Italian authorities seize Russian oligarch’s $578 million mega yacht

Italian authorities have seized a $578 million mega yacht belonging to Russian oligarch Andrei Igorevich Melnichenko, CNN reports citing Italian police.

The sailing yacht, ” SY A,” is the largest private sail-assisted motor yacht in the world, according to the Italian government, and was in storage at the northeastern port city of Trieste.

Italy’s financial crimes police said the yacht had been found to be “indirectly attributable, through a company based in Bermuda, to Andrei Melnichenko”.

Melnichenko, a coal and fertilizer magnate, was sanctioned by the EU this week alongside over 100 other Russian figures including lawmakers, oligarchs and their close circles. They are subject to an assets freeze and visa ban.

Italian news outlet Tg La7 posted a short clip it said was from the seizure.

Sanzioni contro la Russia:
A Trieste, nel rimessaggio del porto, è stato sequestrato dalla Guardia di Finanza lo yacht a vela più grande del mondo, del valore di 530 milioni di euro. Lo "SY A" è riconducibile all'imprenditore russo Andrey Igorevich Melnichenko. pic.twitter.com/xj0V728Qsa

— Tg La7 (@TgLa7) March 11, 2022