- A Dutch auction house is selling the seized yacht of a pro-Kremlin oligarch, according to a Ukrainian agency.
- Ukraine said it was the first seized asset to be sold to help support the country.
- The decision constitutes a “turning point” that could pave the way for similar efforts abroad, according to the press release.
A Dutch auction house is set to sell a yacht owned by a pro-Russian Ukrainian oligarch. This is the first time a seized asset has been sold and the funds sent to Ukraine, according to the Ukrainian Asset Recovery and Management Agency.
The agency, a government body tasked with searching, tracing and dealing with assets derived from corruption and other crimes, said Troostwijk Auctions would handle the sale of the 92-meter-long yacht.
MY Royal Romance was owned by Viktor Medvedchuk, a Ukrainian lawmaker who had his Ukrainian citizenship revoked due to his pro-Russian activities.
The United States sanctioned Medvedchuk in March 2014 for his alleged role in Russia’s 2014 annexation of Crimea, and Ukrainian counterintelligence agents arrested him in April 2022 after accusing him of treason.
He was exchanged for 200 Ukrainian prisoners of war in September 2022 after requesting such an exchange shortly after his arrest, according to Ukraine’s security service.
Selling yachts owned by people sanctioned by Ukrainian and Western governments has proven to be a headache.
Many yachts are “frozen” – not seized – and are not technically owned by foreign governments, meaning they cannot be sold without special permission.
As BI previously reported, Russia’s invasion of Ukraine prompted many governments to adopt sanctions against the richest in Russiaincluding the seizure of superyachts worth hundreds of millions of dollars.
But more than two years later, it’s still unclear whether they can be sold or who will buy them.
Ukraine’s Asset Recovery and Management Agency described attempts to sell Royal Romance as 10 months of “tireless” work.
He also described the move as a “turning point” that could pave the way for more similar efforts in Ukraine and abroad.
“The sale of Medvedchuk’s yacht is not only symbolic, because it can be the first impetus and the first demonstration to the entire community that the assets of traitors to Ukraine will be used for the benefit of Ukraine” , did he declare.
The agency did not specify where or when the auction would take place. He also did not mention the expected price.
The Ukrainian Recovery and Asset Management Agency and Troostwijk Auctions did not immediately respond to BI’s request for comment.
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