Italy’s finance police seize Russian oligarch’s mega yacht

The Italian finance police seized Russian oligarch Andrey Melnichenko’s mega yacht in Trieste, Italy on Friday evening.

The Guardia di Finanza made the announcement in a statement released on Friday evening. Called “SY A,” the yacht was in storage at the Port of Trieste, the statement said.

It’s worth approximately 530 million euros ($578 million), the statement added. It is one of the largest superyachts in the world, according to the manufacturer Nobiskrug.

Video published by the finance police shows agents boarding the yacht.

Melnichenko was sanctioned by the European Union on March 9 as part of expanded sanctions on Russian oligarchs. According to the EU, he owns the major fertilizer producer EuroChem Group and SUEK, a coal company. 

In the EU’s Council decision, which authorized sanctions against Melnichenko, they noted he and 36 other business leaders met with Russian President Vladimir Putin after the invasion into Ukraine to discuss the potential economic impact of EU and American sanctions.