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A Russian Oligarch’s $75 Million Superyacht Just Got Auctioned Off in Gibraltar

It's the first public sale of an oligarch's seized asset since russia invaded ukraine., rachel cormack.

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What becomes of a sanctioned Russian billionaire’s superyacht after it’s seized ? In the case of the $75 million Axioma , the end result was an auction for way below its market value.

The lavish 236-footer, which was seized from Russian steel magnate Dmitry Pumpyansky in March, attracted 63 bids at a sale in Gibraltar. A true watershed moment, it is the first public auction of an oligarch’s asset since Russian forces invaded Ukraine in February.

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The superyacht, which boasts six luxurious guest cabins, an infinity pool, a spa and a 3-D cinema, was detained by the Gibraltar government after a legal claim from JP Morgan said Pumpyansky’s holding company Pyrene Investments owed the bank more than $20 million.

The Office of the Admiralty Marshal in Gibraltar confirmed on Tuesday that 63 bids were received for Axioma , but refused to reveal the value of the bids, as reported by the Guardian .

“Axioma” docked in Marseille, France in June.  Gerard Bottino / SOPA Images

“The successful bidder will be selected by the Admiralty Marshal but details of the bidder and the value of the offer will remain confidential,” the court said in a statement. “Details about the sale value of the vessel will be made available once the transaction has been completed which could take place in approximately 10 to 14 days.”

James Jaffa, a lawyer for British firm Jaffa & Co, told the Guardian that he expects Axioma to sell for “way below” $20 million.

The west has confiscated billions worth of assets since March. British and American authorities have previously said they would seek to funnel the proceeds of sold assets back into Ukraine. This auction has attracted controversy, though, because Axioma has been sold not for the benefit of the Ukrainian people, but for the US investment bank.

Still, the has set a “benchmark” for other banks looking to recoup losses by auctioning assets.

“ Axioma will be a watershed moment for assets that have bank financing against them because all the other banks will realize that the asset can be sold and that they can get some or all of their money back,” Jaffa adds.

Rachel Cormack is a digital editor at Robb Report. She cut her teeth writing for HuffPost, Concrete Playground, and several other online publications in Australia, before moving to New York at the…

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A multimillion-dollar superyacht once owned by a Russian oligarch has gone to auction

Dustin Jones

The Axioma superyacht, seen in Gibraltar in March, once belonged to Russian oligarch Dmitrievich Pumpyansky. The vessel was seized last March in accordance with sanctions imposed by Britain and the European Union. It will be auctioned off Tuesday, with the proceeds going to JP Morgan Chase. JON NAZCA/REUTERS hide caption

The Axioma superyacht, seen in Gibraltar in March, once belonged to Russian oligarch Dmitrievich Pumpyansky. The vessel was seized last March in accordance with sanctions imposed by Britain and the European Union. It will be auctioned off Tuesday, with the proceeds going to JP Morgan Chase.

A superyacht once belonging to a Russian billionaire went to auction Tuesday in the British territory of Gibraltar. The vessel, estimated to have a value in the tens of millions of dollars, was seized in March as part of Western sanctions against Russia following the invasion of Ukraine.

Gibraltar's Admiralty Marshal was tasked with appraising and selling the yacht, which received 63 bids, according to court documents. Its official appraised value is "a confidential matter which cannot be disclosed," although outside estimates reportedly place it anywhere from $42 million to $75 million. Details about who ultimately purchases the vessel and for what price will be made public when the transaction is complete.

Measuring 236 feet long and weighing over 1,600 tons, the Axioma is a sight to behold. It can accommodate 12 guests in six cabins — along with a 20-person crew in 12 other rooms — and features a gymnasium, full-service spa, infinity pool and luxury cinema, as stated on the Howe Robinson Partners auction site.

The cost to charter the Axioma for a week runs an average of roughly $500,000 , not including other operating costs, according to Yacht Charter Fleet.

The former owner of the ship is Dmitrievich Pumpyansky, once Russia's largest steel pipe manufacturer and currently worth $2 billion, according to Forbes . Unfortunately for Pumpyansky, he was sanctioned by Britain and the European Union after the invasion.

Other superyachts owned by Russian oligarchs have been detained as a result of the sanctions, but the Axioma is the first to be sold off, the Guardian reported.

Despite calls for the proceeds of the sale to benefit Ukraine, the funds will instead be paid to JP Morgan Chase. According to the Guardian, the international bank had a loan agreement with Pumpyansky's holding company, Pyrene Investments.

However, the sanctions against Russia prevented JP Morgan Chase from accepting payments from the holding company, breaching the agreement, and the bank filed a legal claim to have the vessel seized and sold at auction.

Other superyachts belonging to Russian elites have been detained all over the world — including the Amadea, which was seized in Fiji at the request of the United States in May. That $300 million yacht belonged to Suleiman Kerimov, a Russian gold producer worth over $12 billion, according to Forbes .

The fate of the Amadea is uncertain, however; it, too, could be sold to the highest bidder, which would be in line with President Biden's aims to hold Russian oligarchs accountable for their role in the invasion and, potentially, use the proceeds to aid Ukraine.

Gibraltar seized a $75 million superyacht owned by a sanctioned Russian oligarch, the local government said

• Gibraltar's government said on Monday it seized a $75 million yacht owned by a Russian oligarch.
• The government told Insider that the yacht, Axioma, was owned by the billionaire Dmitry Pumpyansky.
• Axioma was previously docked in Antigua, in the Caribbean, before it sailed to Gibraltar.

A $75 million superyacht owned by a sanctioned Russian oligarch was seized upon docking in Gibraltar, the local government said.

The 240-foot  Axioma is owned by the Russian businessperson Dmitry Pumpyansky, the government of Gibraltar, a British overseas territory on Spain's south coast, told Insider.

Pumpyansky, who has an estimated net worth of $1.1 billion, is the owner of Russia's largest steel-pipe-maker, TMK, Forbes reported. His assets were frozen by the UK and the EU as part of sanctions imposed last week over Russia's invasion of Ukraine.

Axioma is valued by SuperYachtFan at $75 million. It was previously docked in Antigua, an island in the Caribbean, until it set sail on March 3. It arrived in Gibraltar 18 days later, the ship tracker Marine Traffic showed.

In a statement on Monday, Gibraltar's government said Axioma was "confirmed to be the subject of an arrest action by a leading international bank in the Supreme Court of Gibraltar." It added, "The vessel is now subject to arrest by the Admiralty Marshal until further order."

In a later statement to Insider, the Gibraltar government said, "The owner of the yacht is Dmitry Pumpyansky."

Axioma, built in 2013, can host 22 guests and crew members on board, SuperYachtFan said. Axioma also features two big swimming pools, a gym, and a cinema, SuperYachtFan added.

Several superyachts linked to Russian oligarchs have been seized by countries that have sanctioned them as part of efforts to punish Russia and President Vladimir Putin for invading Ukraine.

Italy has seized a $578 million yacht linked to Andrey Melnichenko; France has impounded a $120 million vessel linked to Igor Sechin; and Spain has detained a $153 million superyacht linked to Sergei Chemezov.

Watch: BILL BROWDER: How sanctions on Russia hurt Putin's closest allies

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Auctioned superyacht Axioma bound for Turkey

The 72.5-metre superyacht Axioma has left her berth in Gibraltar and is currently en route to Turkey under new ownership, according to her AIS (automatic identification systems).  This is the first voyage the yacht has undertaken since her arrest in March of last year and subsequent auction in September when she fetched $37,500,055 and 63 bids.

Her AIS records her destination as Gemlik, a commercial port just south of Istanbul. It has been speculated that she could be headed for her home shipyard of Dunya Yachts which is located around 100 kilometres from Gemlik. Prior to the yacht's arrest, the shipyard announced that it was constructing a 48-metre support vessel for Axioma.  

Pictures on social media indicate that Axioma is making at least part of the 2,117 nautical mile journey by tow.

Axioma was sold at auction by the Admiralty Court of Gibraltar on August 23 under an “as is, where is” private auction with Howe Robinson handling the sale. 

The sale was finalised on September 27 after being subjected to an enhanced due diligence process. The Court confirmed that "funds will remain in Court for a period of 60 days from the date the sale is advertised in Lloyd’s List".

"Any person with a claim against the vessel, or the proceeds of sale thereof, needs to submit a claim before the expiration of the said period," said a spokesperson for the Court.

The auction comes after the superyacht was arrested at the end of March as a result of sanctions against Russia.

She marked the first Russian-owned superyacht to be listed for sale since the sanctions were introduced in 2022. It is understood that she was auctioned following a loan violation, which arose after the yacht’s former owner was added to the European Union's list of sanctioned individuals.

Days before the auction, a license granted by the US Treasury Department’s Office of Foreign Assets Control authorised US-based buyers to participate in the sale.

Axioma was built in 2013 by Dunya Yachts and delivered under the name Red Square . She has proven herself to be a highly popular and versatile charter platform over the years, with a consistently booked-up calendar.

She offers accommodation for up to 12 guests in six cabins with a complement for a crew of 20. She has been meticulously maintained over the years, most recently with a full-scale refit in 2020 which gave her a bright new hull colour.

Onboard highlights include a 3D cinema room and a generous aft deck swimming pool that overlooks the swim platform. There is a second jacuzzi on the upper deck aft, alongside a good variety of shaded and non-shaded al fresco areas across her decks.

The yacht’s interiors have been crafted by legendary designer Alberto Pinto, who has given her a chic, monochromatic look that complements her volume and natural light. She features a double-height main saloon with a mezzanine area and a private owner’s deck with a skylight.

She is powered by twin Caterpillar engines which give her a top speed of 18 knots and is ABS-classed. 

The yacht was listed without a reserve price and the final auction price was never disclosed. The identity of the buyer was also withheld.  

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Seized Russian superyacht to be sold at first auction of Ukraine war

Potential buyers eye ‘opportunity for a real bargain’ over vessel seized from ‘major oligarch’, article bookmarked.

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A Russian superyacht seized in Gibraltar after its owner was sanctioned is to be sold off in the first such auction since Vladimir Putin launched his invasion of Ukraine .

The Axioma, reported to be worth £63m, was detained upon docking in Gibraltar in March after its billionaire owner Dmitrievich Pumpyansky was sanctioned by the UK, EU and US in response to the war.

However, despite calls from governments for the proceeds of seized assets to be used to help Ukrainians, a bulk of the money raised from the sale at next week’s auction is expected to go to JP Morgan , which claims Mr Pumpyansky owes the US investment bank some £17m.

Mr Pumpyansky is the owner and chair of steel pipe manufacturer OAO TMK, a supplier to Russian state-owned energy company Gazprom. In March, the 58-year-old was described by the UK’s foreign secretary Liz Truss as among the “major oligarchs” who are “closest to Putin”.

Dozens of people from “across the world” have so far flown to Gibraltar to inspect the yacht, with many “convinced they’re going to get a bargain”, according to the broker leading the auction on Tuesday.

The 236-foot vessel, originally named Red Square and boasting a 3D cinema, infinity pool, spa, and space for 12 guests and a 20-strong crew, was formerly chartered out to the world’s super-wealthy at a cost of up to £465,000 per week.

The Turkey-built yacht is owned by a British Virgin Islands holding company called Pyrene Investments, of which Mr Pumpyansky is a beneficiary, according to the Panama Papers leak .

Refinitiv shipping data showed the Axioma leaving the Caribbean island of Antigua on 27 February and spending three weeks crossing the Atlantic before reaching Gibraltar, where it was detained by the government following a legal claim by JP Morgan, which alleges it is owed £17m by Pyrene Investments.

The bank has argued that the fact that Mr Pumpyansky has been sanctioned means the terms of the loan have been breached, because JP Morgan legally cannot accept loan repayments from the firm, The Guardian reported.

Nigel Hollyer, who is leading the auction on behalf of the Supreme Court of Gibraltar’s Admiralty marshal, told The Independent that, by the time of the auction, his firm Howe Robinson Partners will have arranged 28 inspections of the yacht from prospective buyers.

“I am fairly confident that the number of potential buyers who have not inspected the yacht but will submit an offer could easily be at similar numbers,” he said, adding: “No doubt the majority of bids eventually received will be well below the reserve. In other words, unrealistic buyers who believe this is an opportunity for a real bargain.”

After repayment of the debt to JP Morgan and the cost of detaining the yacht, any surplus funds from its sale will be frozen in an account with the Supreme Court in Gibraltar, Mr Hollyer said.

A JP Morgan spokesperson said the firm “will politely decline to comment on the Axioma” when approached by The Independent and asked whether any proceeds from the yachts sale could be put towards helping Ukrainians.

The company is understood to have donated $10m (£8.45m) to help Ukrainian refugees, while its Warsaw office is in the process of hiring 50 refugees to a training programme while they are displaced.

The firm’s chief executive Jamie Dimon called in April for Washington to take a stronger stance over the war, writing that it was democratic nations must take a stand “against all forms of evil”, and warned the bank’s exposure to Russia could cost it up to $1bn (£763m).

Earlier this month, the bank helped Kyiv secure agreements for a two-year freeze on Ukraine’s payment of almost $20bn of international bonds in order to help the country maintain financial stability and fund its defence effort.

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Axioma superyacht to become first vessel seized under Russian sanctions to be auctioned

The £65m luxury craft will be sold by the gibraltar government on tuesday, with proceeds due to go to jp morgan not ukraine.

August 20, 2022

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For the first time, a Russian superyacht seized under war-related sanctions will be auctioned.

JP Morgan said that the ship’s owner, Dmitrievich Pumpyansky, a billionaire Russian steel pipe magnate, owed it more than $20 million in loan repayments that could no longer be legally accepted after he was sanctioned by the West.

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By Euan Ward

• Aug. 22, 2022

A superyacht owned by a sanctioned Russian businessman is set to be publicly auctioned off on Tuesday, the first such sale since governments around the world began seizing Russian-owned luxury vessels in the wake of President Putin’s invasion of Ukraine.

The superyacht, the Malta-flagged Axioma, was seized by British authorities in Gibraltar in March after the U.S. investment bank JP Morgan said that the ship’s owner, Dmitrievich Pumpyansky, a billionaire Russian steel pipe magnate, owed it more than $20 million in loan repayments.

Before being sanctioned in March, Mr. Pumpyansky owned and chaired Russia’s largest steel pipe producer, TMK PJSC. Britain said that Mr. Pumpyansky was one of the oligarchs “closest to Putin ,” and had amassed a fortune estimated at more than $2 billion.

The bank said that the money it was owed by Pyrene Investments, Mr. Pumpyansky’s holding company, could no longer be legally accepted after he was sanctioned by the United States, Britain and European Union. The bank won a court order in Gibraltar in July to have the vessel seized and auctioned off to repay the loan.

The Axioma has five decks and is 240 feet long. It is outfitted with six luxurious bedrooms, an infinity pool, a 3-D cinema, a gym, a jacuzzi and a spa. Nigel Hollyer, the broker at the auction house handling the vessel’s sale, Howe Robinson Partners, would not disclose the yacht’s appraised value, but said it was expected to sell “comfortably in advance” of that figure.

The BBC previously reported an appraisal value of £63 million, or about $75 million for the vessel, though it did not disclose how the figure was obtained.

Mr. Hollyer said he had seen a “staggering amount” of interest in the vessel in recent weeks, including 100 inquiries and 30 in-person inspections. He said that there had been two “serious” offers already, and that most offers were expected on Tuesday. Prospective buyers hailed from countries including the United States, Canada, Britain, Italy, and Turkey, according to Mr. Hollyer.

The vessel, originally named Red Square when it was built in 2013, was once available for charter for as much as $635,250 a week, plus expenses. Many of those who previously rented the superyacht were U.S. citizens, Mr. Hollyer said.

JP Morgan refused to comment on the Axioma when approached by The New York Times, declining to say whether the bank intended to donate any of the proceeds to help Ukrainian refugees. In recent months, some governments — including Britain, which governs Gibraltar as an overseas territory — have said that proceeds from the sale of seized Russian assets could be used to aid Ukraine.

A spokesman for Gibraltar Courts Service said that what happened to any surplus from the sale, once the loan was repaid, was a matter “to be determined by the court.”

Euan Ward is a reporter on the International desk and a 2022-2023 New York Times Fellow. He is based in London, and previously worked as a Middle East correspondent and investigative reporter in Beirut. More about Euan Ward

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Superyacht Axioma 'seized' from Russian billionaire on UK's sanctions list

Dmitry Pumpyansky is subject to a travel ban and an asset freeze instruction

• 07:49, 22 MAR 2022

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A superyacht owned by a Russian billionaire whose name appears on the UK’s sanctions list has apparently been seized in Gibraltar. The Axioma belongs to businessman Dmitry Pumpyansky - a steel magnate worth £1.84 billion.

He is subject to a travel ban and an asset freeze instruction under UK sanctions in response to the invasion of Ukraine. Gibraltar recently banned the entry into British waters of any vessel linked to Russia or sanctioned individuals in the wake of the Ukrainian crisis.

Under Gibraltar law the UK sanctions automatically apply there too. The Gibraltar Government is said to have cleared the entry of the superyacht Axioma on Monday morning after confirming it would be arrested in connection to an admiralty claim filed in the Supreme Court.

Sources say the vessel is currently in the custody of the Admiralty Marshall and is berthed alongside the outer wall of the Mid Harbour boat marina. The office of the Admiralty Marshall in Gibraltar is said to have confirmed the arrest but the court file remains sealed for now and it was not immediately clear which bank had filed the claim or why.

The Gibraltar Government also confirmed the arrest of the Axioma and explained its decision to allow the vessel to enter there. A spokesperson for No.6 Convent Place, the headquarters of Her Majesty's Government of Gibraltar said: “The Captain of the Port today granted permission, after consultation with the Chief Minister as minister with responsibility for sanctions, for the entry into BGTW of a vessel that was confirmed to be the subject of an arrest action by a leading international bank in the Supreme Court of Gibraltar.

“Given the ultimate beneficial ownership of the vessel, permission would not normally have been granted for the vessel to enter BGTW. However, this has been exceptionally allowed in the interests of creditors with proper claims against the vessel and who seek the assistance of the Admiralty jurisdiction of the Supreme court to enforce such claims.”

“The vessel is now subject to arrest by the Admiralty Marshal until further order.”

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Inside Axioma: The First Seized Superyacht To Go Up For Auction

Time for a sneak peek.

Designer superyacht Axioma is going to be the first seized Russian vessel to go to auction. It has a slightly unusual past though . Here’s how it used to look before it got put under lock and key (as well as a video showing the little-known side of superyachting you’ve probably never thought about).

News broke on Wednesday that Axioma, a gorgeous $75 million superyacht, will be the first seized Russian schooner to go to auction – in a single day, and without reserve.

Axioma was delivered in 2013 and owned by billionaire Dmitry Pumpyansky, who made his fortune in the gas and steel industries. According to Boat International , Axioma will be flogged off on August the 23rd, 2022. Axioma was seized by authorities in Gibraltar in March on the basis of an outstanding 12.5 million loan due to J.P. Morgan, which the yacht’s international management company had not paid. Around this time, authorities realised Pumpyansky was included on sanctions lists – and discovered he was the beneficiary (read: owner) of the vessel. 

Last month, a Gibraltar court ruled that Axioma should be sold at auction on an “as is, where is” basis, to give J.P. Morgan its money back. The fact that it’s a no reserve auction has sparked rumours it will sell for much less than it’s worth (its estimated value is $75 million).

Axioma is one of the rare Russian-owned superyachts that people could charter when its owner wasn’t using it. It was very popular and reading its list of features, it’s easy to see why. The 236-foot (72-meter) yacht easily takes 12 guests (and a crew of 20), has a jacuzzi on the sun deck, a pool, a steam room, a sauna, an owner suite with its own private deck, a smorgasbord of water toys, various lounge areas and a 3D private cinema.

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As Autoevolution reports, it was built by Dunya Shipyard, delivered under the name Red Square, and was most recently refitted in 2020, “when it also received the striking turquoise-blue paint job on the hull.” Speaking of that striking blue paint job, videos on Youtube, by Jared Watney – a former employee on a superyacht and a luxury content creator – show what Axioma used to look like before it got put under lock and key in Gibraltar.

According to its page on Yacht Charter Fleet , Axioma was used for cruising around the Caribbean in winter (October to April) and the Mediterranean in summer (May to September). Cruising the Med would cost between 450,000 euros (AUD $655,000) and 635,000 euros (AUD $925,000) a week (plus expenses) and cruising the Caribbean would cost between 295,000 euros (AUD $430,000) and 595,000 euros (AUD $867,000) a week (plus expenses).

RELATED: Superyacht Captain Shares ‘Unbelievable’ High Sea Stories

Watney’s videos, posted in January 2022, before Axioma got seized, show what the superyacht looked like inside, and how it would prepare for guests (including one area of the boat where everything could be moved to create a dance floor). He has also shown off the side of yachting you don’t often see, showing what happens on a superyacht when it’s in between guests, explaining why crew can actually be busier at that time than at any other.

Have a gander at the above video if you’re interested. And if you’ve got $75 million USD burning a hole in your pocket, why not take a trip to Europe on August the 23rd and take a punt at buying Axioma yourself…

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Jenkins vs. Prokop

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Category : Wikiexpedition to Kozmodemyansk (Mari El Republic)

Media in category "wikiexpedition to kozmodemyansk (mari el republic)".

The following 52 files are in this category, out of 52 total.

• Volga wiki-seminar 2017
• Russian Wikitrips
• Wikiexpeditions of Wikimedia Russia
• Kozmodemyansk