Spain seizes Russian oligarch’s $140M yacht for payment failure

OVIEDO, Spain

A Barcelona court has ordered authorities to seize a $140 million superyacht linked to Sergey Chemezov, CEO of the Russian defense conglomerate Rostec, according to Bloomberg.

While Spanish authorities immobilized the 85-meter (279-feet) mega yacht in mid-March due to sanctions against the Russian oligarch, the order to seize the ship came after its owner stopped paying maintenance fees at the shipyard in June.

According to Bloomberg, the court decision came on Wednesday after the MB92 shipyard in Barcelona complained that the yacht’s maintenance bills were going unpaid.

The yacht, now called Meridian A but formally called Valerie, was the first Russian yacht to be immobilized in Spain after the war in Ukraine began in February.

At the time, authorities were holding the vessel as they confirmed its true owner. The EU now believes Chemezov’s step-daughter formally owns the vessel.

The six-decker ship, where Jennifer Lopez once celebrated her birthday, includes a swimming pool, a hammam and a $300,000 self-playing piano, according to the publication Luxury Launches.

Chemezov is a former KGB agent who befriended Vladimir Putin while stationed in East Germany in the 1980s. In 2007, Putin, Russia’s president, appointed him as the CEO of Rostec.

Chemezov’s is not the only Russian yacht frozen in Spain.

The $600 million Cresent yacht and $7 million Lady Anastasia were both confiscated this year to comply with sanctions.

And despite sanctions, Spain and France have authorized the owners to continue paying for their upkeep, which can be costly.

According to UK broker Towergate Insurance, yacht owners will likely spend around 10% of the purchase price each year to maintain and operate the vessels.