Live news updates: Russian oligarch’s seized superyacht auctioned to repay JPMorgan loan

Live news updates: Russian oligarch's seized superyacht auctioned to repay JPMorgan loan

The first superyacht seized by a sanctioned Russian oligarch after Russia’s invasion of Ukraine has been sold after 63 bids at an auction in Gibraltar, auctioneers said.

Axioma, a 236-foot luxury vessel belonging to Russian billionaire Dmitry Pumpyansky, was sold on behalf of the Admiralty Court of Gibraltar to repay JPMorgan on a €20.5 million loan tied to the vessel.

The yacht, estimated to be worth between €55 million and €60 million, was seized in March in Gibraltar, a small British territory at the entrance to the Mediterranean, when authorities around the world seized luxury ships from sanctioned Russians. names.

Pumpyansky, the former owner of OAO TMK, Russia’s largest steel pipe manufacturer, had been sanctioned by the EU and the UK in March when British authorities described him as one of the closest oligarchs to Russian President Vladimir Putin. . The UK estimated his wealth at £1.84 billion.

The auction drew 63 sealed bids by Tuesday’s deadline, said Nigel Hollyer, a broker at Howe Robinson. A final decision on the winning bid is expected to be made Monday in consultation with the Admiralty Marshal of Gibraltar, but the identity of the new owner will not be disclosed, Hollyer added.

Originally named Red Square, the Axiom features a glass elevator, an infinity pool and a 3D cinema. It was previously available for charter up to €635,000 per week.

According to court documents quoted by Reuters, JPMorgan won a court injunction in Gibraltar allowing the sale of the yacht after Pumpyansky repaid a €20.5 million loan to an investment company he owned.

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