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☆ A Russian oligarch's megayacht seized by the US is costing taxpayers a fortune, and the government is desperate to sell
▼ + stars: | 2024-03-07 | by ( Pete Syme | ) www.businessinsider.com time to read: +1 min

A Russian oligarch's seized megayacht is costing US taxpayers $922,000 a month, a court filing says. Another Russian billionaire is claiming ownership of the yacht and opposing attempts to sell it. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementA Russian oligarch's megayacht is costing taxpayers almost $1 million a month after the government seized it, court filings say.

Persons: megayacht, there's, —, Suleiman Kerimov, It's Organizations: Service, Business Locations: Russian, Fiji, San Diego

☆ Russian oligarch's yacht is costing U.S. taxpayers close to $1 million a month
▼ + stars: | 2024-03-06 | by ( Robert Frank | ) www.cnbc.com time to read: +2 min

A mega-yacht seized by U.S. authorities from a Russian oligarch is costing the government nearly $1 million a month to maintain, according to new court filings. The U.S. Department of Justice is seeking permission to sell a 348-foot yacht called Amadea, which it seized in 2022, alleging that it was owned by sanctioned Russian billionaire Suleiman Kerimov. The government said it wants to sell the $230 million yacht due to the "excessive costs" of maintenance and crew, which it said could total $922,000 a month. European Commission President Ursula von der Leyen said last week that the European Union should use profits from more than $200 billion of frozen Russian assets to fund Ukraine's war effort. Yet, nearly two years later, the legal process for proving ownership of the Russian assets and selling them has proven to be far more time-consuming and costly.

Persons: Suleiman Kerimov, Ursula von der Leyen, Vladimir Putin, Eugene Shvidler, Sergei Naumenko, Phi Organizations: U.S, U.S . Department of Justice, Amadea, European Union Locations: San Diego , California, Amadea, Ukraine, European, London, Russian

☆ US has spent about $20 million to maintain superyacht seized from a Russian oligarch
▼ + stars: | 2024-03-06 | by ( Kara Scannell | ) edition.cnn.com time to read: +2 min

CNN —The US government is spending nearly $1 million a month to maintain a luxury superyacht seized from a sanctioned Russian oligarch as part of the Justice Department’s effort to put pressure on the Kremlin. The superyacht was seized while docked in a port in Fiji in 2022 by local law enforcement officials and the FBI. Now, federal prosecutors have asked a judge for permission to sell the vessel saying its expenses are excessive and has cost the government about $20 million, according to recent court filings. The monthly costs total roughly $600,000 to maintain the yacht, plus $144,000 in insurance, according to court records. Maintaining the Amadea is certainly expensive, and Claimants never intended for U.S. taxpayers to shoulder that burden.

Persons: Suleiman Kerimov, Eduard Khudainatov, they’ve “ Organizations: CNN, Kremlin, FBI, US Marshals Service, Millemarin Investments, ” Prosecutors Locations: Russian, Fiji, San Diego

☆ The US wants to auction off an oligarch's seized $300 million yacht that's been racking up $600,000 a month in maintenance
▼ + stars: | 2024-02-13 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

The US wants to auction a $300 million superyacht seized from a Russian oligarch due to high maintenance costs. Another Russian oligarch, Eduard Khudainatov, claims to own the yacht and wants it back. AdvertisementThe US wants to sell a $300 million superyacht seized from a Russian oligarch because it's getting too expensive to maintain it, a court filing from Friday shows. The problem is that another Russian oligarch, Eduard Khudainatov, claims to own the yacht and wants the vessel back. They told Bloomberg in a statement that the seizure was "unlawful" and that their client would pay the US back for the maintenance of the Amadea yacht.

Persons: Suleiman Kerimov, Eduard Khudainatov, —, it's, Amadea, Khudainatov hasn't Organizations: Service, US Department of Justice, US, Khudainatov, Bloomberg, Court, Southern District of Locations: Fiji, Russian, Southern District, Southern District of New York

☆ The US wants a Russian oligarch's seized $300 million superyacht that features an infinity pool, a movie theater, and a helicopter landing pad
▼ + stars: | 2023-10-24 | by ( Paul Squire | Hannah Getahun | ) www.businessinsider.com time to read: +3 min

The US has filed a civil forfeiture case against a $300 million superyacht it alleges is owned by a Russian oligarch. The superyacht was seized in Fiji in 2022 and features an infinity pool and a helicopter landing pad. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementThe ship was then seized by the US Department of Justice and moved to California where it remains docked. Khudainatov's lawyers told Reuters that they've filed a lawsuit in the US as well seeking to get the superyacht back.

Persons: Suleiman Kerimov, —, Damian Williams, Kerimov, Vladimir Putin, Williams, Andrew Adams, Adams, Eduard Khudainatov, hasn't, they've Organizations: US, Service, BBC, US Department of Justice, Reuters Locations: Russian, Fiji, Ukraine, Vladivostok, North Korea, California

☆ US Says It Wants Forfeiture of Billionaire Russian Oligarch's $300 Million Superyacht
▼ + stars: | 2023-10-23 | by ( Oct. | At A.M. | ) www.usnews.com time to read: +2 min

By Luc CohenNEW YORK (Reuters) - The United States on Monday sought the forfeiture of a $300 million superyacht it says is controlled by billionaire Russian oligarch Suleiman Kerimov, who is under U.S. sanctions. He amassed much of his wealth through a stake in Russian gold producer Polyus. Kerimov was sanctioned by the U.S. Treasury Department in 2014 and 2018 in response to Russia's activities in Syria and Ukraine. Those sanctions barred Kerimov from accessing the U.S. financial system. A spokesman for Khudainatov said in a statement on Monday that the vessel was "unlawfully seized" by the DOJ.

Persons: Luc Cohen NEW, Russian oligarch Suleiman Kerimov, Vladimir Putin, Kerimov, Polyus, Eduard Khudainatov, Evgeny Kochman, Kochman, Khudainatov, Luc Cohen, Jonathan Oatis Organizations: Luc Cohen NEW YORK, Authorities, Ukraine, Forbes, U.S . Treasury Department, U.S . Department of Justice, Millemarin Investments, Yachts, Prosecutors, DOJ Locations: United States, U.S, Fiji, Washington, Moscow, Manhattan, United, San Diego, Ukraine, Syria, Russian, Millemarin, New York

☆ Head of US 'KleptoCapture' unit targeting Russian oligarchs leaves Justice Dept.
▼ + stars: | 2023-07-27 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +3 min

Andrew Adams, who has led the "KleptoCapture" task force since its inception in March 2022, will be replaced by his deputies Michael Khoo and David Lim, a DOJ spokesperson said. "It was a privilege to cap this time in service of the Department's response to the war in Ukraine," Adams, a 10-year Justice Department veteran, wrote in a LinkedIn post. In launching the task force, U.S. Attorney General Merrick Garland said it would enforce sanctions and export controls designed to freeze Russia out of global markets, and confiscate assets obtained through unlawful conduct. During Adams' tenure, the unit unveiled indictments against aluminum magnate Oleg Deripaska and TV tycoon Konstantin Malofeyev for alleged sanctions busting, and seized yachts belonging to sanctioned oligarchs Suleiman Kerimov and Viktor Vekselberg. Reporting by Luc Cohen in New York; Additional reporting by Sarah N. Lynch in Washingon, D.C.; Editing by Daniel WallisOur Standards: The Thomson Reuters Trust Principles.

Persons: Andrew Adams, Michael Khoo, David Lim, Adams, General Merrick Garland, Oleg Deripaska, Konstantin Malofeyev, Suleiman Kerimov, Viktor Vekselberg, Artem Uss, Khoo, Lim, Luc Cohen, Sarah N, Lynch, Daniel Wallis Organizations: U.S . Department, Reuters, Department of Justice, DOJ, Department, Vekselberg's, Huawei Technologies, Iran, Airbus, D.C, Thomson Locations: Moscow, Ukraine, New York City , New York, U.S, Russia, York, Russian, Italy, New York, Washingon

☆ Dozens of sanctioned superyachts seized from Russian oligarchs still hang in limbo, racking up millions in maintenance
▼ + stars: | 2023-03-02 | by ( Grace Kay | Sam Tabahriti | ) www.businessinsider.com time to read: +6 min

Seized yachts owned by sanctioned Russian oligarchs hang in limbo as US and European authorities decide next steps. Annual maintenance for some of the yachts costs as much as $115.6 million. Earlier this week, CNBC reported that billions of dollars in oligarch's assets — from yachts and villas to private jets — are still frozen. And while the Russian oligarchs are still technically responsible for paying for yacht maintenance, they're unlikely to fork over the maintenance cost or authorities will encounter difficulty collecting the funds due to sanctions on financial transactions with the billionaires. According to Maltby, the maintenance cost of a yacht usually totals about 15% to 20% of its overall value.

☆ U.S. imposes sanctions on military procurement network aiding Russia
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +2 min

The U.S. Treasury also designated family members of Russian oligarch Suleiman Kerimov, as well as individuals that it said worked as financial facilitators in Suleiman's network. The U.S. Treasury blacklisted Milandr, a Russian microelectronics company that Washington says is part of Moscow's military research and development structure. The U.S. Treasury has sanctioned major military industrial firms in Russia and the Commerce Department has cut off exports of American-made components and U.S. technologies that have been used in some of Russia's military hardware. Russia has managed to procure drones from Iran that have been used to attack cities and power infrastructure in Ukraine. Iranian military entities and industries are already under heavy U.S. sanctions over Tehran's nuclear development program.

☆ Justice Department Money-Laundering Team Names Leaders as Ukraine War Raises Its Profile
▼ + stars: | 2022-10-11 | by ( Dylan Tokar | ) www.wsj.com time to read: +4 min

The Justice Department on Tuesday named two veteran prosecutors to lead its money-laundering and asset-recovery section. Brent Wible, a veteran federal prosecutor whose latest stint at the Justice Department began in May 2020, has been appointed the section’s new chief, a Justice Department spokesman said. The Justice Department earlier this year announced the formation of an interagency task force dedicated to enforcing sanctions and other economic countermeasures imposed on Russia, dubbed Task Force KleptoCapture. The money-laundering section’s international unit has worked closely with the task force, officials say. Justice Department leaders have said the agency intends to pay closer attention to victims’ rights when resolving cases of corporate crime.

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