The Netherlands is a place where superyachts get built, and just in case one that might soon roll off the assembly line and be headed to a Russian oligarch, the country has decided to seize everyone until they know precisely who owns it.
According to the Foreign Minister Would Hoekstra, a dozen yachts were detained; 10 were under construction, and two were being rebuilt.
Here’s part of the letter Hoekstra sent to the Dutch parliament.
“The situation is, at the moment, that in five yards there are 12 yachts under construction for so-called Russian ultimate beneficial owners. Because of the current export measures, these vessels should not be delivered.”
It’s open season on blocking these mammoth and uber-expensive vessels from departing any port. Monday, Spain seized a 254-foot yacht in Spain. It’s called Tango, and the owner is reported to be Viktor Vekselberg, a well-known FOP (friend of Putin).
A $75 million boat called Axioma was detained in Gibraltar – allegedly owned by Dmitry Pumpyansky, chairman of the largest steel and pipe manufacturer in Russia.
While the billionaire oligarchs might be crying as their fancy toys get yanked, this has real repercussions for honest businesspeople building the superyachts. According to Reuters, there were over $1.66 billion in superyacht sales in 2020 alone.
A story in Robb Report claims that Russians own 10 percent of all yachts worldwide over 100 feet.
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