Could sanctions leave oligarchs’ super yachts high and dry in Spain?
Among the many gleaming white boats lining Barcelona’s historic port, the super yachts of the super-rich stand out.
If there are fewer of them than usual at the moment it’s because most are still wintering in the Caribbean. However, overshadowing the small fry (super yachts are roughly defined as starting from 25 metres in length) are a number of palatial vessels, including yachts owned by the King of Bahrain, Walmart heiress Nancy Walton Laurie, and media mogul Barry Diller.
Among them are three vessels belonging to some of Russia’s wealthiest men. They have a combined value of hundreds of millions of dollars. Their owners could be forgiven for feeling a little nervous as western governments ponder who to target next in a threatened barrage of sanctions against Russia in retaliation for its invasion of Ukraine.
All three yachts are in for refitting in the MB92 shipyard, which specialises in servicing super yachts. The largest is the 139-metre, Bermudan-flagged Solaris, which belongs to Roman Abramovich, the man who owns 29% of mining company Evraz, as well as Chelsea football club.
Next up is the 74-metre Aurora, owned by Andrey Molchanov, who has a controlling stake in LSR Group, Russia’s biggest producer of building materials, and a current net worth of €1bn, according to Forbes magazine.
Finally, there is the 70-metre Galactica Super Nova, whose owner is Vagit Alekperov, president and chief executive of Lukoil, in which he has around a 20% stake. He also owns 36.8% of the football club Spartak Moscow.
Lukoil is considered to be a potential target for European sanctions, given the energy giant’s importance to the Russian economy, and the fact that it is already subject to some US sanctions. It is a company of strategic
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