Why Do Russian Oligarchs Have Yachts?

Oligarchs’ superyachts have gained attention as their assets are seized by sanctioned Russian elites. These vessels serve as status symbols and offer a life of luxury and sociability. Several yachts owned by Russian oligarchs, including the Solaris, have been docked at a port in Barcelona, while the Imperial Yachts is at the center of an oligarch-industrial complex overseeing the flow of billions of dollars from politically connected Russians to the country.

Sanctions targeting Russian oligarchs threaten their luxury assets, including their mega yachts. Many countries have implemented sanctions targeting Putin and other political figures. A superyacht linked to Russian President Vladimir Putin has sailed back to Russian waters before the invasion of Ukraine began. More than a dozen yachts owned by sanctioned Russian oligarchs have been seized or identified for seizure since the invasion of Ukraine began.

Yacht-watching has emerged as the newest global sport as Russia’s mega-rich oligarchs rush to move their massive, luxury boats out of Western waters. Russian oligarchs own about 10% of all superyachts, which include boats with helicopter pads, swimming pools, and infinite wine cellars. Oligarchs are technically responsible for paying for the crews, staff, maintenance, and fees of the assets impounded, but they may refuse to pay. Authorities have detained yachts and aircraft from Fiji to France, ordering a freeze on homes that prevented sanctioned Russian oligarchs from moving their massive, luxury boats out of Western waters.