Dozens of sanctioned superyachts seized from Russian oligarchs and collectively worth billions could

[Yo_Mama_Been_Loggin]

rapidly waste away without crews to maintain them

Dozens of superyachts seized from Russian oligarchs and collectively worth billions of dollars could quickly waste away in a matter of weeks if they're not properly cared for — a process that requires millions of dollars.

The yachts and their billionaire owners, many of which are among Russian President Vladimir Putin's closest allies, were included in a series of sweeping global sanctions recently imposed against Russia for its invasion of Ukraine. Earlier this month, Italy seized a $578 million megayacht belonging to Andrey Melnichenko, France seized a $120 million vessel owned by Igor Sechin, and Spain seized a $153 million superyacht linked to Sergei Chemezov.

Insider spoke with four experts who described how the sanctions against Russia — which they say are more extensive than any other coordinated global round of sanctions in history — could lead to lengthy court battles and the deprecation of the world's most expensive superyachts.

"Yachts will start to deteriorate as soon as the maintenance program is relaxed," Benjamin Maltby, partner at Keystone Law in the UK and an expert in yacht and luxury asset law, told Insider. "Cleaning surfaces, and checking equipment operation is continual."

https://www.msn.com/en-us/money/companies/dozens-of-sanctioned-superyachts-seized-from-russian-oligarchs-and-collectively-worth-billions-could-rapidly-waste-away-without-crews-to-maintain-them/ar-AAVgC3t

[L. Coyote]

1. Oligarch tears: a thread of seized superyachts.

Fun fact, the four largest yachts seized would fill Red Square.

Link to tweet

Link to tweet

[The Unmitigated Gall]

2. Fine. Strip 'em and sink 'em.

Call it Russian Reef.

[jmbar2]

3. refugee housing

[LuckyLib]

4. The party's over, boys. You never imagined that

kissing Putin’s ass would prove so costly. Our hearts bleed for you.

[PortTack]

5. Sell them to the highest bidder. All proceeds go to rebuild Ukraine

If they can’t be sold as is, scrap them and sell the parts.