russian yacht cyprus

Watch CBS News

Cyprus: Searching for the money of Russian oligarchs

By Sharyn Alfonsi

January 15, 2023 / 6:58 PM EST / CBS News

After Russia launched its invasion of Ukraine, the U.S. and its allies responded with sanctions targeting companies, oligarchs and officials with ties to Russian President Vladimir Putin.

Headlines trumpeted the trophies of Russian oligarchs seized throughout Europe - yachts in Italy, villas in the south of France and priceless art in Germany - but those fixed assets are relatively easy to locate. Finding the billions of dollars oligarchs have stashed around the world is proving to be more difficult. 

How do you hide that much money from an international community that says it's determined to find it? The question led us to Cyprus - a tiny Mediterranean island at the crossroads of Europe, Asia and the Middle East. Today, the once bustling vacation spot is in the middle of an international game of hide and seek.

A poet once described Cyprus as a "golden green leaf thrown into the sea." The island, just 140 miles long, is wrapped in sandy beaches, and a rich history.

These turquoise waters, according to legend, were the birthplace of Aphrodite. But today, the "playground of the gods" has become a playland for wealthy Russians.

We headed down the southern coast of the island to Limassol. Before the war, it was a favorite spot for Russians to thaw. A three-hour flight from Moscow, Limassol's mix of designer shops, fur stores, cyrillic signs and stores serving caviar earned it the nickname, "Moscow on the Med."

But Alexandra Attalides, a member of the Cyprus Parliament, says after the fall of the Soviet Union, the oligarchs who descended on the island weren't here for the beaches.

Alexandra Attalides: There are beautiful beaches in Spain, in Portugal, in Greece. There are a lot of beautiful beaches. I think that they found a fertile ground here that helped them.

Sharyn Alfonsi: How did the Russian oligarchs use Cyprus?

Alexandra Attalides: After 1989 when they stole the property of the Russian people and they started to build their empires. And then maybe they were afraid that someday something will happen, so they wanted their assets to be safe outside Russia. So they were looking for tax havens, and we had a very low tax rate at the time.

Sharyn Alfonsi: They got a place to hide their assets.

Alexandra Attalides: Yeah.

Maira Martini: Cyprus historically built a financial system to attract overseas wealth.

Maira Martini is an analyst for Transparency International, a nonprofit that tracks money laundering around the world. She says for decades, if you were an oligarch or just a shady character looking to hide your rubles, Cyprus, was hard to beat. 

Maira Martini: It offers the secrecy and still security and that's what criminals and corrupt individuals are usually looking for.

Sharyn Alfonsi: What do you mean it offers secrecy?

Maira Martini: So in Cyprus, for many years you could open a bank account without having a lot of questions asked. You can open a company without having a lot of questions asked, meaning you can put the money there without needing to tell who you are, where the money comes from.

• How U.S. prosecutors seize sanctioned Russian assets

Cyprus became as famous for it's opaque banking as its clear water. Soon, like sun-starved tourists, foreign money started pouring into the island.

By 2012, the country of about a million residents had amassed bank deposits of nearly 72 billion euros. About 30% of those bank deposits came from Russian nationals.

But in 2013, the tide turned. The debt crisis in neighboring Greece, threatened to sink the Cyprus economy.

Lawmakers, fearing the country would lose all that Russian capital, pushed a scheme other countries had used to attract wealth - a "citizenship by investment" program.

Alexandra Attalides: From the beginning, for me, this was unacceptable.

Here's how it worked.  Any foreigner who invested more than 2 million euros in the country, typically buying real estate, could get a Cypriot passport, a coveted possession because Cyprus is part of the European Union.

Alexandra Attalides: So the people who are buying the passport of Cyprus, they were buying the European passport. They were buying an open door to 27 countries.

From 2013 to 2020, Cyprus issued almost 7,000 of those "golden passports" – nearly half to Russians.  

Suddenly, the skyline of Limassol was injected with high-rise luxury apartments, its port with mega yachts and its stores with uber-wealthy Russians.

Alexandra Attalides: You could see them walking around like princesses, moving in the most expensive shops. They have their business, they have their houses, they have luxury houses.

But in 2020, an undercover investigation by Al Jazeera revealed corruption in the passport program.

Cyprus had illegally issued hundreds of "golden passports," some to criminals and fugitives.     

After protests and under pressure from the EU, the Cyprus government shuttered the program weeks later. But the passports were still out there. 

Alexandra Attalides: When you give passports to people that later we realize that they are criminals, then you open the door of Europe to criminals.

The golden passports also opened the door of Europe to Russian elites. 60 Minutes has learned that at least a dozen of these now-sanctioned Russian oligarchs - were issued - "golden passports." 

Among them: Igor Kesaev who owned a Russian arms factory. 

Billionaire Alexander Ponomarenko, who was the chairman of the board of Russia's biggest airport and who the U.S. government calls one of Putin's "enablers."

And aluminum tycoon Oleg Deripaska, part of Putin's inner circle. According to the U.S. Treasury, he's been investigated internationally for,  among other things, money laundering, illegal wiretapping and extortion, accusations he denies. 

Maira Martini told us a Cypriot passport could make it easier for those sanctioned oligarchs to buy property and move assets and that the cozy relationship between wealthy Russians and Cyprus is raising concern internationally.

Maira Martini: If you're a small country that is very dependent on foreign money coming from one single country, this also even might create a conflict, right?

Sharyn Alfonsi: Really sanctions are only as strong as the weakest link. Is Cyprus the weakest link here?

Maira Martini: I think Cyprus is one of the weakest links.

Cyprus Minister of Finance Constantinos Petrides disagrees. We first spoke to him in September. His office oversees efforts to freeze the Cyprus assets of anyone sanctioned by the EU.

Sharyn Alfonsi: Who has been sanctioned, specifically, individuals within Cyprus?

Constantinos Petrides: Regarding the citizenship, I think about ten people were found under restrictive measures. And the Council of Ministers has initiated a process to revoke their passports.

Sharyn Alfonsi: The ten people that have been sanctioned, who are they?

Constantinos Petrides: I don't have any, any names now.

Sharyn Alfonsi: But would you be able to provide us with that list of names if we asked for it?

Constantinos Petrides: I'm not sure. I would have to, I would have to see.

We sent Minister Petrides a request for those names and the list of any assets of sanctioned Russians that Cyprus has seized or frozen. 

In a series of e-mails over the last three months, Petrides' office responded that due to European data protection rules, "no detailed list can be made public."  But other EU countries have publicized detailed lists of their actions.

Sharyn Alfonsi: So is the expectation that everyone should just trust the Cyprus government that they're implementing the sanctions that they're supposed to on Russians?

Constantinos Petrides: I'm not saying that everybody should trust the Cyprus government. The Cyprus government does not need somebody to trust it. We have the reports of the mutual assessment for Cyprus 2019 that shows all the progress made in the past years. I think that we have proved as Cyprus that we are a reliable member of the, of the EU. We do admit that in the past there have been mistakes. But Cyprus has also been unfairly stigmatized.

Petrides told us the passports of sanctioned oligarchs are in the "process" of being revoked and said Cyprus has seized 105 million euros of Russian deposits. A big number, but just a fraction of the estimated 5.6 billion euros of Russian deposits made in Cyprus last year. We also asked Minister Petrides about this, the dozens of Cyprus properties and active shell companies we were able to trace back to sanctioned Russians.

He told us any Cypriot company with an EU-sanctioned oligarch listed as the owner has been placed under "increased scrutiny."     

But often, Russian oligarchs don't list their names anywhere near their assets. 

Take the case of Roman Abramovich and his planes. According to U.S. investigators, they were hidden under five shell companies, stacked like Russian nesting dolls, with addresses in the BVI and British island of Jersey, all leading to an anonymous trust in Cyprus.  

But it wasn't Cyprus authorities who ultimately moved to seize the planes. It was prosecutors from the U.S. Department of Justice.

Lisa Monaco: There's always been dark corners of the international financial system. And kind of like water finding a crack, that's where the criminal networks will go.

U.S. Deputy Attorney General Lisa Monaco is in charge of the Department of Justice's "Kleptocapture Unit," tasked with finding the assets of sanctioned oligarchs hidden around the world. 

Sharyn Alfonsi: It used to be, you know, the guy fleeing with suitcases of money. That's not the case anymore.

Lisa Monaco: It is not.

Sharyn Alfonsi: It is crypto. It is planes. It is yachts. It is layered. And so how do you keep up with it?

Lisa Monaco: Even the most notorious actors, whether it's the mafia, whether it's rogue regimes, the best tool we have is following the money.

The money has led DOJ investigators around the world and closer to home.    

It turns out, like the tourists who visit Cyprus, dirty money doesn't stay on the island forever. Typically, it's "washed" and invested in other, western economies.  

Investigators say that's one way Oleg Deripaska has been able to skirt sanctions. 

Lisa Monaco: What the task force exposed was the network of enablers, and money launderers, and facilitators who helped him hide his wealth in real estate here in Washington D.C. and in Manhattan.

Sharyn Alfonsi: In the United States?

Lisa Monaco: In the United States, in artwork, in vanity businesses, including a music studio in Beverly Hills.

In their case, the DOJ alleges that in 2020, Oleg Deripaska arranged for one of his children to be born in the United States, even though he was under U.S. sanctions. 

Sharyn Alfonsi: He has a child that's a U.S. citizen now?

Lisa Monaco: He was able to do that in one instance. And then in the second instance, that was not accomplished.

Because U.S. Customs stopped it. The government case details how, as the war in Ukraine intensified, Deripaska used a "Cyprus" company to arrange "travel on a private jet from Russia to Los Angeles" for his pregnant girlfriend, moving money to rent a home for her in Beverly Hills. But when she landed in Los Angeles this summer, she was stopped by customs officers. 

Deripaska, his girlfriend and the U.S. resident who helped him are now charged with sanctions evasion. They are not in custody, but the DOJ has announced plans to seize his U.S. properties worth an estimated $70 million.

Since the start of the war, the U.S. has moved to seize more than a billion dollars of sanctioned assets around the world.

Sharyn Alfonsi: So what should happen to those assets?

Lisa Monaco: We are seeking the authority from Congress to allow us to use the proceeds for the benefit of the Ukrainian people.

Oleg Deripaska has publicly criticized the economic impact the war in Ukraine could have on Russia. But U.S. investigators maintain he is a "Putin cronie" who is "propping up Russia's war machine." 

Back in Cyprus, 60 Minutes found a villa in this seaside complex, offices in this building and more than a dozen "active" shell companies linked to Oleg Deripaska. The Cyprus government will not say whether it has frozen any of those assets.

Produced by Oriana Zill de Granados. Associate producer, Emily Gordon. Broadcast associate, Elizabeth Germino. Edited by Michael Mongulla.

Sharyl Alfonsi is an award-winning correspondent for CBS News' 60 Minutes.

More from CBS News

As Ukraine aid languishes, 15 lawmakers work on end run to approve funds

Putin hails election win, but his critics make their presence felt

Deciding between debt relief and bankruptcy? Here are the factors to consider

How much money is bet on March Madness? Billions according to experts.

• GREEK EDITION

Futuristic mega yacht back in Cyprus

Russian billionaire’s sailing yacht a reaches polis chrysochous on vacay.

The futuristic mega yacht owned by a Russian industrialist is drawing attention once again in Cyprus, with maritime maps showing the Sailing Yacht A anchored in Chrysochou Bay on Monday morning.

Billionaire globetrotter Andrey Melnichenko, whose real net worth is estimated at $23.6 billion -roughly equal to Cyprus’ Gross Domestic Product for the year 2021- has been known to sail to his vacation spots in style.

Melnichenko’s mega yacht with three impressive mammoth masts as its calling card has been seen off Limassol and Larnaca in the past, while data from maritime traffic on Monday showed the Sailing Yacht A was seen from Kato Paphos moving northbound where it dropped anchor off Polis Chrysochous.

The incredible 142m vessel cost well over $400 million and was delivered in 2017. It was designed by French designer Philippe Starck who had also designed Melnichenko’s previous yacht.

Officially described as a sail-assisted motor yacht, this divisive design comprises eight decks, with an underwater observation deck hidden in the bulbous bow. Sailing Yacht A boasts the tallest carbon masts in the world, each measuring in at more than 90 meters long.

Curious boat collides with mega yacht

Back in April, a small family boat sailed into the side of the mega yacht in Spain, with the captain filing only an incident report per maritime regulations.

It was later reported that the family wanted to take a peek at how the rich and famous lived.

But years earlier the Russian billionaire had told media he was not a celebrity and that he wanted to maintain a private life.

“Where I live, how I spend my days, where I go... this is what I mean by private life. I am a happy man in that life. There are parts of one’s life, which do not need to be shared with others. I am not a celebrity and I am not remunerated for the recognition. I don’t need to be allowed into the club without a ticket,” he said back in 2012.

According to Forbes, Belarus-born Melnichenko owns majority stakes in fertilizer producer Eurochem and coal energy company SUEK.

Melnichenko’s first business venture was a chain of currency-exchange booths he started in the 1990’s after organizing with friends from school a private trading company. He then invested his money into the fertilizer and coal industries.

• World's biggest yacht in Limassol
• Virus-stranded cruise ships tread water off Cyprus
• Financier's Cypriot passport rocks the boat
• Athens teen prostitution sting: Online chats result in arrests | 14:41
• Money laundering allegations hit Spanish football: Officials arrested | 13:47
• Brain chip enables paralyzed man to play chess with mind | 12:13
• Trust issues rise as US congress stalls Ukraine aid | 11:11
• UN's silent visit leaves Cyprus guessing | 10:49
• LATEST NEWS

Cyprus gathers 35 nations to shape future of 'Amalthea' initiative

Theologian's complaint unveils monk misconduct, scattered showers and surging winds ahead, president christodoulides engages in eu summit talks, minister details akamas park's future, promises change, news: latest articles.

Athens teen prostitution sting: Online chats result in arrests

Money laundering allegations hit Spanish football: Officials arrested

Brain chip enables paralyzed man to play chess with mind

Paris Olympics rekindles condom tradition in athletes' village

Cyprus construction costs fall 2.23% in 2024

Cyprus sees surge in electric vehicle interest, prompts policy review

HIV removed from cells, researchers find

Methamphetamine use in Cyprus under scrutiny

Man held for alleged dining and dashing

Greek Cypriots and foreigners clash in Paphos

Multicultural play ''CUT'' breaks barriers in Cyprus

From Cyprus to Gaza: How 200 tonnes of food aid found its way

Biden applauds Christodoulides for humanitarian efforts in Gaza

Russian election influence in Cyprus raises eyebrows

Late Archbishop expressed concerns over Avvakoum Monastery's operations

Stormy skies and shifting temps ahead

Cyprus President to speak at College of Europe

Study: Baby-making could speed up your expiry date

4,000 liters of fuel seized in cross-border operation

Cyprus invests €3.2M in 50 green kiosks

Four apprehended in Athens minor prostitution scandal

Charges filed in Arachova husky killing case

Nepali fighters demand return from Russia's war in Ukraine

Drone-spotted firestarter has change of heart

Cypriot minister picks tax battle on Twitter

The Russian billions in the West and a drop in the ocean in Cyprus

Cyprus Confidential Opinion Piece     10:58 - 06 December 2023

There is no one who denies that Cyprus has developed significant economic and business relations with Russia and that for a number of years now, the economic and business ties of the two countries have been particularly close.

This fact was of little or no concern to the international community, the various institutions and organisations inside and outside the EU, since the geopolitical orientation of Cyprus has always, or almost always, been demonstrably Western.

This changed with the Russian invasion of Ukraine and the sanctions that followed, when some put Cyprus in the eye of the storm, target it and charge it with a felony for its economic relations with Russia.

With characterisations attributed to it from time to time, such as, for example, "Moscow of the Mediterranean", "laundry of Russian oligarchs" and other related names, an image of the country was artificially created and projected. The image of a Cyprus serving Russian economic interests, circumventing sanctions, not complying with international compliance regulations, all for the sake of…our comrades.

The image of a Cyprus that is essentially a vehicle for Russia and the country's oligarchs to do their work unhindered, despite whatever restrictions they are subject to.

The tip of the iceberg of this entire effort to cultivate such a defamatory image for Cyprus was the recently published "Cyprus Confidential" survey, the content of which, however, as it turned out, was in no way such that to prove the negative impressions it aimed to create about our island and its behavior as a financial and professional service centre.

InBusinessNews recently developed and highlighted in a series of articles the reasons why the presented findings of "Cyprus Confidential" are far from reality, the reasons why we believe that the investigation in question resulted in nothing more than baseless allegations and unsubstantiated accusations.

About how it was, in the end, “reheated soup,” in which Cyprus as a point of reference, in no way justified the uproar that the initiators of the research wanted and tried to create around the name of the country.

So let's on below to see why, let's document with facts and figures, published on international websites and reports, whether or not Cyprus really is the "Moscow of the Mediterranean" as some like to claim, whether it really is or not, the "laundry room of the Russian oligarchs".

Dissemination in the West

In the great debate that is taking place regarding the dispersion of Russian capital and Russian wealth in the West, whether these concern the assets of the Russian Central Bank or Russian oligarchs, it is of particular interest to see where and what the position of Cyprus is in the whole equation.

It is therefore no secret, and not even from the competent authorities of our country, that Russian funds of several tens of millions were also deposited in the banking system of Cyprus, which of course were frozen with the imposition of sanctions.

What is the essense? The fact that compared to the billions in Russian funds that were in many other countries of the West, the few tens of millions in Cyprus seem like a negligible amount, in no way justifies the effort to push our island against the wall and the everything that has been attributed to it.

And let's be specific: The picture in relation to where - for example - the assets of the Russian Central Bank were, is clearly captured in the report of the Renew Democratic Initiative (RDI) entitled "The legal, practical, and moral case for transferring Russian sovereign assets to Ukraine"-dated 9/17/2023-, where based on data and figures from relevant reports of the Russian Central Bank itself, the precise dimension of things is given.

Specifically, a report released by the Russian Central Bank before the invasion of Ukraine indicated the whereabouts of the $585 billion it had then, until June 2021, in foreign currency and gold.

According to the said report of the Russian Central Bank, during that period, countries of the G7 and the EU had hundreds of billions of dollars of these assets. In particular, of these reserves, the Russian Central Bank had kept:

• $127 billion in Russia (in gold),
• 80 billion in China,
• 71 billion in France,
• 58 billion in Japan,
• 55 billion in Germany,
• 38 billion in the US,
• 26 billion in the UK,
• 17 billion in Austria,
• 16 billion in Canada,
• 29 billion in "international institutions",
• 62 billion in other countries.

It is worth noting that subsequently, and by the time Russia invaded Ukraine, its Central Bank held more than 630 billion in international reserves, an increase of 45 billion since June 2021. While in its annual report on 2021, issued in April 2022, the bank provided an updated analysis of Russian assets held in foreign currency or gold.

What has emerged as a conclusion and follows on from the above is that the countries of the G7, the EU and others, collectively hold and have frozen more than 300 billion in assets of the Russian Central Bank.

This is an amount that the "Russian Elites, Proxies, and Oligarchs (REPO) Task Force", the action group - consisting of the USA, Australia, Canada, France, Germany, Italy, Japan, the United Kingdom and the European Commission - established in March 2022 with the mission and objective of identifying, freezing and confiscating the assets of sanctioned legal or natural persons, confirmed on 29 June, 2022, according to a publication by "Financial Crime News", dated 23 February, 2023.

With the largest volume of them, as the Central Bank of Russia's own reports "reveal", and despite the resulting reluctance on the part of the REPO to identify exact locations and amounts, to be located as far as the West is concerned, in France, Germany, USA, UK, Austria, Canada and obviously not in Cyprus.

It is pointed out that at the beginning of 2023, the Swedish Presidency of the Council of the EU appointed a working group to discover the holding within the EU of large Russian assets. Last May, about 194 billion euros, or $200 billion, were found frozen in the European clearing system Euroclear, in Belgium.

The reasonable question for us that therefore arises is why should Cyprus be the "Moscow of the Mediterranean" and France, Germany, the United Kingdom, Austria not be the... "Moscow of Europe"?

The fortunes of Russian oligarchs

But there is more... Cyprus has been accused and is being accused of being connected to and providing services to the Russian oligarchs, whose properties are worth several billions, are not registered in Cyprus alone, are not located in Cyprus alone and are not related to Cyprus alone.

Luxurious houses, yachts, and airplanes belonging to oligarchs were confiscated in countries such as, not of course Cyprus, but the USA, Spain, Italy and Germany etc. In a report by Forbes dated 14 April, 2023, it was estimated that until last April, Western countries had frozen or confiscated at least 15 yachts belonging to billionaires, 11 jets and helicopters and 124 houses, with a total value of nine billion dollars.

Also according to Forbes, many yachts owned by Russian billionaires or members of their families, such as Roman Abramovic, Farkhad Akhmedov, Vagit Aelkperov, Andrei Guriev, Eduard Khudainatov, Andrei Kuzmichey, Igor Makarov, Andrey Melnichenko, Alexey Morashov, Dmitry Pumpyansky, Arkady Rotenberg, Gennady Timchenko, Eugene Shvidler, Alisher Usmanov and Viktor Vekselberg, were last spotted after the sanctions, not in Cyprus but in the US, the EU or the UK and their territories, including France, Germany, Gibraltar, Italy, the Netherlands, Puerto Rico and Spain.

Although Russians used the service sector in Cyprus, it is clear from the evidence that they did not hold any particular assets on our island, either in the form of cash in Cypriot banks or in movable and immovable property, up to the point of sanctions, with the result that no great benefits arise, neither for the state in terms of taxation, nor for sectors of the real economy that could undertake their management and maintenance.

The case of the oligarch Roman Abramovic, whose name has been associated with Cyprus, is an example in point. According to Forbes he owned a number of luxury yachts, the total value of which exceeds one billion dollars.

Not only is not one of them registered in Cyprus, not even one of them had our island as the last recorded location. Instead, four of the eight were anchored in Turkish ports.

In fact, not one of the dozens of Russian yachts found under the microscope after the sanctions is registered in Cyprus , nor were they anchored in a Cypriot port, which is why the Cypriot authorities did not make any confiscations in the context of the application of the sanctions, unlike the authorities of other countries.

The picture is similar when it comes to real estate. In a publication of Forbes 5 March 2022, updated on 14 September 2023, in which an attempt is made to record some of the luxurious mansions, apartments and houses owned by the oligarchs, it appears that while these assets are estimated to total in billions dollars, the only property found in Cyprus belongs to Oleg Deripaska and is a mansion with a swimming pool in Paphos.

On the contrary, much more popular countries for this type of investment were the United Kingdom, France, Italy, but also the USA. Among the preferences of Russian oligarchs were well-known expensive areas, as well as places that are considered tourist resorts for the global elite.

Although an extremely small percentage of these transactions were made through Cyprus according to the publication, it is clear that not even a crumb of these untold fortunes are located in the... "Moscow of the Mediterranean".

The enormous wealth accumulated by the Russian oligarchs is scattered in various parts of Europe, but also in the USA. It is located in London and Rome, not in Nicosia and Limassol...

Why shouldn't all these countries, in which the Russian oligarchs had and have assets of billions of dollars, be their "laundry" instead of Cyprus?

A small drop in the ocean…

So it doesn't take much more to see that in the entire history of the connection of the Russian oligarchs with the West, Cyprus did not play a leading role at all.

But also to realise that any attempt to maximise this role under the invocation of individual cases of connection through subsidiaries of the subsidiaries based on our island, rather resembles a malicious, bad taste joke, rather than a serious analysis.

And certainly, yes, Cyprus may have had close financial relations with Russia in the past, but in the face of the Russian billions that in one way or another were traded in the rest of the West, whether they concern assets of the Russian Central Bank or assets of Russian oligarchs, the involvement of our island was only like its position on the world geographical map…a small drop in the ocean…!

37 minutes ago Companies

3 hours, 5 minutes ago Companies

3 hours, 9 minutes ago Companies

4 hours, 21 minutes ago Companies

4 hours, 26 minutes ago Economy

4 hours, 39 minutes ago People

4 hours, 57 minutes ago Companies

Per aspera ad astra: Through hardships to the stars

Change Management in Business Transformation: Realising the 3 challenges to succeed

Cyprus' construction sector: Navigating demographic shifts and international demand

Conquering the Clicks: A guide to thriving in the online marketplace

Protection of Vasiliko energy infrastructure

Raising Capital: Trends and Strategies for Private TMT Companies in 2024

How trademarks empower businesses in the Digital Era

Immersive Scrolling: How every click tells a story

The Autonomous Republic of Crimea and the city of Sevastopol - Ten years under illegal Russian occupation

There is more than just venture capital

Morning Rundown: Progressive areas revive tough drug laws, plaque bacteria may be behind severe colon cancer, fake heiress faces extradition

Here are the superyachts seized from Russian oligarchs

As part of an international pressure campaign on Russia, authorities from around the world have seized more than a half-dozen superyachts belonging to billionaire oligarchs allied with Russian President Vladimir Putin.

The yacht seizures since the Feb. 24 invasion are "just the beginning," White House press secretary Jen Psaki told reporters in March, as an international task force worked to identify further assets that can be seized or frozen.

“The Justice Department will be relentless in our efforts to hold accountable those who facilitate the death and destruction we are witnessing in Ukraine,” U.S. Attorney General Merrick Garland said of the ongoing efforts in May.

Here are the superyachts government officials have seized since Russia invaded Ukraine last month.

The Justice Department announced May 5 that the Fijian government had seized billionaire oligarch Suleiman Kerimov 's 348-foot yacht Amadea. The vessel, which is valued at more than $300 million , arrived in Fiji last month. Kerimov, who's worth an estimated $14 billion and has ties to the Russian government, was sanctioned by the U.S. Treasury Department over alleged money laundering in 2018.

Special features on the sprawling yacht include a helipad, infinity pool, a jacuzzi and multiple bars, according to a report in Boat International . It can accommodate 16 overnight guests in addition to 36 crew members, the report said.

In April, Spanish law-enforcement officials seized a 255-foot yacht called the Tango, which Justice Department says is owned by oligarch Viktor Vekselberg. Vekselberg is an aluminum magnate who the Treasury Department says has close ties to Russian President Vladimir Putin.

The Tango is worth an estimated $90 million, prosecutors said , and Vekselberg allegedly purchased it through shell companies. The 11-year-old yacht has seven staterooms and reportedly includes amenities such as a pool, gym and beauty salon .

Authorities in Italy seized a 215-foot superyacht called the Lady M this month. It's owned by Alexei Mordashov, Russia's richest businessman, and it’s estimated to be worth $27 million . The vessel, which requires a crew of 14, has six guest cabins , a pool and a gym.

But it pales in comparison to another of Mordashov's yachts, the $500 million Nord . The 464-foot vessel, which has two helipads and a waterfall and can accommodate 36 guests, was anchored this month in the Seychelles, where the U.S. and European Union sanctions don’t apply.

Italian officials also seized the 132-foot superyacht Lena, owned by the energy magnate Gennady Timchenko. Estimated to be worth $8 million, it has five cabins and can accommodate 10 guests.

SY A — short for Sailing Yacht A — is one of the world's largest superyachts. Valued at over $440 million, the 469-foot vessel, owned by the fertilizer magnate Andrey Melnichenko, has eight decks, multiple elevators, an underwater observation area and the world's tallest masts . It was seized in the Italian port of Trieste.

Authorities in Spain seized Sergei Chemezov's Valerie, a 279-foot superyacht that had been moored in Barcelona. Chemezov , a former KGB officer, heads the state conglomerate Rostec. Spanish Prime Minister Pedro Sanchez touted the seizure on La Sexta television. “We are talking about a yacht that we estimate is worth $140 million,” Sanchez said.

Officials in France announced this month that they had seized the 289-foot Amore Vero, which was undergoing repairs in a shipyard near Marseille. When they arrived, authorities said, they found the crew preparing for an urgent departure, even though the repair work was scheduled to last through April. The $120 million boat, which has seven cabins , is linked to Igor Sechin, described by the U.S. Treasury Department as a close ally of Putin's.

Dareh Gregorian is a politics reporter for NBC News.

• Business and Finance
• Careers Express

Germany seizes Russian billionaire Usmanov’s yacht

German authorities have seized a nearly $600 million luxury yacht owned by Russian billionaire Alisher Usmanov, who has faced European Union sanctions over Russia’s invasion of Ukraine, Forbes reported, citing sources in the yacht industry.

The more-than-500-foot (150 metre) Dilbar superyacht, which boasts a 25-metre swimming pool, was taken in the northern port of Hamburg, the Forbes website reported. Separately on Thursday, French authorities took control of a yacht they said belonged to Rosneft boss Igor Sechin.

Dilbar had been undergoing a refit in shipyards of Blohm + Voss, Forbes reported, adding that the German government had frozen the asset and employees working on the ship did not appear for work on Wednesday.

No one at Germany’s General Customs Office was available to comment.

A spokesperson for Blohm + Voss declined to comment on the Dilbar, saying only that all orders and projects of the Luerssen Group and its subsidiaries were treated in accordance with the legal situation.

Forbes said representatives for Usmanov did not immediately respond to a request for comment.

The EU imposed sanctions on the Russian tycoon and metals magnate and 25 other prominent people for Russia’s invasion of Ukraine, according to a decision published in the EU’s official journal.

Delivered in 2016, Dilbar is the largest motor yacht in the world by gross tonnage, according to the Luerssen website. Among its recreational facilities is the largest-ever pool to have been installed on a yacht.

At least five superyachts owned by Russian billionaires were anchored or cruising on Wednesday in Maldives, an Indian Ocean island nation that does not have an extradition treaty with the United States, ship tracking data showed.

The economy senator for Hamburg said on Wednesday that no yacht would leave the port unless it had proper clearance.

A spokesperson for the city’s economy ministry said customs authorities would be responsible for enforcing any sanctions on Russian yachts and they would only give clearance once the ownership of any vessel was clear.

EU considering SWIFT exclusion for Belarus banks

Bangladesh cargo ship hit in ukraine, crew member killed.

Reuters News Service

Related posts, labour’s starmer urges people to leave princess of wales alone, fighting rages at gaza’s shifa hospital, eu leaders to discuss using profits from russian assets to arm ukraine, satellite images show 35% of gaza’s building destroyed, un says, israeli army: 50 palestinian gunmen killed in fighting at gaza’s shifa hospital, russia launches largest missile attack on kyiv in weeks (update).

• Cookies Policy
• Strictly Necessary Cookies
• 3rd Party Cookies

Please read this Cookie Policy carefully as it contains important information on who we are and how we use cookies on our website. This policy should be read together with our Privacy Policy   which sets out how and why we collect, store, use and share personal information generally, as well as your rights in relation to your personal information and details of how to contact us and/or the supervisory authorities in case you have any complaint.

This Cookie Policy applies to the access and use of the Cyprus Mail Website hosted at https://cyprus-mail.com/ (hereinafter referred to as the “ Website ”), which is operated by NEO CYMED PUBLISHING LIMITED (hereinafter the “ Company ”, “ we ” or “ us ”).

Our Company strives to protect personal data and apply high standards of conduct when it comes to privacy issues. We ensure that we provide our employees and staff with the appropriate training to handle personal data promptly and in accordance with the laws. Furthermore, we endeavour to ensure that any parties with whom we co-operate apply the same high standards when it comes to data protection and privacy as we do.

A cookie is a small text file which is placed onto your device (e.g. computer, smartphone or other electronic device) when you use our Website. We use cookies on our Website. These help us improve your experience and at the same time help us to support our security features i.e. detect for malicious visitors, recognize you and your device and store some information about your preferences or past actions .

For example, we may monitor . This information helps us to identify trusted web traffic, generate statistical and analytical data on how our visitors use our Website, our reach and click on links. We also uses cookies to personalize your online experience. Some of this data will be aggregated or statistical, which means that we will not be able to identify you individually.

For further information on our use of cookies, including a detailed list of your information which we and others may collect through cookies, please see below.

For further information on cookies generally, including how to control and manage them, visit the guidance on cookies published by the Office of the Commissioner of Personal Data Protection in Cyprus, or www.allaboutcookies.org/ .

Consent to use cookies and changing settings

We will ask for your permission ( Consent ) to place cookies or other similar technologies on your device, except where they are essential for us to provide you with a service that you have requested (enabling basic functions like page navigation and access to secure areas of the Website) and ensure the security of our website and users.

You may withdraw any consent provided regarding the use of cookies or manage any other cookie preferences by clicking on the Cookie Settings icon at the bottom end of any page on our Website. You can then adjust the sliders regarding the cookies as per your preferences . It may be necessary to refresh the page for the updated settings to take effect.

For more information on how you can change your preferences via browser settings please see ‘How to turn off all cookies and consequences of doing so’ below . It may be necessary to refresh the page for the updated settings to take effect.

Our use of cookies

Categories of Cookies:

• Necessary cookies are absolutely essential for the Website to function properly. These cookies ensure basic functionalities and security features of the Website, anonymously.
• Analytical cookies are used to understand how visitors interact with the Website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
• Functional cookies help to perform certain functionalities like sharing the content of the Website on social media platforms, collect feedbacks, and other third-party features.
• Performance cookies are used to understand and analyze the key performance indexes of the website to improve user experience.
• Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
• Other uncategorized cookies are being analyzed and have not yet been categorized.

The table below provides more information about the cookies we use and why:

Third party access to the cookies

The cookies we use will only be accessed by us and those third parties named in the table above for the purposes referred to in this Cookie Policy. Those cookies will not be accessed by any other third party.

How to turn off all cookies and consequences of doing so

If you do not want to accept any cookies, you may be able to change your browser settings so that cookies (including those which are essential to the services requested) are not accepted. If you do this, please be aware that you may lose some of the functionality of our Website.

How to contact us

Please contact us if you have any questions about this Cookie Policy or the information we hold about you.

If you wish to contact us, please send an email to [email protected] ,  write to us at 195, Arch. Makariou III, Neocleous House, 1st-5th floor, 3030, Limassol, Cyprus, or call us at ++357 22818585.

Changes to this policy

This policy was last updated on 4/7/2023 .

We may change this policy from time to time, when we do so we will inform you via notification on our Website.

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

If you disable this cookie, we will not be able to save your preferences. This means that every time you visit this website you will need to enable or disable cookies again.

This website uses Google Analytics to collect anonymous information such as the number of visitors to the site, and the most popular pages.

Keeping this cookie enabled helps us to improve our website.

Please enable Strictly Necessary Cookies first so that we can save your preferences!

Photos show the luxury mega yachts that belong to Russian oligarchs — some of whom have hidden their ships as the UK ramps up sanctions.

• Sanctions targeting Russian oligarchs threaten their luxury assets — including their mega yachts.
• Many countries have implemented sanctions targeting Putin and Russian oligarchs following Russia's attack on Ukraine.
• Insider compiled a photo list of some of the luxury vessels.

Russian billionaires' assets — including their megayachts — are in danger of being seized as countries continue to impose sanctions on Russian oligarchs in response to Russia's invasion of Ukraine.

US President Joe Biden announced that the US will make a substantial effort to seize Russian oligarchs' assets.

"We are joining with our European allies to find and seize your yachts, your luxury apartments, your private jets," Biden said in his State of The Union address on March 1. "We are coming for your ill-begotten gains."

Since the US is not in "armed conflict" with Russia it may be legally tricky to seize assets like yachts, Insider reported . 

"The threshold for seizing assets under sanctions is that the US has to be in armed conflict with the owner of the assets," Brian O'Toole, an economic sanctions expert, tweeted last Friday. "The idea of turning Russian corruption into Ukrainian assistance is lovely but this idea is illegal, period."

It can also be difficult to find out who the owners of these yachts are.

Offshore companies typically own the luxury vessels, but enough "public speculation" pointing to a Russian oligarch as an owner is likely "sufficient for a seizure," Insider reported . 

Many of the oligarchs moved their yachts to places where they can't be seized, such as the Maldives, which does not have an extradition treaty with the US.

Insider has compiled a list of photos with mega yachts linked to Russian oligarchs.

Galactica Super Nova

Amid sanctions and seizures targeting Russian billionaires, Galactica Super Nova — said to be linked to the CEO of Russian oil firm Lukoil — is no longer detectable via ship tracker site MarineTraffic , The Daily Beast reported Thursday. 

The superyacht — whose owner is named Vagit Alekperov — had just been in Montenegro last week, Insider reported .

Alekperov is not currently the target of any sanctions. 

The yacht is almost 230 feet long and can hold up to 12 guests and 16 crew members, according to the ship maker Heesen Yachts .

The ship also has a helicopter pad that can turn into an outdoor movie theatre, also according to the ship maker.

The Amore Vero

France seized Amore Vero, a 281-foot megayacht linked to oligarch and politician Igor Sechin, on March 3.

The yacht, Amore Vero, is estimated to have a value of $120 million . It has a swimming pool that doubles as a helicopter pad and a private deck for its owner, according to Oceana , the ship maker.

Per The Wall Street Journal , officials believe that Amore Vero is "owned by a company whose majority shareholder was Mr. Sechin," though the outlet does not provide the name of the company.

Sechin is the CEO of Rosneft, Russia's oil giant, and a former deputy prime minister. A known Putin ally , he was sanctioned by both the EU and the US before France seized his yacht last week .

Sechin was one of seven oligarchs sanctioned by the UK on Thursday. 

People in Russia have referred to Sechin as "Darth Vader" and "the scariest man on Earth," according to The Guardian .

Alisher Usmanov has been sanctioned by the EU, the US, the UK, and Switzerland. His boat remains in Germany, but the country says it hasn't seized it.

Usmanov's Dilbar is "is the largest motor yacht in the world by gross tonnage," according to Lürssen , the German ship's maker.

It's 512-foot long and weighs 15,917 tons. The ship has been docked in Germany for months undergoing a "refitting," but last week Forbes reported that it was unable to leave the dock.

Germany, however, has denied that it formally seized Dilbar.

Forbes said that "the German federal customs agency is the 'responsible enforcement authority' and would have to issue an export waiver for the yacht to leave, and that 'no yacht leaves port that is not allowed to do so.'" 

Still, multiple outlets reported that Usmanov has fired the crew on the Dilbar.

The Uzbekistan-born oligarch is a supporter of Putin. 

"I am proud that I know Putin, and the fact that everybody does not like him is not Putin's problem," Usmanov told Forbes  in a 2010 interview. 

Suleyman Kerimov was sanctioned by the US, and his son, Said Kerimov, owns ICE. The superyacht is worth is an estimated $170 million.

The Kerimov family owns the majority of Polyus Gold, Russia's biggest gold producer .

ICE was dubbed "Superyacht of the Year" in 2006 at the World Super Yacht Awards, according to Boat International . It is approximately 300 feet and has its own resident helicopter, according to Club Yacht .

Quantum Blue

Sergey Galitsky's ship, Quantum Blue, has an estimated value of $250 million and is last known to be docked in Monaco.

Galitsky is the founder of one of Russia's largest supermarket chains, Magnit.

His name is not currently on the list of sanctioned Russian oligarchs,

Though he also is not the target of any current sanctions, Vladimir Potanin's superyacht, Nirvana, is one of at least four ships docked in the Maldives .

Potanin is the Former First Deputy Prime Minister of Russia and was a longtime trustee for the Guggenheim museum before stepping down on March 2, according to The New York Times . 

Nirvana is not Potanin's only superyacht, he also owns another named Barbara, according to Fortune .

Alexander Abramov's Titan, Alexei Mordashovis' Nord, and Oleg Deripaska's Clio are also located in the Maldives.

At 533 feet long, Roman Abramovich's Eclipse was the largest yacht on the globe until 2013 when the 590-foot Azzam overthrew it. 

Abramovich, once Russia's richest man , is the departing owner of Chelsea FC soccer club. He was sanctioned by the UK on Thursday along with six other oligarchs, Insider reported .

The luxury boat has a host of amenities, including two helicopter pads, a missile detection system, and a swimming pool more than 50 feet long. It also has space for up to 36 guests and 70 crew members, according to Yacht Harbour .

Insider previously reported that it is currently docked in the Caribbean .

Another yacht named Solaris is linked to Abramovich. The vessel, worth approximately $600 million, left Spain Tuesday after having been under repair since late 2021, Insider reported.

Solaris is 460 feet and can host a total of 36 guests, according to SuperYachtFan .

Tango, owned by the US-sanctioned Viktor Vekselberg, is currently located in Palma, Spain.

Tango can host up to 14 people and is 254 feet long, won the 2012 World Superyacht Awards, and has an estimated worth of $120 million, according to SuperYachtFan .

Vekselberg is a Ukrainian-born businessman who owns Renova, a Russian conglomerate, according to The Guardian .

He was one of nearly two dozen Russian oligarchs and officials that the US sanctioned on Friday.

The US Treasury Department claims that he has close ties with Putin, and has announced that assets such as his $90 million jet and his superyacht Tango have been frozen, Insider reported .

Graceful, a yacht reported to belong to Russian President Vladimir Putin, left Germany just before his invasion of Ukraine, Insider reported in early February.

—Manu Gómez (@GDarkconrad) February 9, 2022

Graceful is 270 feet long and has a saloon, gym, spa, library, and an indoor pool nearly 50 feet long that doubles as a dance floor.

Scheherazade

A mystery yacht remains untouched as the owner remains a mystery.

The owner of the 459-foot Scheherazade is suspected to be a Russian billionaire, though the owner was never publically identified, The New York Times reported .

Many people believe it belongs to Vladimir Putin, nicknaming the vessel "Putin's Yacht."

SuperYachtFan estimates the ship's value sits at $700 million.

Stella Maris

Stella Maris is linked to oil and gas tycoon Rashid Sardarov. It was last seen in Nice, France, according to The Washington Post .

The luxury vessel is priced at $75 million, is 237 feet long, and can hold up to 14 guests, per SuperYachtFan .

Sardarov is not being sanctioned. 

Sailing Yacht A

Sailing Yacht A is believed to belong to Andrey Melnichenko. The boat was seized by Spanish officials Saturday, Reuters reported .

The ship is more than 465 feet long and can hold up to 20 guests, according to SuperYachtFan . The website says that Sailing Yacht A also features an underwater observation area and has a value of more than $500 million.

Melnichenko is an EU-sanctioned Russian billionaire who works in coal and fertilizers, according to Forbes . The magazine also reported that he owns a second yacht, Motor Yacht A, which is similar to a submarine. 

Oligarch Gennady Timchenko's superyacht "Lena" was seized in the port of Sanremo, Italy on March 5, Reuters reported.

Timchenko is the owner of a private investment group, Volga Group and a shareholder of Bank Rossiya. The oligarch has been sanctioned by the EU, which describes him as a "long-time acquaintance of the President of the Russian Federation Vladimir Putin."

Timchenko was also sanctioned by the UK on February 22. 

The superyacht is valued at around 50 million euros ($54 million), Reuters reported. It has fold-down terraces, as well as an "owner's suite" which opens out onto the sea with "gull-wing doors," according to its manufacturer, Sanlorenzo.

Italian authorities also seized a $71 million super-yacht belonging to one of the wealthiest men in Russia , Alexei Mordashov. 

The 215-ft "Lady M" superyacht was seized in the Port of Imperia, northern Italy, a source confirmed to Reuters.

The yacht can accommodate up to six guests on and also has accommodation for four crew members, per the Superyacht Times .

The oligarch, who is the chairman of steel mining company, Severstal, has also been sanctioned by the EU, which says Mordashov is "benefiting from his links with Russian decision-makers." Mordashov has insisted he has "absolutely nothing to do" with Russia's attack on Ukraine. 

The Oligarch moved $1.3 billion worth of shares in travel company, TUI, to an offshore tax haven on the day he was hit by sanctions, Insider's Huileng Tan previously reported. 

He was also added to the UK government's sanctions list on March 15.

Some superyachts belonging to Russian billionaires are currently seeking refuge in the Maldives, including a yacht owned by billionaire Oleg Deripaska, Reuters reported.

The billionaire, who is also the founder of one of Russia's largest industrial groups, Basic Element, was added to the UK's sanctions list on March 10.

Also built by Lürssen, the superyacht - which is around 238 feet long - can accommodate 18 guests in nine cabins, per Superyacht Fan.

The superyacht Valerie - worth $140 million - was seized in Barcelona on Monday, Spanish Prime Minister, Pedro Sanchez, said on La Sexta television, per Reuters.  

Sanchez did not confirm the owner of the yacht, but two sources confirmed to Reuters that it belonged to Sergei Chemezov, who is said to be a close ally of Putin.

The oligarch, who was previously a KGB spy with Putin in the former Soviet Union, recently said that Russia would emerge victorious from Western sanctions, Reuters previously reported . 

Chemezov, who is the CEO of Russian defense conglomerate Rostec was added to the US sanctions list on March 3. 

His yacht is 279 feet long and can accommodate 17 guests in eight suites, per Superyacht Fan.

Crescent, most likely owned by Igor Sechin but also rumored to belong to Putin, was the third yacht Spain seized as the West ramps up sanctions, The Washington Post reported Thursday.

The superyacht is 443-feet long and costs an estimated $600 million, according to  SuperyachtFan, which also says the vessel hosts a retractable helicopter hangar and a large pool with a glass bottom.

Lady Anastasia

Lady Anastasia is owned by Russian oligarch Alexander Mikheyev but was seized by Spain on Tuesday, according to Reuters . 

The boat is almost 160 feet long and can hold up to 10 guests, according to Yacht Harbour .

Mikheyev, who was sanctioned by the EU, is the head of a helicopters division under Rostec, New York Mag reported .

• Main content

‘No questions asked’: how Russian money is fuelling a building boom in northern Cyprus

Casinos and schools fill with Russians in the island’s Turkish-occupied north, which offers a sanctions-free life for those seeking to move their money after a clampdown in the south

“R ussian speakers love living here, they like to be in a community and ours is growing all the time,” says Ruslan Ibrayev, the salesman greeting customers at the head office of the Hub property investment firm in Iskele in Turkish-occupied northern Cyprus.

The area, he beams, has become a magnet for buyers from the former Soviet Union, so much so they have moved in en masse. “Business is good,” says the young Kazakhstani, waxing lyrical about the penthouses, apartments and studio flats that the real estate agency has been selling at record speed. “Very good.”

Developers would agree. Construction activity in the island’s self-proclaimed republic is booming. Tower blocks are multiplying in an industry flourishing thanks to an influx of rubles and Iranian rials that have led to cashflows increasing and foreign currency reserves soaring to about 80% of the value of bank holdings.

What are the Cyprus Confidential files?

The Cyprus Confidential files are a cache of leaked documents containing emails, banking records, company filings, trust paperwork and compliance reports.

They total 1.31 terabytes of confidential financial files, amounting to more than 3.6m documents and other records, and originate from six offshore service providers that set up, manage and list shell companies and trusts in Cyprus – as well as a company that sells access to Cypriot company data.

Access to records from the leak was shared by the ICIJ , the Organised Crime and Corruption Reporting Project and Paper Trail Media with the Guardian and other media outlets.

Cyprus, an EU member state, has long served as an important offshore financial centre for wealthy Russians who have favoured the Mediterranean island as a gateway to move their fortunes out of their home country and into Europe. Clients of the companies in the leak include Russian oligarchs who are now under sanctions.

Holding assets in offshore havens such as Cyprus, sometimes via trusts, is not in or of itself illegal, and there are legitimate reasons why some people do it.

The files were mostly created between the mid-90s and 2022.

It is clear that seven months after Anglo-US sanctions were slapped on individuals and entities for ‘“enabling” oligarchs – including Roman Abramovich – to manage assets in the internationally recognised Republic of Cyprus, Russians seeking to move their money inside Europe are looking elsewhere.

And, increasingly, it appears they have looked no further than across the UN buffer zone that bisects the war-split island, to the self-styled Turkish Republic of Northern Cyprus .

Few places know this more than Iskele, a once-nondescript town whose flatlands have been transformed under the weight of ferro concrete. Turkish Cypriots have come to call the seaside town a new Limassol, the coastal city to the south that played no small part in earning Cyprus the moniker of Moscow on the Med.

As in Limassol, where the first oligarchs arrived after the fall of the Soviet Union, Iskele’s boulevards are lined with Cyrillic shop signs, billboards promising “the dream life”, luxury car dealerships and cryptocurrency outlets.

Stories of local lawyers getting rich overnight are legion. So too are reports of champagne parties livening up the bars and restaurants of Russian-favoured resorts.

“The north is a de facto state. It’s not bound by international agreements, has weak institutions and is only recognised by Turkey,” says Sertaç Sonan, a prominent political scientist, who describes the construction boom as “a money printing business” for the breakaway state. “It’s a grey area, perfect for anyone wanting to do shady business.”

The British high commissioner, Irfan Siddiq, went further in August, describing the tiny territory as a “black hole” when he addressed an audience of diaspora Greek Cypriots in Nicosia, the divided capital.

While he claimed illicit movement of Russian capital had been “largely cleared up” in the south – spurred by the closure of thousands of Russian-held accounts and the fear the sanctions have generated among Greek Cypriot lawyers and accountants – the north had become a growing concern.

“The problem of money laundering is now present in the north, as well, and that’s a challenge for us,” he told the gathering, adding the UK had imposed sanctions on more than 1,600 individuals and entities since Moscow launched its invasion of Ukraine in February 2022.

Western governments are keen to praise the president, Nikos Christodoulides, for the way he has sought to clean up the country’s financial industry – shutting more than 120,000 suspicious bank accounts and more than 40,000 shell companies – in the nine months since he assumed office.

Today, the headquarters of Cyprus’s sanctioned “financial fixers” – the office block of MeritServus in Limassol and the grandiose sandstone building that once housed the Nicosia law firm of Christodoulos Vassiliades – stand shuttered and empty: symbols of the perils inherent in facilitating Kremlin-linked oligarchs. Tellingly, the gross value added of professional and financial services declined in the second quarter of 2023, according to the Cyprus statistical agency.

Still, even as Russians head north – and official figures show more than 39,000 settling here this year alone – analysts are hesitant to give the network of lawyers and accountants that had long operated in the south a clean bill of health. Rumours have abounded of Greek Cypriot lawyers helping Turkish Cypriot colleagues assume the portfolios of Russian clients.

“There has to be major change,” says Dr Alexander Apostolides, an economics researcher at the European University Cyprus who has advised the Cypriot government. “Without structural reform in terms of creating a sanctions office and serious consideration of proposals to create a single money-laundering regulator, it’s difficult not to see another scandal erupting down the line.”

The Cyprus government has promised a “zero-tolerance approach” to sanctions violations, and is receiving technical support from the British government to create a sanctions implementation unit next year. Its spokesperson, Konstantinos Letymbiotis, told the Guardian: “The strategy of our government, who took office in March 2023, is of zero tolerance on matters concerning sanctions evasion and law violation, and by extension, to safeguard the country’s name as a reliable financial centre. I would like to stress that our government is unequivocally committed to fighting corruption and illicit finance and take all necessary actions to ensure full implementation of EU sanctions.”

Undoubtedly it is the wholesale absence of banking regulations, EU laws and other international norms that has played a big role in Russians (closely followed by Iranians) more recently transferring funds to the north.

Arrivals at Ercan airport in the self-declared republic have shot up since Putin began his “special operation” in Ukraine. Green Line crossings from the south have also soared, with 58,788 Russian nationals registered as entering the enclave via checkpoints between January and September, according to the Turkish Cypriot tourist ministry. The total number of crossings is likely to be almost seven times higher in 2023 than it was three years ago.

“You hear of Russians driving over from the south with suitcases filled with cash,” says Şener Elcil, for years the head of KTOS, the Turkish Cypriot teachers’ union. “This new trend of all these people settling here is causing a lot of problems. In Iskele, the new Limassol, 69% of pupils are either from Russia or Iran. Language difficulties have become a major complaint of teachers.”

Turkey’s steadfast refusal to impose sanctions on Moscow, despite being a Nato member, is also viewed as being decisive in Russian cashflows flooding the rump state.

“The north has followed Turkey’s lead in not endorsing sanctions against Moscow,” says Prof Mustafa Besim, the dean of the faculty of business and economics at the Eastern Mediterranean University. “They can easily make a deposit straight into an account of any of the 22 banks here.”

Over the course of the past year, Russians had not only piled into the statelet’s plethora of casinos but contributed to its increasingly traffic-jammed road network in newly acquired, high-end cars.

“It’s a bit like the wind,” mused the well-respected academic when asked if northern Cyprus was now at the sharp end of Russian money laundering. “You don’t see it but you feel it.”

Unlike the elaborate services sector that had existed for decades in the south – helping oligarchs procure Cypriot citizenship in the heyday of the island’s discredited cash-for-passport programme – investors in the north have been facilitated almost solely by legal firms acting as proxies.

“The business provider network which catered to Russians in the [Greek Cypriot] south has morphed into a new network of Turkish Cypriot lawyers creating trusts,” says Mertkan Hamit, a local economist.

“The trusts are completely anonymous, they are a perfect way to hide assets, no questions asked, and that is the beauty of it for money laundering. The ultimate goal is not to stay in Cyprus. The goal is to sell the assets, have the money ‘cleaned’, and move on to London, Dubai, Manhattan.”

Under the trust system, investors could buy as much real estate as they wanted, circumventing laws that otherwise stipulated foreigners owned no more than three properties. “The government has accepted that a lot of what we are seeing is unofficial. Foreign investors, led by Russians, are literally buying dozens of properties at a time,” says Hamit.

Turkish Cypriot authorities have promised to crack down, and both the government and opposition have vowed to collaborate on new anti-money laundering legislation.

But, as in the south, where the “golden passport” scheme raked in more than €9bn (£7.9bn) for the country, insiders say they have turned a blind eye because there is so much money to be made in building permits, transfer taxes and kickbacks.

With property selling like hotcakes, the sight and sound of cranes hanging over Iskele’s skyline is unlikely to disappear any time soon –even if controversy over the sales is bound to increase since most blocks are believed to be built illegally on land that once belonged to the island’s majority population of Greek Cypriots displaced from the north in 1974, when a coup aimed at union with Athens prompted Turkey to invade.

“During the summer we all sit on the beach, and talk about how we got here,” says Ivan, who arrived in the north three years ago where he has since snapped up three flats, two in the garishly gargantuan Caesar resort.

Watching his daughter scamper around the complex’s playground in the fading light of day, the burly Ukrainian admits that for the time being there is no place he would rather be.

“There are lots of Russians here and yes, I am Ukrainian, but all of us love this place. You want to spend black money, there are no questions asked. You want to buy a house, there are no questions asked. It is not like London where the banks always ask ‘where did you get this from, where did you get that from?’ But in a few years, maybe, when we sell up, I think England will be the place we want to go.”

• Cyprus confidential

More on this story

FBI to help Cypriot police investigate sanction-busting for Russian oligarchs

Cyprus police investigate how Russian tycoon moved £1bn on day he was put under sanctions

German publisher halts sale of top author’s books after leak reveals he received €600,000 from Putin ally

Putin ally wired £3.7m into UK via Cyprus after Ukraine invasion, documents suggest

Chelsea FC face new questions over how Roman Abramovich funded success

Cyprus to clamp down as investigation reveals oligarchs moved assets after Ukraine invasion

PwC Cyprus moved £1bn for Russian tycoon on day he was put under sanctions

Top German journalist received €600,000 from Putin ally, leak reveals

Most viewed.

• Election 2024
• Entertainment
• Newsletters
• Photography
• AP Buyline Personal Finance
• Press Releases
• Israel-Hamas War
• Russia-Ukraine War
• Global elections
• Asia Pacific
• Latin America
• Middle East
• March Madness
• AP Top 25 Poll
• Movie reviews
• Book reviews
• Personal finance
• Financial Markets
• Business Highlights
• Financial wellness
• Artificial Intelligence
• Social Media

Cyprus president has invited foreign experts to help with Russian sanction evasion investigations

Cyprus President Nikos Christodoulides speaks during an interview with The Associated Press in his office at the Presidential Palace in Nicosia, Monday, Nov. 20, 2023. Christodoulides said Monday he personally asked an unnamed “third country” to send an experienced team of financial crime experts to help the east Mediterranean island nation with investigations into old and new allegations that Cypriot financial service providers helped Russian oligarchs skirt international sanctions. (AP Photo/Petros Karadjias)

• Copy Link copied

NICOSIA, Cyprus (AP) — The president of Cyprus said Monday he personally asked an unnamed “third country” to send an experienced team of financial crime experts to help the east Mediterranean island nation with investigations into old and new allegations that Cypriot financial service providers helped Russian oligarchs skirt international sanctions.

President Nikos Christodoulides told The Associated Press in an interview that he wants “absolutely no shadows” cast over the European Union member country because any adverse publicity would hurt efforts to attract “quality” foreign investment.

The president said “many” probes into alleged sanctions evasion are currently running but wouldn’t give details.

His request was accepted, and the foreign experts will assist a team of seven police investigators in sifting through old and new media reports alleging that Cyprus-based lawyers and accountants shifted Russian oligarchs’ money through a murky network of companies and trusts in order to avoid their seizure in line with sanctions related to Russia’s war in Ukraine.

The latest allegations came in several stories published by the International Consortium of Investigative Journalists last week. They cited leaked documents claiming to show how some Cypriot firms helped Russian oligarchs move their money around to evade sanctions.

Christodoulides said the foreign experts would assist their counterparts in how to better conduct their investigations while expediting the process to show that “Cyprus has zero tolerance for corruption” and bolster the sense domestically that justice is being done.

“Our aim is exactly so that there are neither insinuations or any shadows cast over our country’s name,” he said.

He said a cornerstone of his drive to rid the island of its ill-gotten reputation is setting up a Single Supervisory Authority, an independent body of financial crime experts tasked with cracking down on any financial malfeasance or sanctions evasion.

A draft law has been readied for parliamentary debate and approval.

Christodoulides also said more experts with a legal or accounting background will be hired to strengthen the police’s financial crimes unit.

He defended Cyprus’ track record in efforts to get its banking sector in order since 2013, when the country needed a multibillion-euro bailout from its EU partners and the International Monetary Fund to weather a financial crisis that brought it to the brink of bankruptcy.

At the time, nearly a third of the country’s 68 billion euros in deposits — more than triple the entire economy — was held by Russians, feeding the perception that Cyprus was Moscow’s financial lackey.

Christodoulides conceded it would take time for Cyprus to rebrand itself as a prime investment opportunity.

“For me, whichever allegation, either big or small, is an allegation against our country, which I cannot accept because it negatively affects our ability to attract private investment,” Christodoulides said. He added that countries from “the wider Middle East” have shown interest in investing in Cyprus in the fields of energy, health services, education and information technology.

In the interview, he also discussed his country’s proposal for a humanitarian corridor to Gaza .

Separately, Christodoulides said U.N. Secretary-General Antonio Guterres will very soon notify the Cypriot government of his new choice for an envoy who will be tasked with exploring the chance of resuming talks to reunify the ethnically divided country that have been in stalemate since 2017.

Guterres’ previous choice for envoy was reportedly rejected by the leader of the breakaway Turkish Cypriots, Ersin Tatar. Cyprus was split along ethnic lines in 1974 when Turkey invaded in the wake of a coup by supporters of union with Greece.

O n March 1, 2022, as Russia was intensifying an invasion that would kill thousands of Ukrainians within weeks, a manager at the accounting firm PwC in Nicosia, Cyprus, sent an urgent message to a colleague: A pair of clients was asking to immediately transfer $100 million between two shell companies they controlled. The source of the money was Evraz PLC, a steelmaker that produces 97% of the rails that Russia’s trains use to move ammunition, military equipment and troops to the front line of its war in Ukraine.

Two months later, the U.K., as part of a campaign to weaken the Russian war effort, declared Moscow-based Evraz “of strategic significance to the government of Russia” and sanctioned it by banning U.K. citizens and businesses from doing business with the company. Before year’s end, the U.K. had also imposed an asset freeze and travel ban on the two PwC clients themselves, describing the men as part of the “cabal of selected elite” that Russian President Vladimir Putin relies on to maintain the industrial complex he has used to invade Ukraine. The PwC clients were Evraz’s longtime leaders: Alexander Abramov and Alexander Frolov. A pair of scientists and self-made billionaires, they navigated the chaos of the Soviet Union’s collapse to emerge atop one of Russia’s largest industrial conglomerates.

Their urgent $100 million transaction request that PwC, headquartered in London and formerly known as PricewaterhouseCoopers, fielded in the first days of the war was part of a broader effort to administer a sprawling network of investments that Abramov and Frolov controlled on at least three continents. The oligarchs’ holdings were routed through legal entities set up in jurisdictions known for attracting the ultra-rich by hiding their fortunes and helping them avoid taxes.

“This looks like a classic structure used for money laundering and possibly worse,” says Zoe Reiter, co-founder of the nonprofit research group Anti-Corruption Data Collective, who reviewed Abramov and Frolov investment records. “Anyone at PwC should know that.”

Abramov and Frolov did not respond to requests for comment. A senior Cypriot lawyer who has worked for them declined to comment, citing client confidentiality.

PwC’s work for the Russian billionaires is part of a global system of enablers who, at a time of war, have undermined Western efforts to hurt Russian oligarchs financially and to sow discontent with Putin in their ranks. Instead, PwC and others have furnished Russia’s president and his financial backers with the means to lay claim to vast amounts of national wealth and pursue their ambitions with virtually no oversight from the Russian people or anyone else.

A review of leaked records and publicly available corporate reports by the International Consortium of Investigative Journalists (ICIJ) shows that PwC Cyprus provided services to at least 62 shell companies and trusts controlled or owned by Abramov and Frolov — some of which the oligarchs used to structure their Evraz holdings. Those findings are part of Cyprus Confidential , an ICIJ investigation into a cache of 3.6 million leaked documents from six Cypriot financial service providers and a Latvian company that sells Cyprus corporate registry data. The records contain a large number of internal company documents involving PwC Cyprus dating back to the mid-1990s, but mostly generated between 2014 and 2022.

The 3.6 million leaked files at the heart of the Cyprus Confidential investigation come from six financial services providers and a website company.

The providers are: ConnectedSky, Cypcodirect, DJC Accountants, Kallias & Associates, MeritKapital, and MeritServus in Cyprus. The MeritServus and MeritKapital records were obtained by Distributed Denial of Secrets. Leaked records from Cypcodirect, ConnectedSky and i-Cyprus were obtained by Paper Trail Media . In the case of Kallias & Associates, the documents were obtained from Distributed Denial of Secrets, which shared them with Paper Trail Media and ICIJ. DJC Accountants’ records were obtained by Distributed Denial of Secrets and shared by the Organized Crime and Corruption Reporting Project . The partner organizations shared all the leaked records in the project with ICIJ, which structured, stored and translated them from several languages before sharing them with journalists from around the world. Additional records came from Latvia-based Dataset SIA, which maintains the i-Cyprus website, through which it sells information about Cyprus companies, including Cyprus corporate registry documents.

Together, the records provide an in-depth look into PwC’s extensive operations in Cyprus. The documents also reveal a striking — and ultimately troubling — willingness to provide accounting, audits and other services to the secret offshore networks controlled by members of Putin’s inner circle and others who have contributed directly to his Ukraine war effort. Since Russia began its assault on Ukraine by invading Crimea in 2014, PwC Cyprus has worked for a Russian-controlled energy firm operating there, the owner of a major Russian military contractor and the family of a Russian military strategist.

The records show that in the weeks after Russia’s full-scale invasion of Ukraine, wealth managers at PwC Cyprus scrambled to help rich Russian clients under imminent threat of sanctions – like the ones imposed on Abramov and Frolov – shift hundreds of millions of dollars between secretive shell companies. Sometimes these transfers involved handing over major assets to family members, a well-known way to evade sanctions. PwC Cyprus appeared careful to avoid doing business with anyone under European Union sanctions, which could have violated the law. However, on at least one occasion the firm appears to have worked with a Russian billionaire to complete a massive asset transfer to a woman who authorities identified as his wife just after the EU imposed sanctions on him. Authorities have declared the asset transfer invalid and launched a criminal investigation.

For PwC Cyprus, providing services to Russians who are the subject of Western sanctions is nothing new. Before Russia’s February 2022 invasion of Ukraine, the accounting firm’s client roster included a dozen Russians who were already under sanctions around the world due to their involvement in their government’s illegal 2014 annexation of Crimea and military aggression in Donbas.

After the 2022 invasion, an additional 39 of PwC Cyprus’ Russian clients were hit with sanctions by the EU, U.K., United States or Ukraine because of their close ties to Putin or their prominent roles in economic sectors critical to his regime’s war in Ukraine. Most of the more recent documents in the Cyprus Confidential investigation are dated no later than April 2022, so it’s unclear whether PwC Cyprus has continued to provide services to its many Russian clients who are the subject of Western sanctions.

Citing the need to maintain confidentiality, PwC declined to comment on its business with Abramov, Frolov and other clients. It added that it complied with EU and United Nations sanctions before Russia’s February 2022 invasion and has since severed ties with 60 clients as a result of the company’s new Russia-related sanctions policy. “PwC’s internal standards are reviewed and updated to reflect both lessons learned and changing circumstances,” Mike Davies, a PwC spokesperson, said in a statement, “and we do not hesitate to take action when our standards are not met. Any allegation of non compliance with applicable laws and regulations is taken very seriously, investigated and appropriate action is taken if necessary.”

The firm said its Cyprus office had “pivoted to a new economic model fit for the future, transforming its business” and pointed to the office’s annual report for 2022. PwC Cyprus’ fiscal 2023 annual report, released in September, cited a “significant contraction” in business related to implementing the global sanctions policy.

Not long after the invasion of Ukraine, PwC joined an exodus of Western companies, declaring that it was separating itself from its Russian affiliate.

“PwC member firms outside of Russia are exiting any work for Russian entities or individuals subject to sanctions,” the company said at the time.

They’re perfectly within their rights to keep doing this work — but it points to the rot at the heart of the accountancy industry. — Casey Michel, Human Rights Foundation

Professional service providers are in some instances permitted to work with such clients, even when their work appears to conflict with Western efforts to slow Russia’s war machine. The U.S. allows lawyers to represent sanctioned entities in court and other government matters. American lobbyists can also obtain licenses to work for them. PwC and other firms face the same restrictions as everyone else when governments impose sanctions on citizens and companies. Often, these sanctions freeze the Russian entity’s assets and prohibit the sanctioning state’s citizens from doing business with them. This means PwC Cyprus is obliged to comply with sanctions imposed by its government and by the EU but not legally required to abide by other Western restrictions.

“They’re perfectly within their rights to keep doing this work,” says Casey Michel, director of the Combatting Kleptocracy Program at the Human Rights Foundation, “but it points to the rot at the heart of the accountancy industry.”

At the center of Russian oligarchs’ secretive financial networks are PwC and other Western service providers that incorporate and maintain trusts and shell companies, recruit individuals to serve as directors, and handle duties such as filing audits and tax returns. Together they form what Northwestern University political science professor Jeffrey Winters describes as the “wealth defense industry.”

“Putin can use it for whatever he needs,” Winters says of the hidden wealth, “and it’s safe to assume he’s using it to sustain his war efforts.”

A shadowy partnership

PwC’s roots go back to the 19th century, when Samuel Lowell Price and William Cooper set up separate accounting practices in London. Over the following decades, they came together and grew through a series of mergers, eventually emerging as PricewaterhouseCoopers and known around the world since 2010 as PwC.

Overseeing this network is Global Chairman Robert E. Moritz. An American who studied at the State University of New York at Oswego, Moritz is a PwC lifer who has run the company since 2016. Its U.K. senior partner, Kevin Ellis, joined in 1984 and has also spent his entire career at PwC. Cyprus chief Philippos Soseilos is a 30-year company veteran.

PwC’s tight-knit leadership has made the organization into the world’s second-largest accounting firm, with more than 295,000 employees in 156 countries. It operates not so much as a unified company but like a loose affiliation of independent franchisees offering audit, legal, consulting and tax services.

“The PwC network is not a global partnership, a single firm, or a multinational corporation,” its website explains. “For these reasons, the PwC network consists of firms which are separate legal entities.”

This decentralized structure enables PwC and other accounting firms to tout their global reach while distancing themselves from any trouble that their largely autonomous local units get themselves into, according to Francine McKenna, a PwC and KPMG veteran who writes the accounting newsletter The Dig.

That structure is “very effective in insulating members from legal liability,” McKenna says. “They can take advantage of global branding and marketing on the positive side, but when there’s bad news, they can say that it was a rogue partner.”

PwC Cyprus is the biggest accounting firm on the eastern Mediterranean island. Since a bloody standoff between Greece and Turkey in the 1970s, most of Cyprus has been headed by a democratically elected government that is internationally recognized and became a European Union member in 2004. In the past decade, Russian oligarchs’ close ties to PwC Cyprus have helped transform Russia into Cyprus’ biggest foreign economic player .

Thanks in large part to inflows of Russian money, Cyprus is generally seen as an advanced economy that has outpaced many of its Middle Eastern neighbors. Even in Cyprus’ dusty climate, the BMWs and Porsche SUVs common on its highways are immaculately polished. The hoards of Russian tourists — and their deep wallets — have earned its coastal city of Limassol the nickname “Moscow on the Med.” One Limassol pizza shop offers a $1,050 caviar pizza served with Dom Perignon Champagne. At the city’s marina, known for hosting massive Russian pleasure vessels, you can buy a $418 cigar or take home a diamond necklace for six figures.

Many business leaders thriving in Russia today built their fortunes via close ties to President Putin. For Russia’s ultra-rich, loyalty has yielded a life of extreme luxury known to few on Earth. They live in the rarified world of rambling estates on the French Riviera, private tropical islands and London penthouses. This universe of extreme opulence relies on an industry of financial professionals trained in the craft of hiding fortunes and minimizing taxes.

Often operating from Cyprus and other “secrecy jurisdictions,” which are known for keeping financial information under wraps, firms like PwC help maintain secret trusts and anonymously owned shell companies that obscure questionable sources of income and hide the ownership of yachts, mansions and politically connected payments. (In Cyprus, financial service providers are required to disclose to regulators the identity of the beneficial owners of the companies they administer, but this information is not always publicly accessible.)

Bolstered by these professional service providers who play a kind of shell game with funds, the oligarchs use their control of rich deposits of natural resources and other assets to enrich themselves and faithfully finance  president Putin’s priorities — none more urgent than his effort to dominate Ukraine.

Western service providers are the “main instrument for the Russian elite,” says Maria Snegovaya, senior fellow with the Europe, Russia and Eurasia program at the Center for Strategic and International Studies. “They don’t like staying locked in Russia. They like stealing money in Russia and sending it somewhere else.”

In a response to questions from ICIJ partners, a Cyprus Finance Ministry official noted that, even before the February 2022 invasion of Ukraine, Russian deposits in Cyprus’ banking system had dropped to just 4%. He pointed out that a recent International Monetary Fund study also showed diminishing direct investment into Russia by entities established in Cyprus.

Cyprus’s efforts to fight money laundering are documented by the European Union’s advisory group on the topic, and the country “compares favorably within the international community,” ranking within the top 25% internationally, he added.

And at a recent press conference, a Cyprus government spokesman announced stepped-up efforts to coordinate sanctions enforcement internationally and said this demonstrates “the government’s stated intention to show zero tolerance on matters concerning sanctions evasion and law violation, and by extension, to safeguard the country’s name as a reliable financial center, which is considered to be of key importance.”

Eluding sanctions

As one of the so-called Big Four accounting firms, PwC is a critical piece of the global financial system, rendering accounting opinions for many of the world’s largest public companies. It has also attracted as clients some of the world’s wealthiest and most politically connected citizens. In some cases, that has led to egregious legal and ethical lapses.

Today, PwC Cyprus has over 1,100 employees in accounting and other areas and has generated revenues of more than $89 million in its latest fiscal year. With its Russian clients, PwC Cyprus has further amplified its importance through companies started by former PwC employees. Abacus Ltd. was set up by former PwC Cyprus executives in 2001 and went on to work for Russians who were later sanctioned. Another PwC Cyprus partner left the firm six years later to form Cypcodirect. A few months after Russia invaded Ukraine and PwC withdrew from Russia, three more PwC Cyprus partners departed to set up Kiteserve Ltd. Operating partly out of PwC’s office building in Limassol, Kiteserve’s strategy is to “take on work from Russia-linked clients that the Big Four accountants will no longer touch,” the Financial Times reported at the time.

“Kiteserve’s operations are in full compliance with the laws and regulations of Cyprus, EU and of our regulator, the Institute of Certified Public Accountants of Cyprus,” Managing Partner Theo Parperis said in a written statement. “Kiteserve adheres fully to the sanctions imposed by the UN and EU, that are legally binding for Cyprus, as well as to the US and UK sanctions.”

Cypcodirect “has always been working in line with Applicable Laws and Regulations and following our Regulators guidance,” it said in a written statement. It declined further comment, citing client confidentiality and EU privacy regulations.

Abacus told ICIJ that it “took all necessary steps to fully comply not only with EU but also with UK and US sanctions immediately freezing all affected assets under its control, terminating the provision of its services and making all necessary reports.” Abacus said it “is fully aligned with the effort to stop Russian aggression in Ukraine.”

Ties between PwC and its Cypriot network of partner firms extend clear across the Cyprus Confidential investigation’s trove of leaked documents: PwC refers a Russian oligarch to Cypcodirect, and the firms divide the labor of administering his network. PwC Cyprus provides public-facing audits and signs mundane paperwork. Cypcodirect practices the murkier financial arts of putting forth its employees as “nominee directors” and setting up shell companies that conduct no actual business but shroud ownership.

• Recommended reading

PANDORA PAPERS

The oligarch’s accountants: how pwc helped a russian steel baron grow his offshore empire, apr 11, 2022.

Cyprus ignores Russian atrocities, Western sanctions to shield vast wealth of Putin allies

Nov 14, 2023.

WATCH: Cyprus Confidential reveals island’s role in shielding Russian wealth

Cypcodirect was so closely tied to its predecessor early on that during its first five years in business its employees received medical benefits from PwC, according to a written summary of a Cypcodirect meeting. ICIJ’s review found that clients shared by PwC Cyprus and Cypcodirect controlled a total of more than 250 shell companies between them. Some clients were subject to sanctions around the world, others would soon be sanctioned, and others were linked to arms smuggling or belonged to Putin’s inner circle.

In April 2018, a PwC Cyprus executive sent an email assuring a Cypcodirect colleague that the firms could continue doing business with a Cypriot entity whose ultimate owners were under EU and U.S. sanctions over the 2014 invasion of Crimea. “There is no legal impediment for us from the sanctions perspective,” the PwC executive wrote. “I kindly ask you to consider the same and release IMMEDIATELY all pending requests from our common client.”

Alexey Mordashov is another shared PwC-Cypcodirect client. The son of steelworkers who has recounted how as a child his parents relied on welfare coupons to make ends meet, he later attended business school in the U.K. and rose to become chairman of Severstal, one of Russia’s largest steelmakers. ICIJ previously reported that Mordashov, with a net  worth that Forbes estimated at $21 billion, turned to PwC to route assets through dozens of offshore entities he controlled. They included his 213-foot high-speed yacht, a private jet and a globe-spanning investment portfolio. Over the last few years PwC also audited the accounts of at least 25 companies owned or controlled by Mordashov, an ICIJ analysis shows.

PwC and Cypcodirect continued working with Mordashov even after elements of his business empire came under U.S. sanctions following the Crimea invasion. In 2018, U.S. authorities sanctioned his wind turbine company, Power Machines, for working to “support Russia’s attempted annexation of Crimea” by seeking to create a Russian-controlled power supply in the occupied region. Despite the sanctions, PwC and Cypcodirect continued helping to administer shell companies that Power Machines owned.

On March 1, 2022, the day after the EU sanctioned Mordashov, PwC Cyprus and Cypcodirect exchanged communications marked “URGENT” and “PLEASE APPROVE.” They were part of a bid to help Mordashov elude sanctions that threatened to freeze a $1.4 billion investment in TUI Group, a German travel company, by transferring ownership to Marina Mordashova, a woman the EU has identified as Mordashov’s wife. Three months later, in early June 2022, she was sanctioned by the U.S. and the EU.

The German government and TUI have declared the share transfer invalid. The Cypriot government has also opened a criminal investigation into the matter, a finance ministry official told Paper Trail Media in November.

“PwC Cyprus is not aware of such a criminal investigation being carried out,” the company said in a written statement. “Whenever there is a reportable event, PwC Cyprus takes appropriate action.”

“All information and regulatory notifications with respect to the share transfer were duly disclosed to the relevant authorities and made public to the extent legally required,” Mordashov spokeswoman Anastasia Mishanina said in a written statement. “Not once in his long career did Mr. Mordashov, or any of the companies he runs, breach any laws, whether in Europe, Russia, or any other jurisdictions.”

PwC’s work with Mordashov “demonstrates a clear willingness to help high-risk individuals avoid the effects of sanctions,” says Kush Amin, an attorney at Transparency International who reviewed the PwC files. “This is not the sort of behavior the Big Four want to be associated with.”

• Contact ICIJ

Do you have a story about corruption, fraud, or abuse of power?

The evasive island.

PwC Cyprus did plenty to create a welcoming climate for Russian riches on the island. Evgenios Evgeniou, its CEO from 2012 to 2021, served as the head of the Cyprus-Russian Business Association, a group that advocates close ties and easy financial flows between the two countries. Evgeniou invited Cypriot accountants to a holiday gala with Cyprus’ president and a party at Russia’s embassy in Nicosia, the capital.

“[PwC] is the biggest player here,” says Kyriakos Iordanou, the head of the Institute of Certified Public Accountants of Cyprus, a national association of accounting firms. “They did have a lot of exposure with Russian clients over the years. Other Big Four had less exposure here.”

Oleg Deripaska — an industrialist and close Putin ally — is one of those Russian-born oligarchs who benefitted from PwC’s welcoming environment. As ICIJ previously reported , the firm submitted his application for citizenship to the Cyprus Ministry of the Interior. That’s according to a government investigation into the nation’s scandal-plagued, and now defunct, “golden passport” program. The program, which ended in 2020, was designed to spur Cyprus’ economy by offering citizenship to foreigners who were willing to invest at least $2.2 million locally. Deripaska’s application, which identified him as a PwC client, was delayed in order to review previous money-laundering investigations of the industrialist. Cyprus granted him citizenship in 2017.

Deripaska has turned to PwC Cyprus and Cypcodirect to help administer  the firms that held his $70 million superyacht, the Clio, which has variously been described as a “floating mansion” and the “quintessence of yachting luxury.” PwC helped open bank accounts and filed annual audits for one of the firms, Luxotic Yachting Ltd., which held the yacht. PwC listed “Cypcodirect” as Luxotic’s shareholder. Its trio of directors were Cypcodirect employees; one or more of their names appear as directors of hundreds of companies jointly administered by PwC and Cypcodirect. But Deripaska’s name does not appear on any of Luxotic’s public filings reviewed by ICIJ.

He had good reason to cloak his activities. In addition to his ties to Putin, he is a former business partner of Paul Manafort, Donald Trump’s 2016 presidential campaign manager, and was sanctioned by the U.S. Treasury in 2018 for acting as an agent of senior Russian officials. Deripaska has acknowledged representing the Russian government and has been accused of extortion and racketeering and faced allegations of ties to organized crime and ordering the murder of a businessman, the U.S. Treasury stated.

Days after Deripaska was hit with sanctions, officials at PwC and Cypcodirect helped one of his shell companies assign management of his Cayman Islands-registered superyacht to a new captain. A group of PwC partners in Nicosia signed off on a stack of paperwork establishing how it would be managed. The ship spent years sailing unobstructed between some of the world’s most alluring destinations. It made headlines for evading sanctions after the Ukraine invasion, and the following September, the U.S. indicted Deripaska for sanctions evasion.

“Shell companies and webs of lies will not shield Deripaska and his cronies from American law enforcement,” Deputy Attorney General Lisa Monaco said in a statement released with the indictment, “nor will they protect others who support the Putin regime.”

A spokesperson for Deripaska did not respond to questions about Luxotic but appeared to deny that Deripaska currently owns the yacht. The spokesperson did not respond to follow-up questions.

In late September 2023, Deripaska granted an interview to the Financial Times during which he dismissed Western efforts to isolate oligarchs financially. “It’s a kind of instrument of the 19th century,” he said of the sanctions. “We can’t see that it would be efficient in the 21st century.”

All the costs

Plans for the ultra-luxury hotel development at Kalo Livadi on the Greek island of Mykonos show villas rising out of the Mediterranean hills like a mirage. Curving staircases lead down to expansive, shimmering infinity pools and a private beach. Funding for the resort runs through a thicket of legal entities disguising ownership by Alexander Abramov and Alexander Frolov, for whom PwC frantically moved Evraz proceeds at the outset of the Ukraine war.

The Mykonos resort is just one of an array of investments for which Abramov and Frolov paid PwC handsomely to help administer. In another instance, the partners extended personal loans worth a total of $300 million to one of their entities and later gifted the assets to their sons as the threat of a U.K. asset freeze mounted.

Fellow graduates of the Moscow Institute of Physics and Technology, Abramov and Frolov pursued scientific careers early on. Abramov joined the volatile world of metals trading in the early 1990s. As a financial crisis unfolded later in the decade, he plowed his winnings into steel mills and other assets. After Frolov  joined him in 2005, the partners amassed an industrial empire. With PwC’s help, they also built a global investment portfolio controlled through an opaque network of entities.

It has enabled the billionaires to withhold from public filings their control of an ultra-luxury jungle resort in the Brazilian mountains, office buildings in the U.K. and a telecom investment that caught the attention of U.S. regulators. In Germany, entities they control have quietly invested in Lagerlöwe, an unglamorous self-storage operator that rents pods for as little as $2 a week.

Abramov and Frolov made frequent use of a PwC-administered entity called Belgador Ltd. By December 2022, PwC had transferred Belgador’s administrative duties to Kiteserve, the Cyprus corporate registry shows.

With PwC’s help, Belgador had quietly routed the oligarchs’ wealth into the Mykonos resort and into office buildings in the U.K. Meanwhile, a separate PwC-administered firm routed their investment into the U.S. operations of telecom firm Truphone Inc.

The investments, however, ran afoul of U.S. regulations requiring foreign owners to register telecom investments so that the government can assess them for national security threats. The Federal Communications Commission stated in October 2022 that Truphone’s communications licenses “were transferred repeatedly to unvetted foreign individuals and entities without accurate disclosure.” Truphone admitted violating FCC rules and signed a consent decree, agreeing to change its ownership structure and pay a $600,000 fine.

Financial networks like those PwC administers for its Russian clients pose national security risks to the West and are part of a “transnational system of influence, money, corruption and crime,” according to Maria Snegovaya, the CSIS Russia expert. They are also a critical part of Vladimir Putin’s ability to prosecute his war.

“Russia is a big and very rich country, unfortunately,” she says. “We won’t stop this war as long as they have the revenues.”

Contributors: Delphine Reuter, Karrie Kehoe, Tanya Kozyreva, Scilla Alecci, Eve Sampson, Sophia Baumann (Paper Trail Media), Maria Christoph (Paper Trail Media), Kira Zalan (OCCRP)

• Latest from Cyprus Confidential

Spyware firm Intellexa hit with US sanctions after Cyprus Confidential exposé

Mar 06, 2024.

Cyprus to launch new unit targeting sanctions evaders

Feb 14, 2024.

Sudanese businessman accused of managing Hamas’ investment portfolio sanctioned by EU

Jan 22, 2024.

US offers $10 million reward for information on five accused Hamas financiers

Jan 05, 2024.

• Recent investigations
• More The Panama Papers The Implant Files Bribery Division

Cyprus Confidential

Deforestation Inc.

Shadow Diplomats

Give to help us investigate.

Financial crime and Russian oligarchs: How Cyprus vows to crackdown

The Cypriot president has reached out to an unnamed 'third country' to help with investigations into alleged evasions of sanctions against Russia by oligarchs.

Cyprus President Nikos Christodoulides revealed in an interview with the Associated Press on Monday that he personally reached out to an unnamed 'third country' seeking assistance in investigating allegations that Cypriot financial service providers aided Russian oligarchs in evading international sanctions.

The president emphasised his commitment to ensuring 'absolutely no shadows' cast over Cyprus, highlighting the potential impact on the country's efforts to attract quality foreign investment.

The president disclosed that multiple probes into alleged sanction evasions are currently underway, although specific details were not provided. 

The requested assistance has been accepted and a team of foreign experts are set to collaborate with seven police investigators in examining old and new media reports.

• New round of EU sanctions against Russia targets diamond imports, addressing a glaring omission
• EU Russian sanctions stymied by complexity, poor enforcement
• ECB threatens fines on banks failing to integrate climate risk

These reports allege that Cyprus-based lawyers and accountants facilitated the movement of Russian oligarchs' funds through a complex network of companies and trusts to circumvent sanctions related to Russia's conflict in Ukraine.

The International Consortium of Investigative Journalists published several stories last week, citing leaked documents that purportedly reveal the involvement of Cypriot firms in helping Russian oligarchs evade sanctions.

'Zero tolerance for corruption'

President Christodoulides underscored that the foreign experts would not only assist in improving the investigative process but also expedite it to demonstrate Cyprus' "zero tolerance for corruption." 

This measure aims to bolster domestic confidence in the justice system and protect the country's reputation.

A pivotal aspect of the president's strategy to restore Cyprus' image involves the establishment of a Single Supervisory Authority — an independent body of financial crime experts tasked with combating financial malfeasance and sanction evasion. 

A draft law for this initiative has been prepared for parliamentary debate and approval.

Trying to rebrand for private investment

To further strengthen the police's financial crimes unit, President Christodoulides announced plans to hire additional experts with legal or accounting backgrounds. He defended Cyprus' efforts to reform its banking sector since the 2013 financial crisis, acknowledging the need for time to rebrand the country as a prime investment opportunity.

The president expressed his firm stance against any allegations tarnishing Cyprus' name, emphasising their detrimental impact on attracting private investment. 

Despite challenges, Christodoulides noted that countries from the wider Middle East have displayed interest in investing in Cyprus, particularly in energy, health services, education, and information technology.

In the same interview, the Cypriot president addressed the proposal for a humanitarian corridor to Gaza and revealed that UN Secretary-General, Antonio Guterres, would soon notify the Cypriot government of his new choice for an envoy to explore the possibility of resuming talks to reunify the ethnically divided country, which has been in a stalemate since 2017.

You might also like

Cyprus president shakes up Cabinet with major reshuffle

Russian oligarch Kuzmichev detained in France over sanctions probe

Wave of anti-immigrant hostility grips Cyprus

• All The Superyachts Seized From Russian Oligarchs

All the Superyachts Seized from Russian Oligarchs

As a result of the ongoing conflict in Ukraine, institutions from all over the world have begun to seize superyachts belonging to Russian oligarchs – billionaire cultural and political influences closely aligned with Russian President Vladimir Putin. But why is this the case? And what are some of the biggest superyachts seized during this ordeal?

Why Are Superyachts Being Seized from Russian Oligarchs?

Governments all over the world are taking superyachts away from Russian oligarchs. But why?

The simplest answer is that this is part of ongoing sanctions against the Russian government as a punishment and disincentive for their actions against Ukraine. The hope is that these sanctions can non-violently deescalate the situation – and hopefully deter other aggressors from taking similar military action in the future.

Russian oligarchs targeted by these sanctions are believed to be governmental influencers powerful enough to qualify as being part of the Russian government.

Michael Moore, a founding partner of Moore & Co., a law firm with expertise in maritime law, was recently interviewed on the topic . “Seizing yachts”, Moore says, “generically means a private party instigates action to take control of them. For example, the private party may be the U.S. government, asking allies to conduct some version of taking control. However, whether that seizure will hold up in court later is an entirely other matter. The process can drag out for a year and a half”, Moore adds, “if a yacht owner fights the action.”

“That wrangle will include, in part, judges deciding whether the owners of the seized yachts are effectively agents of the Russian government and appropriately within scope of the sanctions order.”

Now, let’s take a look at some of the biggest and most impressive superyachts seized from Russian oligarchs.

First up, there’s the “Lady M” superyacht, which is pretty tame by the standards of this list. This 215-foot yacht was owned by Alexei Mordashov, known as Russia’s wealthiest businessman and estimated to have a net worth of over $14 billion. The Lady M has a number of impressive features, including six guest cabins and accommodations for a crew of 14. It also has a pool and a fully functioning gym. These features and others help to justify its estimated value of $27 million.

Mark Harkin, CC BY 2.0 <https://creativecommons.org/licenses/by/2.0>, via Wikimedia Commons

Of course, the Lady M is just one of Mordashov’s superyachts, and one of his other vessels is even bigger. The Nord , by contrast is estimated to be worth $500 million, standing at 464 feet with two helipads and a built-in waterfall. The Nord can also fit 36 guests. Mordashov has anchored this vessel in the Seychelles, where it will be exempt from U.S. and E.U. sanctions.

Officials in Italy were responsible for seizing the Lena, a 132-foot superyacht that was previously owned by energy industry leader Gennady Timchenko. It’s estimated to be worth $8 million, with five cabins and occupancy for ten guests. At the time of seizing, it was occupying the port of San Remo on the Italian Riviera.

If you’re wondering about the strange name, the SY A simply stands for “Sailing Yacht A,” and it’s considered one of the world's biggest and most valuable superyachts. It’s currently valued at $440 million and stands at 469 feet, just beating the Nord in terms of size. SY A was owned by fertilizer industry leader Andrey Melnichenko before being seized in the Italian port of Trieste in March.

Feliz, CC BY-SA 4.0 <https://creativecommons.org/licenses/by-sa/4.0>, via Wikimedia Commons

This yacht has a stunning assortment of features, including eight decks, multiple elevators, and even an observation area for underwater life. The vessel also sports some of the tallest masts of any ship in the world .

So far, most of the superyacht seizures have been in Italy, but there have also been some seizures in Spain – like the seizure of Sergei Chemezov’s vessel, Valerie. Valerie is a 279-foot superyacht that was recently moored in Barcelona, estimated to be worth $140 million or more. Chemezov himself is a former KGB officer who now heads the state conglomerate Rostec, which supported Russia’s annexation of Crimea in 2014.

JanManu, CC BY-SA 4.0 <https://creativecommons.org/licenses/by-sa/4.0>, via Wikimedia Commons

Valerie offers six decks to its guests, and sports a variety of interesting features, with the top sundeck sporting a bar, a large pool, a hot tub, and even a full wellness area with a gym, massage room, steam room, and beauty salon.

Igor Sechin, the chief executive of Rosneft (a Russian energy company, and the third-largest company in the country), owned a $120 million superyacht known as the Amore Vero. This 289-foot vessel was leaving the French town of La Ciotat when French officials seized it . The vessel had a built-in Jacuzzi, extensions for the balcony, and a swimming pool that could be converted into a helipad.

The Crescent

The Crescent is a 445-foot superyacht impounded in Spain until its ownership is officially determined. Right now, it’s thought that the superyacht belongs to Sechin (who also owns the Amore Vero). The full details of this ship aren’t public knowledge, but we know the vessel was around $600 million and can house up to 18 guests and 24 crew members.

One of the most recent superyacht seizures was handled by the United States. In Spain, U.S. government officials seized the 254-foot yacht The Tango – owned by Viktor Vekselberg, a Putin ally and billionaire in charge of the Renova Group. This yacht is just one of many assets held by Vekselberg in the United States that are now frozen. American companies are also no longer permitted to do business with Vekselberg or his business entities.

You don’t have to be a Russian oligarch to have a yacht, nor do you have to be rich. In fact, even if you have a relatively small budget, you can often find a yacht you can afford – as long as you know where to look.

Here at TheYachtMarket, we have a large collection of new and used vessels to explore, so check out our selection today !

Share this article

You might like.

Sign up to our newsletter

By submitting this form, you agree to our Privacy & Cookie Policy

Change units of measure

This feature requires cookies to be enabled on your browser.

Show price in:

Show lengths, beam and draft in:

Show displacement or weight in:

Show capacity or volume in:

Show speed in:

Show distance in:

• Today's news
• Reviews and deals
• Climate change
• 2024 election
• Fall allergies
• Health news
• Mental health
• Sexual health
• Family health
• So mini ways
• Unapologetically
• Buying guides

Entertainment

• How to Watch
• My watchlist
• Stock market
• Biden economy
• Personal finance
• Stocks: most active
• Stocks: gainers
• Stocks: losers
• Trending tickers
• World indices
• US Treasury bonds
• Top mutual funds
• Highest open interest
• Highest implied volatility
• Currency converter
• Basic materials
• Communication services
• Consumer cyclical
• Consumer defensive
• Financial services
• Industrials
• Real estate
• Mutual funds
• Credit cards
• Credit card rates
• Balance transfer credit cards
• Business credit cards
• Cash back credit cards
• Rewards credit cards
• Travel credit cards
• Checking accounts
• Online checking accounts
• High-yield savings accounts
• Money market accounts
• Personal loans
• Student loans
• Car insurance
• Home buying
• Options pit
• Investment ideas
• Research reports
• Fantasy football
• Pro Pick 'Em
• College Pick 'Em
• Fantasy baseball
• Fantasy hockey
• Fantasy basketball
• Download the app
• Daily fantasy
• Scores and schedules
• GameChannel
• World Baseball Classic
• Premier League
• CONCACAF League
• Champions League
• Motorsports
• Horse racing
• Newsletters

New on Yahoo

• Privacy Dashboard

Russian billionaires’ mega-yachts race towards safe havens as Ukraine sanctions loom

• Oops! Something went wrong. Please try again later. More content below

As the invasion of Ukraine continues to inspire international condemnation, mega-yachts linked to Vladimir Putin , his billionaire allies, and other prominent Russian businessmen have embarked on journeys towards waters where they’re out of reach of US and EU jurisdiction.

The trips come as nations like the UK say they’re considering sanctioning or seizing a “ hit list ” of these floating symbols of the Russian elite as punishment for the ongoing invasion of Ukraine.

Earlier this month, a $100m yacht allegedly belonging to Russian president Vladimir Putin, Graceful , abruptly departed Germany in the middle of a repair job for Kaliningrad, an detached portion of Russian territory on the Baltic Sea between Lithuania and Poland.

The monster vessel, which has its own swimming pool inside , was targeted by hacking group Anonymous, who changed its maritime callsign to “ FCKPTN .”

Four other yachts tied to Russian elites have journeyed towards neutral waters in recent days as well, according to a CNBC analysis of maritime data .

Galactic Supre Nova, the yacht of Vagit Alekperov, the billionaire head of Russian oil giant Lukoil, was clocked sailing towards Montenegro, a country with no extradition treaty to the US.

Meanwhile, Russian industrialist Oleg Deripaska ’s Clio was spotted sailing towards the Maldives, which similarly doesn’t extradite to the US .

Mr Deripaska, who was sanctioned by the US in 2018 for his ties to the Russian energy sector, has called for an end to the war in Ukraine.

“Peace is the priority. Negotiations must start ASAP,” he tweeted on Sunday.

Watch: Taskforce formed to hunt down oligarch assets, says Liz Truss

Neither man has been explicitly targeted under the US sanctions package in response to the Ukraine invasion, and neither has been accused of wrongdoing or direct ties to the conflict beyond their proximity to Vladimir Putin. The Independent has reached out to representatives of Mr Deripaska and Mr Alekperov for comment.

Pressure is building in Washington and across Europe to go after Russian mega-yachts belonging to those in Mr Putin’s inner circle who have been enriched because of their ties to the Russian state.

The White House said on Sunday it plans to “launch a multilateral transatlantic task force to identify, hunt down, and freeze the assets of sanctioned Russian companies and oligarchs – their yachts, their mansions, and any ill-gotten gains that we can find and freeze under the law.”

Such actions would build on an already unprecedented bevy of financial penalties against Russia from the US and others.

US officials have directly sanctioned Mr Putin and other top Russian officials, and the White House and EU nations have expelled some Russian banks from SWIFT, a key communications network banks use to send money to each other.

Alaska congressman Don Young announced on Monday he plans to introduce legislation called the Bringing Oligarch Accountability Through Seizure Act (BOATS), that would allow US authorities to seize Russian mega-yachts and auction them off to fund humanitarian aid.

“Our solidarity with Ukraine must be backed with urgent action against rich Russian oligarchs who continue living lavish lifestyles on mega-yachts,” Mr Young said in a statement.

Similar strategies have been discussed internationally.

UK Foreign Secretary Liz Truss said Britain is drawing up a “hit list” of oligarch property for potential sanction, and the EU has already closed European airspace to all Russian aircraft, including private jets.

Meanwhile, French Economy Minister Bruno Le Maire said on Monday, "At the request of the president, we are continuing a full survey of the financial assets, real estate, yachts and luxury vehicles (in France) which belong to Russian personalities targeted by European sanctions.”

Whether such efforts would make a dent in the Ukraine invasion is another story.

Sanctions would make it much harder for these craft to get resupply services like crew and fuel.

“In effect, the yacht wouldn’t be able to function,” Stacy Keen, a sanctions expert at the law firm Pinsent Masons, told The Guardian .

However, many Russian billionaires own their yachts through shell corporations domiciled outside of the country, making their true Russian origin far more opaque to officials.

In 2018, 60 per cent of the wealth of Russia’s richest households was held offshore , higher than any other country in the world.

Recommended Stories

Dodgers' reported reaction to shohei ohtani's $680 million deferral request: 'holy f***'.

Andrew Friedman reacted like the rest of us when he heard Shohei Ohtani's contract proposal.

Shohei Ohtani's interpreter fired after accusation of 'massive theft' from Dodgers star, per report

A bombshell has landed in Ohtani's camp hours after the Dodgers' season opener.

Boeing targets a culprit of 737 MAX production woes: 'Traveled work'

Boeing's CFO today outlined the steps the company is taking to address a series of issues affecting the safety and reliability of its planes (not to mention the company’s reputation).

Shohei Ohtani interpreter scandal: Piecing together the confusing timeline, based on what we've been told so far

The scandal has already seen a change in the story from Ohtani's camp.

Pass or Fail: Houston Texans show off new road uniforms after Reddit leak

Texans CEO and Chairman Cal McNair took to Reddit to show off one of the team's new uniform combinations in response to a leak.

Winners and losers of the UFC's $335M class action settlement

While we know the dollar amount of the settlement, we don’t know yet how it will be apportioned among the fighters involved or what other provisions might be included in the settlement.

NFL free agency good, bad and ugly: How has your favorite team done so far?

Which teams should be most excited after a week of NFL free agency?

A 15-year problem that has plagued corporate America is finally turning around

Productivity is rebounding after 15 years of no gains. That could help drive stocks higher.

2024 Fantasy Baseball: 12 sleeper pitchers not getting enough love in drafts

Fantasy baseball analyst Dalton Del Don wraps up his positional sleeper series with the pitchers!

2024 Fantasy Baseball: 7 potential draft busts from the infield

No one likes talking about busts, but identifying them can help you avoid a problem down the line. Fantasy baseball analyst Dalton Del Don highlights some infield draft fades.

2024 NFL free agency: Fantasy football winners and losers

With the massive wave of NFL free agency moves behind us, fantasy football analyst Matt Harmon shakes out who saw their fantasy value rise or fall for 2024.

Dodgers' eighth-inning rally sparked by ground ball going through Jake Cronenworth's glove

A potential inning-ending double-play wound up being a game-changer for the Dodgers.

2024 Fantasy Baseball: Wyatt Langford leads 7 key draft sleepers from the outfield

Fantasy baseball analyst Dalton Del Don continues his sleeper series identifying draft gems at every position. This time, he highlights some outfielders.

Shohei Ohtani posts first photo with wife ahead of Dodgers' trip to South Korea

Ohtani's wife is former Japanese basketball player Mamiko Tanaka.

What does Clemson's lawsuit against the ACC mean? Here are 4 key questions on move that could have massive implications

The result of FSU and Clemson’s legal claims could impact all of college athletics. Will more schools join in? Where could Clemson and Florida State land?

20 most dangerous counties for fatal crashes with big trucks

Federal crash data show the 20 worst counties for fatalities with a big truck, by percentage. In one West Texas county, trucks were involved in more than half the traffic deaths.

Players react to Rams DT Aaron Donald announcing his retirement: 'THANK GOD'

Not everyone was sad to see the three-time DPOY leave the game.

Iowa OT Kadyn Proctor reportedly leaving Hawkeyes after 2 months, likely returning to Alabama

The former five-star recruit and freshman starter appears to be returning to Alabama.

MLB 26-and-under power rankings, Nos. 10-6: Reds' young hitters, Dodgers' young pitchers among baseball's best

The Reds, Dodgers, Brewers, Padres and Tigers round out the top 10 of this year's young talent rankings.

Is the ACC headed for implosion? + Coaches that need a serious run in March Madness

Dan Wetzel, Ross Dellenger & SI’s Pat Forde kick off the podcast by reacting to the latest Clemson lawsuit that is yet another sign of a potential implosion of the ACC. Wetzel is bothered by the timing of the lawsuit when he just wants to enjoy March Madness. Forde then goes on an epic rant about how every school is in it for themselves and everyone looks to pass the blame for the state of college sports, when in fact, everyone is to blame.

• Entertainment
• Sports Sports Betting Podcasts Better Planet Vault Mightier Autos Newsletters Unconventional Vantage Experts Voices
• Sports Betting
• Better Planet
• Newsletters
• Unconventional

Italy Seizes $578M SY A Yacht of Andrey Melnichenko—Part of Putin's 'Closest Circle'

Italian authorities have seized a superyacht worth $578 million from a Russian billionaire who was sanctioned by the the European Union following Russia's invasion of Ukraine.

Andrey Igorevich Melnichenko's 470-foot Sailing Yacht A —believed to be the world's biggest—has been sequestered at the northern port of Trieste, the Italian prime minister's office said.

Industrialist Melnichenko, who owns the fertilizer producer EuroChem Group and coal company SUEK, is among several prominent Russian oligarchs sanctioned by the EU since the start of the Ukraine War. He is worth around $11 billion according to Forbes.

Italian police said they had over the last week seized villas and yachts worth 143 million euros ($156 million) from five Russians on the sanctions list.

Italian media released footage that reportedly showed Melnichenko's yacht being seized.

Sanzioni contro la Russia: A Trieste, nel rimessaggio del porto, è stato sequestrato dalla Guardia di Finanza lo yacht a vela più grande del mondo, del valore di 530 milioni di euro. Lo "SY A" è riconducibile all'imprenditore russo Andrey Igorevich Melnichenko. pic.twitter.com/xj0V728Qsa — Tg La7 (@TgLa7) March 11, 2022

In announcing the sanctions against Melnichenko, the EU council called him "a member of the closest circle of Vladimir Putin " and that he "is supporting or implementing actions or policies which undermine or threaten" Ukraine.

"It also shows that he is one of the leading businesspersons involved in economic sectors providing a substantial source of revenue to the government of Russia, which is responsible for annexation of Crimea and ​destabilization of Ukraine," it added.

• Putin Still a Rational Man Who Won't Use Nuclear Weapons, Top Experts Say
• Ukrainian Marine Commander Killed Fighting Russian Invaders
• Ukraine Can Hold Out Against Russians for Years: Former Ukrainian Soldier

The U.S. has also imposed tough sanctions on business elites and the inner circle of President Vladimir Putin, including the Russian president's spokesperson Dmitry Peskov's wife and two adult children.

Also targeted by the U.S. are eight oligarchs and nearly two dozen of their family members and associates whose assets in the U.S. have been frozen. "The goal is to maximize the impact on Putin," President Joe Biden said last week.

The U.S. Treasury has also blocked a $90m private jet and a yacht owned by businessman Viktor Vekselberg.

The EU, the U.K and the U.S. have all slapped tough sanctions on Russian oligarchs to punish Moscow for its invasion of Ukraine and the symbols of opulent wealth are a target.

Last week, French authorities seized a $120-million super yacht owned by Igor Sechin, the CEO of Russian state-controlled oil giant Rosneft. The yacht, Amore Vero, was moored in La Ciotat in the south of France.

Meanwhile, Roman Abramovich has been disqualified as a director of Chelsea Football Club, the Premier League announced on Saturday.

The U.K. government has frozen Abramovich's British assets, but has granted Chelsea a license until May 31 that will allow the club to continue to train and play its fixtures.

Uncommon Knowledge

Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.

About the writer

Brendan Cole is a Newsweek Senior News Reporter based in London, UK. His focus is Russia and Ukraine, in particular the war started by Moscow. He also covers other areas of geopolitics including China. 

Brendan joined Newsweek in 2018 from the International Business Times and well as English, knows Russian and French.

You can get in touch with Brendan by emailing [email protected] or follow on him on his X account @brendanmarkcole.

To read how Newsweek uses AI as a newsroom tool, Click here.

• Newsweek magazine delivered to your door
• Newsweek Voices: Diverse audio opinions
• Enjoy ad-free browsing on Newsweek.com
• Comment on articles
• Newsweek app updates on-the-go

Top stories

Marjorie Taylor Greene Moves to Disbar Fani Willis

Russia Pledges Two New Ground Armies in Ominous Warning to West

Donald Trump's Legal Costs Outstrip Money Raised, Filings Reveal

I Can Relate to Kate Middleton. I Know What She Needs

Humanitarian aid ship completes first food delivery to Gaza by sea

A humanitarian aid ship has completed the first aid delivery by sea to Gaza via a new maritime corridor, unloading 200 tons of food and water to the besieged enclave, the nonprofit World Central Kitchen said Saturday. A second aid ship is preparing to sail from Cyprus, the group said.

“All cargo was offloaded and is being readied for distribution in Gaza,” World Central Kitchen said in a statement.

The second aid ship contained “pallets of canned goods and bulk product — including beans, carrots, canned tuna, chickpeas, canned corn, parboiled rice, flour, oil and salt.” It also included 120 kilograms of fresh dates — commonly eaten to break fasts during the Islamic month of Ramadan.

The maritime mission dubbed “Operation Safeena,” meaning ship in Arabic, was dispatched by World Central Kitchen, a U.S. nonprofit founded by chef José Andrés , and the Spanish search-and-rescue group Open Arms this week. The Israel Defense Forces has previously said that the food aid would be transferred to trucks operated by the nonprofit, which would “distribute them to northern Gaza.”

U.N. officials have warned that Gaza is on the brink of famine, with the situation particularly dire in the north. On Friday, UNICEF warned that almost 1 in 3 children under age 2 in northern Gaza were suffering from acute malnutrition, up from 15.6 percent in January, based on nutrition screenings it and partners had conducted. At least 27 people, mostly children , have died of malnutrition or dehydration in recent weeks, according to the Gaza Health Ministry.

Aid deliveries to Gaza have become increasingly precarious, with the number of aid trucks plummeting; humanitarian officials say Israel has limited land entry points and targeted civilian police responsible for protecting the convoys. Countries, including the United States, have taken to air dropping aid — a costly and dangerous procedure — while President Biden has announced plans for the U.S. military to construct a floating pier off Gaza’s coast — something that could take up to 60 days to construct.

World Central Kitchen said that Saturday’s aid was offloaded via a jetty the group built on the coast of Gaza and that the second ship could carry two forklifts and a crane to assist with future maritime deliveries. It said it had no information yet on when the second boat, which will carry 240 tons of food aid, might set sail.

Here’s what else to know

Israel said Friday that it will send a delegation to Qatar to continue negotiations for the release of Hamas-held hostages in exchange for Palestinian prisoners in Israel . The move comes on the heels of the latest cease-fire proposal put forward by Hamas, which Israel has accused of making “unrealistic demands.” National Security Council spokesman John Kirby said Friday that the Hamas proposal was “in broad brushstrokes, within the bounds of the deal that we’ve been working on now for several months.”

Biden praised a recent speech by Senate Majority Leader Charles E. Schumer (D-N.Y.) that criticized Netanyahu’s government and called for Israel to hold a new election. Biden described it as “a good speech” that “expressed a serious concern shared not only by [Schumer] but by many Americans.” Israeli officials criticized Schumer’s remarks, with Israel’s ambassador to the United States calling it “counterproductive to our common goals.”

Israeli Prime Minister Benjamin Netanyahu has approved plans for a military operation in Rafah, his office said Friday . The statement did not provide additional details about the offensive, which is opposed by several world leaders and humanitarian organizations, who say it could be devastating for the more than 1.4 million Palestinians estimated to be seeking refuge in the city. Secretary of State Antony Blinken told reporters in Vienna on Friday that the Biden administration had not seen a plan from Israel detailing how it would protect civilians if the military moves into the densely populated city.

At least 20 people were killed and more than 150 were injured late Thursday while awaiting aid in northern Gaza, in what Palestinian officials in the enclave said was an Israeli attack. Witnesses interviewed by The Washington Post said they saw an Israeli helicopter and drones randomly firing on Palestinians. The Israeli military denied responsibility for the killings and late Friday released edited footage of what it said showed “Palestinian gunmen opening fire in the midst of Gazan civilians.” The accounts from witnesses and the IDF could not be independently corroborated.

More than a dozen authors have dropped out of a PEN America festival, citing the literary nonprofit’s inaction over the war in Gaza . Naomi Klein, Hisham Matar and Maaza Mengiste are among the writers who have said they will not be participating in the annual PEN World Voices Festival this year, criticizing the organization for failing to call “for an immediate and unconditional cease-fire.” The nonprofit has said on its website that it has “done considerable work in response to the war. Some has been public, and some has been behind the scenes to protect the imperiled artists and writers we are assisting.”

At least 31,553 people have been killed and 73,546 injured in Gaza since the war began, according to the Gaza Health Ministry , which does not distinguish between civilians and combatants. Israel estimates that about 1,200 people were killed in Hamas’s Oct. 7 attack and says 249 soldiers have been killed since the start of its military operation in Gaza.

A previous version of this article misstated which ship World Central Kitchen referred to in a statement on food aid. The statement said canned goods, bulk products and fresh dates were on the second aid ship as it prepared for launch. The article has been corrected.

Boat & Catamaran charter in Cyprus - Yacht Rental

Cyprus yacht rental.

Set sail on the turquoise waters of the Mediterranean with Yachting.Rent’s premium Cyprus yacht rental service. As one of the most reputable yacht charter companies, we provide top-notch sailing experiences around the enchanting island of Cyprus.

Cyprus, known as the ‘Jewel of the Mediterranean’, is famous for its rich history, stunning landscapes, and crystal-clear waters, making it an idyllic sailing destination. Whether you’re seeking an adventurous water sport-filled vacation, a relaxing cruise around the picturesque coastline, or a romantic getaway under the stunning Mediterranean sunset, Yachting.Rent has the perfect solution for you.

We offer a wide range of yachts to choose from, including luxury motor yachts, sleek sailing boats, and spacious catamarans. Each yacht is well-equipped with modern amenities and safety features to ensure a comfortable and secure journey. Whether you’re a seasoned sailor or a first-timer, our expert team is ready to assist you in planning your dream yacht charter holiday.

With Yachting.Rent, not only do you get to explore the breathtaking coastlines of Cyprus at your own pace, but you also get the chance to delve into its rich cultural heritage. Discover hidden coves, sunbathe on secluded beaches, or dock at vibrant coastal cities like Limassol and Paphos to enjoy the local cuisine and nightlife.

So, whether you want to navigate the azure waters yourself or prefer to sit back and relax while our professional crew takes the helm, Yachting.Rent promises an unforgettable Cyprus yacht charter experience. Embark on a journey of a lifetime with us and create lasting memories on the serene waters of Cyprus.

Daniel Goldman

CEO of Yachting.Rent

Boat & Catamaran charter in Cyprus

Bali 4.5 – 4 + 2 cab. – Adria Chicha – 2017

Lagoon 450 F – 4 + 2 cab. – Shiva – 2018

Lagoon 42 – 4 + 2 cab. – Hanselli – 2024

Lagoon 42 – 4 + 1 cab. – pirelli – 2024.

Saxdor 320 GTC – Olivia – 2022

Saxdor 320 gto – kali – 2022.

Why Choose Us

Yacht charter in Cyprus

Discover the Mediterranean’s hidden gem with Yachting.Rent, the leading provider of yacht charters in Cyprus. Our passion for exceptional service ensures an enriching yachting experience, allowing you to explore Cyprus’s captivating coastlines, tranquil bays, and rich historical legacy.

Cyprus, with its azure waters, golden beaches, and vibrant marine life, offers an idyllic backdrop for an unforgettable sailing journey. At Yachting.Rent, you will have access to our elite fleet of top-quality yachts, ranging from swift sailing boats to luxurious motor yachts, all meticulously maintained to ensure your comfort and safety.

Steer your course through Cyprus’s clear waters, anchor in serene bays, or dock at bustling coastal towns to immerse yourself in the unique Cypriot lifestyle. Dive into the Mediterranean’s diverse marine life, visit ancient archaeological sites, or simply enjoy the serene seascapes from your private deck.

Our dedicated team at Yachting.Rent ensures your Cypriot yacht charter experience is seamless and memorable. We offer customized itineraries, experienced skippers, and a range of premium services to cater to your every need and desire.

Set sail with Yachting.Rent and uncover the allure of Cyprus from the comfort of your private yacht. Let the whisper of the sea breeze, the rhythm of the gentle waves, and the mesmerizing beauty of Cyprus create a symphony of unforgettable experiences. Your Cypriot sailing adventure begins here!

Satisfield Clients

Experiented Crew

Luxurious Boats

Premium Facilities

Featured Boats & Catamarans in Cyprus

Philippinen (1)

Fill out the form to rent the perfect boat for your needs

Name (required)

Phone (required)

Email (required)

Destination (required) Argentina Australia Bahamas Bali Belgium Belize Brazil British Virgin Islands Bulgaria Canada Cambodia Cape Verde Caribbean Chile Colombia Costa Rica Croatia Cuba Cyprus Denmark Dominica Dominican Republic Ecuador Egypt El Salvador Fiji Finland France French Polynesia Greece Grenada Guatemala Germany Hawaii Hong Kong Hungary Iceland India Indonesia Ireland Israel Italy Jamaica Japan Jordan Madagascar Maldives Malaysia Malta Mauritania Mauritius Mexico Monaco Montenegro Mozambique Nicaragua Netherlands New Caledonia New Zealand North Macedonia Norway Oman Panama Paraguay Philippines Poland Portugal Qatar Romania Saint Lucia Samoa San Marino Senegal Seychelles Singapore Slovenia South Africa Sri Lanka Spain Sweeden Switzerland Tanzania Thailand Turkey United Kingdom United States United Arab Emirates Venezuela US Virgin Islands Vietnam

Boat type Sailboat Catamaran Motorboat Power catamaran Gulet

About Cyprus

Why is Cyprus a good sailing destination?

Discover the unparalleled beauty of the Mediterranean with Yachting.Rent and understand why Cyprus is one of the world’s top sailing destinations. Cyprus, famously known as the ‘Jewel of the Mediterranean,’ offers an irresistible blend of crystal-clear azure waters, warm weather, and diverse marine life. Whether you’re an experienced sailor or a novice to sailing, Cyprus provides a unique and enchanting experience.

The island boasts 340 days of sunshine each year, making it an excellent year-round sailing destination. The gentle yet steady winds that blow across the island’s coast make for a smooth and enjoyable sailing experience. The sea around Cyprus is calm and inviting, ideal for those looking to relax or engage in water sports such as snorkeling, diving, and fishing.

With its fascinating blend of Greek and Turkish culture, Cyprus offers you a chance to immerse yourself in its rich history and vibrant lifestyle. As you sail along the coast, you’ll encounter enchanting ancient ruins, beautiful sandy beaches, hidden coves, and bustling harbors teeming with life. Visit popular coastal cities like Limassol and Paphos, and indulge in the local delicacies or shop for traditional crafts.

The Cypriot waters are also a haven for a wide range of marine life, adding an extra touch of magic to your sailing experience. From playful dolphins to a variety of fish species, you’ll have plenty of opportunities to witness these beautiful creatures in their natural habitat.

With Yachting.Rent, your journey through the sparkling waters of Cyprus becomes a memorable adventure. We offer expert guidance, top-notch service, and a wide range of yacht options to choose from, ensuring your sailing experience in Cyprus is as extraordinary as the island itself. Join us at Yachting.Rent and see why Cyprus is a dream destination for sailors around the globe.

gallery-large

What Choose

Sailing boat or Catamaran, what to sail in Cyprus

Choosing the perfect vessel for your sailing adventure in Cyprus is a crucial part of your journey. Whether you prefer the classic allure of a sailing boat or the spacious luxury of a catamaran, Yachting.Rent has a selection that caters to every preference.

Sailing boats provide a traditional and exhilarating sailing experience. Their sleek design allows for speed and maneuverability, making them perfect for navigating Cyprus’s clear waters and exploring hidden coves and bays. For those seeking the thrill of working with the wind and the waves, a sailing boat delivers an authentic, hands-on experience.

In contrast, catamarans are an excellent choice for those who prioritize space and stability. Their dual-hull design makes them exceptionally steady on water, ensuring a smooth sailing experience. Catamarans also offer spacious interiors and large decks, perfect for relaxing and socializing. Their shallow draft allows you to get closer to the shore, making beach visits and snorkeling trips more accessible.

At Yachting.Rent, we offer a diverse selection of both sailing boats and catamarans, all maintained to the highest standards to ensure your safety and comfort. Our knowledgeable team is always on hand to help you select the best vessel for your needs.

Whether you choose a sailing boat or a catamaran for your Cypriot adventure with Yachting.Rent, prepare to be enchanted by the sparkling Mediterranean waters, the golden beaches, and the rich cultural heritage of Cyprus. Your unforgettable Cypriot sailing journey begins here!

Find inspiration for your next holiday

Cyprus by Sail: Cruising Along the Island's Enchanting Mediterranean Coastline

Ancient Harbors and Mythological Tides: Discovering Paphos and the Birthplace of Aphrodite

Limassol Marina: The Modern Jewel for Mediterranean Sailors and Yacht Enthusiasts

Hidden Coves and Secluded Beaches: Finding Serenity on the Shores of Cyprus

Check out sailing destinations by regions.

• Paphos City

Check out our favourite sailing destinations

• British Virgin Islands
• Dominican Republic
• El Salvador
• French Polynesia
• Netherlands
• New Caledonia
• New Zealand
• North Macedonia
• Philippines
• Saint Lucia
• South Africa
• Switzerland
• United Kingdom
• United States
• United Arab Emirates
• US Virgin Islands

Our Offices

Miami Beach Marina 300 Alton Road Miami Beach, Florida 33139

Ground Floor 8-9 Marino Mart Fairview Clontarf, D03 X589 Dublin

Ground Floor 8-9 Marino Mart Fairview Clontarf, D03 X589 Dublin, Ireland

(+1) 786 673 6820

• Motor yachts
• Sailing yachts
• Sport fishing
• Safety & Security
• Terms of Use

Quick Links

• Bill of Rights
• Environment