Aug 23, 2022 - World

Russian oligarch superyacht sold at auction in Gibraltar

Russian oligarch Dmitry Pumpyansky at Russia's St. Petersburg International Economic Forum in 2021.
Russian oligarch Dmitry Pumpyansky at Russia's St. Petersburg International Economic Forum in 2021. Photo: Andrey Rudakov/Bloomberg via Getty Images

A superyacht formerly owned by sanctioned Russian tycoon Dmitry Pumpyansky sold at auction in Gibraltar on Tuesday, according to Reuters.

Why it matters: The sale is believed to be the first of its kind since numerous superyachts were seized as part of sanctions on Russian oligarchs over Russia's invasion of Ukraine.

The 240-foot, five-deck ship, named Axioma, was once valued at $75 million, though it is unknown how much it went for in Tuesday's auction.

  • The yacht, which features an infinity swimming pool and 3D cinema, was seized in Gibraltar last March as the United Kingdom and European Union added Pumpyansky to its sanctions list.
  • JPMorgan successfully argued in a court in the British overseas territory at the time that Pumpyansky did not pay a $20.6 million loan.

The big picture: The yacht was auctioned by the Gibraltar Admiralty Court through a system of closed and confidential bids that were sent electronically, according to Reuters.

  • The ship attracted at least 63 bids, and information on the sale will be released in around two weeks after the sale is completed, according to Bloomberg.

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