AP

Yacht owned by sanctioned Russian tycoon docks in Hong Kong

Oct 6, 2022, 11:03 PM | Updated: Oct 7, 2022, 8:06 pm

HONG KONG (AP) — A superyacht connected to sanctioned Russian tycoon Alexey Mordashov has anchored in Hong Kong as Western governments move to seize yachts connected to Russian businessmen.

The megayacht Nord, worth over $500 million, arrived in Hong Kong on Wednesday afternoon after traveling for over a week from Vladivostok, Russia, its last port of call.

Mordashov has estimated wealth of over $18 billion, according to a Bloomberg estimate. He is the main shareholder and chairman of Severstal, Russia’s largest steel and mining company.

He was sanctioned by the U.S., the United Kingdom and the European Union in February after Russia invaded Ukraine. Mordashov has since attempted to challenge the sanctions against him in European courts.

A Marine Department spokesperson was quoted in the South China Morning Post as saying Hong Kong is not obliged to enforce unilateral sanctions imposed by other jurisdictions.

U.S. and European authorities have seized over a dozen yachts belonging to sanctioned Russian tycoons to prevent them from sailing to other ports that are not affected by the sanctions. Russian oligarchs have begun docking their yachts at ports in places like Turkey, which has maintained diplomatic ties with Russia since the war began.

The Nord, which measures 141.6 meters (464.6 feet), has two helipads, a swimming pool and 20 cabins. The yacht is currently sailing under a Russian flag.

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Yacht owned by sanctioned Russian tycoon docks in Hong Kong