Explained: What happens when superyachts of Russian billionaires are seized?

Several such superyachts have been seized by European governments, including billionaire Alexei Mordashov’s £45 million boat Lady M and a £444 million boat owned by businessman Andrey Melnichenko The UK on Tuesday seized its first superyacht of an unnamed Russian businessman as per the sanctions it has imposed upon Russia. While Transport Secretary Grant Shapps said “the ship won’t be going anywhere for the time being," let’s take a look at what happens after a superyacht is detained: Assets of Russian billionaires, including their superyachts, are in danger of being seized under the various sanctions imposed against Russia. According to a report by Independent, several such superyachts have been seized by European governments, including billionaire Alexei Mordashov’s £45 million boat Lady M and a £444m boat - one of the world’s largest yachts - owned by businessman Andrey Melnichenko. Benjamin Maltby, a partner at Keystone Law, told CNBC, “we’re in uncharted water, the situations we’re seeing now have never really occurred before.” Under the sanctions announced by the US and EU countries, the assets of the Russian elite who “enriched themselves at the expense of the Russian people” and “aided Putin” in his invasion of Ukraine will be “frozen and their property blocked from use”.