The U.S. government seized a 254-foot, $120 million yacht in Spain, saying it's owned by an oligarch with close ties to Vladimir Putin.

Why it matters: This is the first big boat seized by the Biden administration under sanctions targeting Russian oligarchs after Russia invaded Ukraine, AP reports.

• The Justice Department alleges the yacht should be forfeited for violating U.S. bank fraud, money laundering and sanctions statutes.
• Website Superyachtfan.com valued the vessel at $120 million. The Justice Department said it's worth $90 million.

On the scene: Spain’s Civil Guard and U.S. federal agents descended on the yacht, called Tango, at a marina in Spain’s Balearic Islands.

Between the lines: Prosecutors allege Ukrainian-born Viktor Vekselberg bought the Tango in 2011 and used shell companies to try to obfuscate his ownership and to avoid financial oversight.

• Vekselberg was first sanctioned by the U.S. in 2018 and again in March of this year.

What's next: Agents confiscated documents and computers inside the yacht that will be analyzed to confirm the real identity of the owner.

The big picture: Superyachts are being seized across the Mediterranean, AP reports, targeting a variety of Putin allies.

A new McKinsey study found that the loss of learning due to the pandemic could translate to annual GDP losses of $1.6 trillion worldwide by 2040, reports Axios' Noah Garfinkel.

• Latin America and the Caribbean could lose 2.2% of annual GDP by 2040, the report estimates.
• South Asia could lose 1.6%.

The big picture: South Asia and Latin America had schools closed for far longer, with fewer resources for distance education.

• "[S]tudents globally are eight months behind where they would have been absent the pandemic," the report says.

Read the report.

1. "Breakout year": 41% of crypto owners bought in for the first time last year, Brady Dale reports for today's debut issue of Axios Crypto, citing a Gemini report.
2. 📺 MSNBC's "Morning Joe" today launched a fourth hour — a rare marathon footprint, 6 a.m. to 10 a.m., for co-hosts Joe Scarborough, Mika Brzezinski and Willie Geist. Guests today included Lithuanian President Gitanas Nausėda ... Sen. Dick Durbin ... and the prosecutor general of Ukraine, Iryna Venediktova.
3. President Biden said Russian President Putin should face a war crimes trial over the reported atrocities in Bucha. Go deeper.

New scooters from Superpedestrian include tech that will forcibly slow you to a stop if you misbehave, Jennifer A. Kingson reports for Axios What's Next.

• Speeding, swerving or riding illegally on a sidewalk will get your ride put on ice.

The bottom line: Tech that snuffs out dangerous moves by riders could broaden e-scooter acceptance, making cities safer.