Gibraltar auctions Russian oligarch’s yacht

Confiscated off the territory of Gibraltar in March, the yacht owned by Russian tycoon Dimitri Pumpianski, owner of pipeline giant TMK and subject to sanctions after the Russian invasion of Ukraine, will be auctioned, according to a decision by a British overseas court.

Named “Axiom”, the Maltese-flagged vessel was seized by the small territory located in the extreme south of Spain, after a complaint filed by the American bank JP Morgan.

In December, the bank granted a loan of 20.5 million euros (R$ 113.43 million) to a company registered in the British Virgin Islands, whose shareholder was a Cypriot company, owned by Pumpianski.

The bank found that there was a breach of, among other things, the loan agreement after the oligarch’s inclusion in the list of Russian personalities subject to British sanctions.

The sanctions led to the freezing of the assets of the affected entrepreneurs, jeopardizing the repayment of the loan.

So JP Morgan turned to the authorities in Gibraltar to seize the yacht, previously registered as one of the guarantees for the loan.

The Supreme Court of Gibraltar will receive the money from the sale and will set “priority in the demands of creditors” of the oligarch, according to a court document that AFP had access to on Monday (27).

Several countries, such as Spain, Italy and France, have confiscated yachts from Russian oligarchs as part of these sanctions that freeze all their assets in the European Union.

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