Russian billionaire’s super yacht detained after docking in Gibraltar

by Monique Beals - 03/21/22 10:56 PM ET

A yacht connected to the owner of Russia’s largest steel pipe maker was detained by authorities after docking in Gibraltar.

Dmitrievich Pumpyansky, who owns the steel group TMK, is under British and European sanctions as the West has imposed sanctions on Russian oligarchs over Moscow’s unprovoked invasion of Ukraine, according to Reuters.

The boat involved is known as the “Axioma,” a 72-meter ship owned by Pyrene investments. While that company is a British Virgin Islands holding company, Pumpyansky was named in the Panama Papers as a beneficiary of the holding, the news service said.

Authorities in Gibraltar said the ship “was confirmed to be the subject of an arrest action by a leading international bank in the Supreme Court of Gibraltar,” Reuters reported.

“The vessel is now subject to arrest by the Admiralty Marshal until further order,” the government’s statement also said. Reuters added that the ship had departed Antigua on Feb. 27 and sailed for three weeks before arriving in Gibraltar, according to Refinitiv shipping data.

The sanctions on certain Russian people and entities have prompted many luxury yachts to depart Europe and head toward the Maldives, which does not have an extradition treaty with the U.S.

In addition to sanctioning Russian businesses and oligarchs, the U.S. has halted Russian oil imports and sent military aid packages amid Moscow’s deadly invasion.

Since the attacks began on Feb. 24, roughly 10 million Ukrainians have been displaced from their homes either within the country or as refugees abroad.