The FBI and the Spanish Civil Guard seized the yacht of a Russian oligarch close to Vladimir Putin in Mallorca

Spanish authorities seized in the eastern Balearic Islands the yacht of a Russian magnate close to President Vladimir Putin and subject to US sanctions, as reported on Monday by the Spanish Civil Guard.

The operation was carried out in Palma de Mallorca by agents of the Civil Guard and the US agencies of the FBI and the HSI (Homeland Security Investigations), as a result of a US rogatory commission, the Spanish police force said in a statement.

Named “Tango”, this 78-meter-long yacht, estimated to be worth 90 million euros, is “owned by Russian billionaire Viktor Vekselberg”, owner of the Moscow-based Renova Group, a conglomerate that encompasses metals, mining, technology and other assets.

Washington announced in early March the creation of an investigative unit tasked with tracing and confiscating luxury goods of Russian oligarchs under sanctions.

Then, US President Joe Biden promised to take over his “yachts, luxury apartments and private jets”.

This is “the first seizure of property of an individual sanctioned with close ties to the Russian regime. It will not be the last,” said US Secretary of Justice, Merrick B. Garland, in a statement from his ministry.

“Today's action makes it clear that corrupt Russian oligarchs cannot evade sanctions to live a life of luxury while innocent Ukrainians suffer,” his deputy, Lisa O. Monaco, added in the same statement.

Spanish and US agents took documents and computer devices to “corroborate the identity of its real owner”, since the vessel “has a Cook Islands flag and is registered in the name of a company based in the British Virgin Islands, which in turn is managed by Panamanian companies.”

“All this follows a complex financial and corporate fabric to hide the true real ownership of it,” the statement said.

“While Vekselberg, a person very close to Vladimir Putin, is not sanctioned by the European Union (EU) so far, he is sanctioned by the US Treasury Department (OFAC).”

There “he is investigated for tax fraud, money laundering and documentary falsehood in relation precisely to the concealment of real ownership of this luxury yacht in order to try to avoid sanctions”.

Vekselberg is on a list of seven Russian oligarchs close to the Kremlin, sanctioned in April 2018 by Washington, which accuses them of having participated in Russia's attacks on Western democracies. In March of this year, it was re-sanctioned shortly after the invasion of Ukraine began. Vekselberg has also been sanctioned by the British authorities.

After the imposition of sanctions, the magnate, domiciled in Switzerland, reduced his participation in numerous industrial societies.

This is the fourth yacht seized in Spain since the start of the Russian invasion of Ukraine on February 24. The other three are suspected of belonging to billionaires close to power and sanctioned by the European Union.

For its part, the US Government warned that the seizure of Vekselberg's yacht is “just the beginning” of the actions that Vekselberg and its allies are going to do to punish those who support Moscow's “tyranny” in order to profit.

“To those who have linked their fortunes to a brutal regime, today's action is a message that all countries defending the rule of law will dedicate ourselves to separating oligarchs from their luxuries,” the Justice Department said in a statement.

At her daily press conference, White House spokeswoman Jen Psaki defended the effectiveness of the measure in the face of media questions, questioning whether these seizures are of any value.

Psaki pointed out that seizures are one of the “many measures” being taken that seek to keep Russia's economy “spiraling.”

In addition, he considered that all these actions, along with other measures of economic pressure, will also have long-term effects and the Russian oligarchs, who are being “isolated” from the rest of the world, are understanding the consequences of such isolation.

The Department of Justice insisted that actions like this are only the beginning of the work of its special group dedicated to persecuting Russian oligarchs, and a demonstration of its commitment to hold accountable all those who through their “criminal activity” strengthen the Russian Government in this “unjust war” against Ukraine.

It is the first time that the US government has seized an oligarch's yacht since Justice Secretary Merrick Garland and Treasury Secretary Janet Yellen formed the special force known as REPO - an acronym in English for Russian elites, proxies and oligarchs - as an effort to implement sanctions after Russia invaded Ukraine at the end of February.

Vekselberg has ties for years with the United States, where he has permanent residence permits and housing in New York and Connecticut. The Ukrainian-born tycoon built his fortune in the aluminum and oil sectors after the fall of the Soviet Union.

Vekselberg was also questioned in Special Investigator Robert Mueller's inquiry into Russian interference in the 2016 US presidential election, and has worked closely with his American cousin, Andrew Intrater, who heads the New York-based investment firm Columbus Nova.

(With information from AFP and EFE)

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