WASHINGTON (AP) — President Joe Biden warned Kremlin-aligned oligarchs that the U.S. and its European allies are coming for their superyachts.
Many of the boats are flagged and registered in secretive banking havens used by the ultra-rich to shield their wealth from taxes or seizures.
The Associated Press compiled a list of 56 superyachts believed to be owned by Kremlin-aligned oligarchs and plotted their last known locations. More than a dozen were underway or had already arrived in remote ports where they might be beyond the reach of Western sanctions.
According to NBC, Italian police have seized yachts and villas worth $156 million from five high-profile Russians who were placed on sanctions after Russia invaded Ukraine.
The move is part of a coordinated effort by Western nations to penalize wealthy Russians and try to force Russia to withdraw its troops from Ukraine.
