempted to flee a French Riviera port.

A number of superyachts owned by Russian billionaires appeared to have found temporary haven in the Maldives, a luxury holiday destination, that crucially does not have an extradition treaty with the US or EU.

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Ukraine war: £443m superyacht owned by oligarch Andrey Melnichenko seized in Italy as part of sanctions

The vessel, the biggest sailing yacht in the world, is owned by billionaire Andrey Melnichenko, who made a fortune in fertiliser production and coal.

News reporter

Sunday 13 March 2022 01:14, UK

A Russian-owned superyacht valued at £443m has been confiscated by Italian police in the port of Trieste as part of a global crackdown on wealthy oligarchs.

The Sy A yacht is owned by billionaire Andrey Melnichenko, 50, who made a fortune in fertiliser production and coal.

The vessel was seized on Friday evening.

Designed by Philippe Starck and built by Nobiskrug in Germany, the vessel is the world's biggest sailing yacht at 143m in length.

Read more: Russia says Western arms shipments now 'legitimate military targets' - follow latest updates on Ukraine war

Footage shows police cars approaching the triple-masted yacht and officers boarding it.

Italian authorities last week seized £120m in luxury yachts and villas belonging to Russian billionaires in picturesque retreats such as Sardinia, the Ligurian coast and Lake Como as part of sanctions against oligarchs linked to Vladimir Putin.

A statement from the Official Journal of the European Union described Melnichenko as belonging to the "most influential circle of Russian businesspeople with close connections to the Russian Government".

It added: "On 24 February 2022, in the aftermath of the initial stages of Russian aggression against Ukraine, Andrey Igorevich Melnichenko, along with other 36 businesspeople, met with President Vladimir Putin and other members of the Russian government to discuss the impact of the course of action in the wake of Western sanctions.

"The fact that he was invited to attend this meeting shows that he is a member of the closest circle of Vladimir Putin and that he is supporting or implementing actions or policies which undermine or threaten the territorial integrity, sovereignty and independence of Ukraine, as well as stability and security in Ukraine."

A spokesperson for Melnichenko said the businessman had "no relation to the tragic events in Ukraine and has no political affiliations".

"There is no justification whatsoever for placing him on the EU sanctions list.

"We will be disputing these baseless and unjustified sanctions, and believe that the rule of law and common sense will prevail."

A number of oligarchs have sought to move their superyachts to safe locations to avoid confiscation.

Roman Abramovich's superyacht Solaris has been spotted in the small Adriatic Sea state of Montenegro.

The 533ft Solaris was seen on Saturday outside the Porto Montenegro marina in the coastal town of Tivat after arriving from Barcelona.

There was no immediate comment from the Montenegrin authorities on the arrival of the £460m vessel.

The NATO country has joined Western sanctions imposed on Russia for its invasion of Ukraine.

It comes after Abramovich was sanctioned by the UK government .

The Chelsea Football Club owner is one of seven more Russian oligarchs who have had sanctions placed on them by ministers in response to Russia's invasion of Ukraine.

A government document announcing the move said that Abramovich has had a "close relationship for decades" with Putin.

The UK is the first nation to sanction Abramovich, who has been described by the government as a "pro-Kremlin oligarch".

The government has now sanctioned more than 200 individuals and entities.

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Italy freezes $700 million mega-yacht linked to "prominent elements of the Russian government"

May 6, 2022 / 8:17 PM EDT / CBS/AP

The Italian finance minister has adopted a decree that will impede a mega-yacht from sailing away from a Tuscan port, after an investigation carried out by Italy's financial police corps indicated the luxury vessel Scheherazade has links to "prominent elements of the Russian government."

There had been fears that the 459-foot long yacht, which has been in dry dock in the port of Marina di Carrara, was preparing to sail out of Italian waters soon. Based on the Italian investigation, Minister Daniele Franco adopted a "freezing decree" regarding the yacht, which flies the flag of the Cayman Islands and which had "long been under the attention of the authorities," the statement said.

A few weeks after Russia's war against Ukraine began, Ukrainian President Volodymyr Zelenskyy, in a speech to Italian lawmakers, urged Italy to continue freezing assets of Russian oligarchs and officials. He cited by name the Scheherazade, which, according to some reports, belongs to Russian President Vladimir Putin.

The Italian ministry statement didn't identify the boat's owner nor specify who are the "prominent" elements of the Russian government. But it said the "actual owner" of the Scheherazade should be included in the 2014 EU sanctions list.

Italian media have reported that the ship is registered to Eduard Khudainatov, a former executive at Russia's state-owned Rosneft oil company, who has not been sanctioned. 

Khudainatov is at the center of another mega yacht dispute in Fiji, where police moved Thursday to seize the $300 million Amadea. American officials say the Amadea is owned by Suleiman Kerimov, a sanctioned Russian oligarch, who built his fortune in gold mining. A Fijian lawyer for the company the Amadea is registered to argued in court that the ship is owned by Khudainatov.

The news comes as western nations are cracking down on sanctions against Russian billionaires by taking control of their mega yachts and other valuable assets, including villas and private jets, parked in territory over which their governments have jurisdiction. In early April, American and Spanish law enforcement agents took control of a mega yacht owned by an oligarch who's close to Putin. 

In March, Italy said it seized a $70 million yacht belonging to Alexey Alexandrovits Mordaschov, a steel magnate with close ties to the Kremlin. It also froze Lena, a $54 million yacht belonging to Gennady Nikolayevich Timchenko, a close friend of Putin, whom the EU has sanctioned. 

The seizures have caused some — possibly including Putin — to rush to move their boats into friendlier waters. 

• Vladimir Putin

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World’s largest sailing yacht, Sailing Yacht A, seized

• Helen Fretter
• March 12, 2022

The world's largest sailing yacht, Sailing Yacht A, has been seized by Italian authorities after its Russian owner was placed on a sanctions list

Italian authorities have seized the largest sail-assisted superyacht ever built, the 143m (470ft) Sailing Yacht A, Italian news outlets are reporting.

According to the Reuters news agency in Rome, the Italian prime minister’s office confirmed this morning (Saturday, March 12) that the yacht had been seized after owner, Russian billionaire Andrey Igorevich Melnichenko, was placed on an EU sanctions list following Russia’s invasion of Ukraine.

The Philippe Starck-designed  Sailing Yacht A is one of the most of the distinctive yachts ever built . At 143m (470ft) long it features eight decks, and a 20m freeboard.

Sailing Yacht A has a beam of 24.8m and a 20m freeboard

It was built by Nobiskrug in Germany and launched in 2016. It carries three of the world’s largest carbon rigs, which are unstayed and rotating, with over 3,700 square metres of sails set via an in-boom furling system. It also features a gimballed crow’s nest, accessible by lift, 60m high in one of the curved masts, an observation pod embedded in the keel and a three-man submarine.

The hull has a maximum beam of 24.8m and includes 24 shell doors concealed within it.

It was built under strict non-disclosure agreements, but has been reported to have a price tag of around €530 million ($578 million).

The yacht is reported to have been sequestered at the northern port of Trieste, following sanctions imposed on its owner. Melnichenko owns the fertiliser producer EuroChem Group and coal company SUEK.

Several high profile superyachts belonging to Russian oligarchs have been seized across Europe in the past week, although this is the first sailing vessel of its kind to be impounded.

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Last body from superyacht sinking off Sicily found: Italian coastguard

A woman’s body was recovered from the wreckage of the Bayesian yacht but is still to be identified.

Italian rescuers have brought ashore the body of the last person missing after a superyacht sank off the coast of Sicily this week, according to the coastguard.

A woman’s body was found on Friday. She was yet to be officially identified, the Italian coastguard said, according to The Associated Press news agency.

Keep reading

How did the superyacht carrying tech tycoon mike lynch sink off sicily, luxury yacht sinks off sicilian coast, divers search sicily yacht wreck with uk tech boss among the six missing.

Hannah Lynch, the 18-year-old daughter of UK tech tycoon Mike Lynch, whose luxury yacht capsized on Monday, was reportedly the last unaccounted person.

The discovery of the body brings the death toll to seven people, concluding a five-day search operation involving specialist divers, boats from several emergency services and helicopters.

Lynch was among five dead passengers whose bodies were recovered on Wednesday and Thursday from inside the yacht, which was anchored off the port of Porticello, near Palermo, when the predawn storm hit.

The body of the only crew member who died, chef Recaldo Thomas, was recovered near the wreck on Monday.

Lynch, a celebrated tech entrepreneur and investor, had invited friends and family onto the Bayesian, a 56-metre (184-foot) long superyacht carrying 22 people – 12 passengers and 10 crew – to celebrate his recent acquittal in a massive fraud case in the United States.

The vessel was struck by a waterspout – akin to a mini-tornado – that caused it to sink within minutes, reaching a depth of 50 metres (164 feet) below sea level.

Fifteen people, six passengers and nine crew, were rescued, including Lynch’s wife, Angela Bacares.

A judicial investigation has been opened into the sinking, which has baffled naval marine experts who say a boat like the Bayesian, built by Italian high-end yacht manufacturer Perini, should have withstood the storm.

Giovanni Costantino, CEO of The Italian Sea Group which owns Perini, said the shipwreck was the result of a string of “indescribable, unreasonable errors” made by the crew, and ruled out any design or construction failings.

The yacht’s captain, James Cutfield, and his eight surviving crew members have been questioned by police, but made no public comment on the disaster. Investigating prosecutors are due to hold a news conference on Saturday.

Pulling the wreck out of the sea, where it is now lying on its right side, apparently intact, may help investigators determine what happened, but the operation is likely to be complex and costly.

The other victims include Christopher Morvillo, one of Lynch’s American lawyers, and his wife, Neda, and Jonathan Bloomer, chairman of Morgan Stanley’s London-based investment banking subsidiary, and his wife, Judy.

Video shows moments before superyacht went down in storm off Sicily

Newly released video captures a luxury superyacht being battered by a violent storm before it suddenly sank off Sicily with 22 people aboard Monday.

The grainy images obtained by NBC News and other outlets were recorded on closed-circuit television not far from where the Bayesian was anchored, about a half-mile from the port of Porticello, on Sicily’s northern coast .

The yacht's 250-foot mast, illuminated with lights and lashed by the storm, appears to bend to one side before it finally disappears and is replaced by darkness.

The speed with which a yacht built to handle the roughest seas capsized stunned maritime experts.  

“I can’t remember the last time I read about a vessel going down quickly like that, you know, completely capsizing and going down that quickly, a vessel of that nature, a yacht of that size,” said Stephen Richter of SAR Marine Consulting.

British tech tycoon Mike Lynch and five of the 22 other people who were aboard the 184-foot vessel remain unaccounted for and are believed to be trapped in the Bayesian’s hull, nearly 170 feet underwater.

Officials confirmed Monday that at least one person, the ship’s cook, had died.  

Superyachts like the Bayesian, which had been available for charters at a rate of $215,000 a week, are designed to stay afloat even as they are taking on water to give the people aboard a chance to escape, Richter said. 

“Boats of this size, they’re taking passengers on an excursion or a holiday,” Richter said. “They are not going to put them in situations where it may be dangerous or it may be uncomfortable, so this storm that popped up was obviously an anomaly. These vessels that carry passengers, they’re typically very well-maintained, very well-appointed.”

Built by Italian shipbuilder Perini Navi in 2008, the U.K.-registered Bayesian could carry 12 guests and a crew of up to 10, according to online specialist yacht sites. Its nearly 250-foot mast is the tallest aluminum sailing mast in the world, according to CharterWorld Luxury Yacht Charters. 

On Tuesday, Italian rescue workers resumed the search for Lynch and the five other passengers still missing: Lynch’s 18-year-old daughter, Hannah; Morgan Stanley International Chairman Jonathan Bloomer and his wife; and Clifford Chance lawyer Chris Morvillo and his wife.

“The fear is that the bodies got trapped inside the vessel,” Salvatore Cocina, the head of civil protection in Sicily, told Reuters .

The Bayesian is owned by a firm linked to Lynch’s wife, Angela Bacares, who was one of the 15 people rescued Monday after it capsized.

“It’s extremely rare for a boat of this size to sink,” Richter said.

What’s not rare is the kind of storm that sank it , said Simon Boxall, senior lecturer in oceanography at Britain’s University of Southampton.

“People assume the Mediterranean is this rather calm and passive place that never gets storms and always blue skies,” Boxall said. “In fact, you get some quite horrendous storms that are not uncommon at this time of year.”

The president of Italy’s meteorological society has said Monday’s violent storm may have involved a waterspout, essentially a tornado over water, or a downburst, which occurs more frequently but doesn’t involve the rotation of the air.

Luca Mercalli, president of the Italian Meteorology Society, also said recent temperatures may have been a factor. 

“The sea surface temperature around Sicily was around 30 degrees Celsius [86 Fahrenheit], which is almost 3 degrees more than normal,” Mercalli told Reuters. “This creates an enormous source of energy that contributes to these storms.”

The Mediterranean sailing vacation was designed to be a celebration for Lynch, who two months ago was acquitted by a San Francisco jury of fraud charges stemming from the 2011 sale of his software company Autonomy to Hewlett-Packard for $11 billion.

Prosecutors alleged that Lynch, dubbed “Britain’s Bill Gates,” and Autonomy’s vice president for finance, Stephen Chamberlain, had padded the firm’s finances ahead of the sale. Lynch’s lawyers argued that HP was so eager to acquire Autonomy that it failed to adequately check the books .

Lynch had taken Morvill, who was one of his defense attorneys, on the luxury trip. 

Chamberlain was not on the Bayesian.

In what appears to be a tragic coincidence, a car struck and killed Chamberlain on Saturday as he was jogging in a village about 68 miles north of London, local police said.

“Steve fought successfully to clear his good name at trial earlier this year, and his good name now lives on through his wonderful family,” Chamberlain’s lawyer, Gary Lincenberg, said in a statement .

Henry Austin reported from London and Corky Siemaszko from New York City.

Henry Austin is a senior editor for NBC News Digital based in London.

Corky Siemaszko is a senior reporter for NBC News Digital.

Seize the day: Russian yachts find no safe ports in sanctions storm

Russian yacht owners are encountering rough seas around the world as nations sympathetic to Ukraine's plight press sanctions that include impounding assets of Russia's wealthy class.

World leaders hope harsh economic sanctions that target Vladimir Putin's inner circle of oligarchs could apply pressure on the Russian president to end his brutal military assault on Ukraine.

Italian Prime Minister Mario Draghi says his country froze assets totaling hundreds of millions of dollars belonging or linked to several Russian oligarchs as part of sanctions imposed over Moscow's invasion of Ukraine. 

Yachts are not sailing under Draghi's radar. Italy announced Saturday that it had seized a $580 million superyacht linked to Russian energy and fertilizer magnate Andrey Igorevich Melnichenko. The sail-assisted, motorized "SYA" – or Sailing Yacht A – was seized on Friday in the northeastern port of Trieste.

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Melnichenko doth protest, his spokesman saying Melnichenko has nothing to do with the war and thus should not be on the sanctions list. Among the world's largest yachts, his SYA is 469-feet long, or more than 1.5 football fields. It has eight decks and an underwater observation area with foot-thick glass.

The size and value of SYA dwarfs some other Italian targets, but they are not exactly dinghies. A yacht belonging to metals tycoon Alexei Mordashov, believed to be Russia's richest man, was impounded more than a week ago in the northern Italian port of Imperia. "Lady M," made in the U.S. is 215-feet long and has six luxury state rooms. Estimates of its value vary but have climbed as high as $70 million. 

TEEN TRACKING RUSSIAN YACHTS:  Teenager who was tracking Elon Musk has switched to Russian oligarchs' yachts and jets

Billionaire investment guru Gennady Timshenko did not escape unscathed. His yacht Lena, a mere 126-feet long, was seized on the northeastern coastal city of San Remo.

Italy has been aggressive, but other European nations have proved unwilling to provide safe ports in the financial storm. Alisher Usmanov, who made his money in cellphones and copper, gave up his $600 million, 500-foot yacht Dilbar in Hamburg, Germany. Modest accommodations he can no longer enjoy include a 25-meter swimming pool and two helipads.

The $120 million, 280-foot-long Amore Vero was seized by France in the Mediterranean port of La Ciotat. It has been linked to Igor Sechin, CEO of the Russian state oil company.

Europe is clearly taking to heart President Joe Biden's statement warning to the Russian wealthy during his State of the Union Address.

"We are joining with our European allies to find and seize your yachts, your luxury apartments, your private jets," Biden said in his address. "We are coming for your ill-begotten gains." 

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Italy’s finance police have seized a super-yacht from Russian billionaire Andrey Melnichenko in the port of Trieste.

The seizure of the 143-m vessel, called ‘SY A’ and valued at €530 million, is as high an eight-storey building and is the largest sailing yacht in the world, reports Italian newspaper   Corriere della Sera .

The move is part of measures taken against Russian tycoons included in the EU ‘black list’ for sanctions following Russia’s invasion of Ukraine.

The vessel, which can reportedly accommodate 60 guests and crew, is equipped with a large swimming pool, an underwater observatory and a helipad.

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Italian firefighter divers bring ashore the body of one of the victims of a shipwreck, in Porticello, Sicily, on Friday Aug. 23. Alberto Lo Bianco/LaPresse via AP hide caption

ROME — Prosecutors in Italy said Saturday they have opened an investigation into culpable shipwreck and multiple manslaughter after a superyacht capsized during a storm off the coast of Sicily, killing seven people onboard. They included British tech magnate Mike Lynch and his daughter.

Termini Imerese prosecutor Ambrogio Cartosio confirmed the investigation has been launched, but said no suspect is currently identified.

“We are only in the initial phase of the investigation. We can’t exclude any sort of development at present,” he told reporters at a news conference.

Cartosio said his team will carefully consider each possible element of responsibility, including those of the ship's captain, the crew, individuals in charge of supervision, the ship-builder and others.

Everyone from the sunken yacht off Sicily has now been accounted for

“For me, it is probable that offences were committed, that it could be a case of manslaughter, but we can only establish that if you give us the time to investigate," he said.

The main question investigators are focusing on is how a sailing vessel deemed “unsinkable” by its manufacturer, Italian shipyard Perini Navi, sank while a nearby sailboat remained largely unscathed.

Prosecutors said the event was “extremely rapid” and information they gained seemed pointing to a “downburst,” a localised, powerful wind that descends from a thunderstorm and spreads out rapidly upon hitting the ground.

Initially, Civil protection officials said they believe the yacht, which featured a distinctive 75-meter (246-feet) aluminum mast, was struck by a tornado over the water, known as a waterspout.

Investigators were also asked why the crew was almost entirely saved, except for the chef, while six passengers remained trapped in the hull.

Local official confirmed that most of the bodies recovered were found in the same part of the ship — on the left side and closer to the surface — suggesting that passengers had sought safety in the cabins where the last air bubbles had formed.

Deputy Prosecutor Raffaele Cammarano said it was likely that the passengers were asleep, adding that one of the main focus of the investigation is to ascertain whether they were alerted by someone.

Who are Mike Lynch and the other people missing after a yacht sank in Sicily?

Cammarano confirmed that one person was on watch in the cockpit.

Rescuers on Friday brought ashore the last of seven bodies from the sinking of The Bayesian, a 56-meter (184-foot) British-flagged luxury yacht that went down in a storm near the Mediterranean island in southern Italy early Monday. The sailboat was carrying a crew of 10 people and 12 passengers.

The seventh victim was Hannah Lynch, 18, the daughter of Mike Lynch., whose body was recovered Thursday. He had been celebrating his recent acquittal on fraud charges with his family and the people who had defended him at trial in the United States. His wife, Angela Bacares, was among the 15 survivors.

Rescuers struggled for four days to find all the bodies, making only slow headway through the interior of the wreck lying on the seabed 50 meters (164 feet) below the surface.

The other five victims are Christopher Morvillo, one of Lynch’s U.S. lawyers, and his wife, Neda; Jonathan Bloomer, chairman of Morgan Stanley’s London-based investment banking subsidiary, and his wife, Judy; and Recaldo Thomas, the yacht’s chef.

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Putin's alleged $700M superyacht seized in Italy

Zelenskyy pushes for harsher sanctions as the war in ukraine persists.

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Italian officials seized a $700 million luxury yacht with ties to the Russian government , Rome's ministry of finance announced Friday. 

Italian authorities scrambled to investigate the nearly 460-foot superyacht known as the Scheherazade, which was dry-docked in the Tuscan port of Marina di Carrara as concerns mounted the Kremlin-linked vessel would set out to Italian waters shortly. 

RUSSIA MOVES FORCES TO MARIUPOL AHEAD OF 'VICTORY DAY' PARADE, OFFICIALS WORK TO RESCUE TRAPPED TROOPS

The yacht was seized under coordinated measures with the European Union due to Russia's involvement in "undermining or threatening the territorial integrity, sovereignty and independence of Ukraine."

The Scheherazade, a 459-foot luxury yacht, is docked at the shipyard in Marina Di Carrara, Italy, March 23, 2022. (Francesco Mazzei/Bloomberg via Getty Images / Getty Images)

The finance ministry said the vessel, which flew the flag of the Cayman Islands, "had long been under the attention of the authorities."

Despite the acknowledged investigation that found the yacht to have "prominent" links to Russians targeted under EU sanctions, Italian officials omitted the name of the owner of the Scheherazade.

Some reporting has suggested the Scheherazade belongs to Russian President Vladimir Putin, while other reports have pointed to Eduard Khudainatov, a Russian former executive of a state-owned oil company, .

Italy's financial police patrol boat is seen in front of the multimillion-dollar megayacht Scheherazade, which is docked at the Tuscan port of Marina di Carrara, Tuscany, May 6, 2022.  (Federico Scoppa/AFP via Getty Images / Getty Images)

Khudainatov does not appear to have yet been specifically sanctioned, but a decree passed by Italian Finance Minister Daniele Franco barred the vessel from sailing away.

GERMANY ANNOUNCES BAN ON UKRAINIAN FLAGS DURING WWII VICTORY DAY PARADE: 'SLAP IN THE FACE'

Ukrainian President Volodymyr Zelenksyy specifically referenced the megayacht in a March address to Italy’s parliament in a plea for action.

"Don't be a resort for murderers," he said in a translated address. "Block all their real estate, accounts and yachts — from Scheherazade to the smallest ones. Block the assets of all those who have influence in Russia."

Russian President Vladimir Putin attends a meeting with top officials about support to the aviation industry in Russia amid western sanctions via videoconference at the Novo-Ogaryovo residence outside Moscow, Russia, March 31, 2022. (Mikhail Klimentyev, Sputnik, Kremlin Pool Photo via AP / AP Images)

Ukraine has pressed the international community to impose harsher sanctions on Russia as it has continued its deadly war in Ukraine for more than 10 weeks.

The U.S., along with several European nations, have made moves to cut Russian oil ties, while others have pledged to do so by the end of 2022. 

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Zelenskyy slammed EU nations that continue to purchase Russian oil, its No. 1 export.

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"You shouldn’t be a little evil and a little good. It is inadmissible to impose sanctions and with another hand to sign new contracts with Russia. This is definitely inadmissible in times of war. This is hypocrisy," Zelenskyy said during a virtual address to the U.K.’s Royal Institute of International Affairs Chatham House Friday.

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Captain of Sunken Yacht Under Investigation in Deaths on Ship

The investigation does not necessarily imply that formal charges will follow against the captain, James Cutfield.

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By Emma Bubola and Jeffrey Gettleman

Reporting from Porticello, Italy.

Italian authorities have opened a formal investigation into the actions of James Cutfield, the captain of the superyacht that sank last Monday off the coast of Sicily, killing seven of the 22 people on board, including British tech billionaire Mike Lynch.

Mr. Cutfield is under investigation for possible manslaughter and to determine whether his actions negligently caused the shipwreck, said his lawyer, Aldo Mordiglia.

In Italy, being put under investigation does not necessarily imply that formal charges will follow, and so far, the Italian authorities have not imposed any restrictions on Mr. Cutfield’s movements, Mr. Mordiglia added.

On Saturday, prosecutors said that while they had not issued any arrest warrants for the crew, they expected that crew members would cooperate with the investigation and be available to answer more questions. On Monday, most crew members were still in Italy. Prosecutors did not offer additional comment Monday on news of the investigation.

The 183-foot vessel, the Bayesian, sank as Mr. Lynch and his friends were celebrating his acquittal from a bruising fraud case. The boat sank early last Monday morning about half a mile off the port of Porticello, a small Italian fishing town, after it was caught in a strong, sudden storm.

Many questions remain as to why such a massive, luxurious and expensive boat could sink so quickly as another boat nearby weathered the storm largely unscathed.

The chief executive of the company that acquired the yacht’s manufacturer has been adamant that the boat was virtually unsinkable if all the correct procedures to operate it were followed. But many experts in the maritime field have pushed back, warning that too little is known about the accident and the weather conditions at the time to come to any conclusions.

Mr. Mordiglia declined to comment further on the case. Several crew members approached by The New York Times declined to comment.

For a week, the crew has been staying at a sprawling resort by Porticello, one of the few large hotels in the area. The resort has become an unlikely shelter for the survivors of such a dramatic accident, with loud group dances, speakers blaring Italian summer hits and water aerobics directives for the families vacationing.

The crew, some of whom were in their early 20s, kept to themselves and often sat together at the resort’s bar or restaurant, reacting with a firm “no comment” every time a Times reporter approached them.

Italian divers with the country’s firefighters corps found six bodies inside the yacht’s cabins. Italian authorities said on Saturday that they had not conducted any autopsies yet, and they said that they were going to extract the boat from underwater, a process that was likely to take at least several weeks.

Elisabetta Povoledo contributed reporting.

Emma Bubola is a Times reporter based in Rome. More about Emma Bubola

Jeffrey Gettleman is an international correspondent based in London covering global events. He has worked for The Times for more than 20 years. More about Jeffrey Gettleman