The oligarchs’ yachts are no longer protected from sanctions: the West “freezes” pleasure boats –

The oligarchs’ yachts are no longer protected from sanctions: the West “freezes” pleasure boats –

One of them, Russian billionaire Alisher Usmanov, has to watch as German authorities freeze his yacht Dilbar. This reports Forbes. Estimated value: approximately 540 million euros.

And also a yacht froze in France. French Finance Minister Bruno Le Maire alluded to the same thing. tension know, know. This love veroIt belongs to Rosneft boss Igor Sechen.

What happens when such a yacht freezes? We ask Yvo Amar, a lawyer specialized in sanctions.

Can oligarchs Usmanov and Sechen do something about it?

“You can appeal against a place on the sanctions list at the European Court of Justice. Then you can probably be removed from the list.”

“But I think the chance in this case is small. It’s also a long process, so they can’t do anything in the short term. In fact, Usmanov and Sechen have no choice but to wait for the sanctions to be lifted.”

Is freezing a yacht different from freezing money?

“Yes, and freezing money in an account is a simple process. Freezing a yacht is something we don’t often see. It’s also expensive. Because such a yacht must be stored and maintained. It is very precious.”

Who pays it then?

“Probably the taxpayer. In this case, I understand that the authorities are freezing the yachts. That is quite exceptional, because that is not the intention of the Sanctions Act.”

“Actually, the intention is that the side where the yacht is hiding also freezes. But for such a party (eg a shipping company or a shipyard, editor’s note) it costs a lot, so I now understand that the authorities say, we grab it, then we keep it, so it becomes a taxpayer anyway.

What is the difference between freezing and confiscation?

“Criminal regulations say you must be frozen. So you leave the situation as it is. And if the fine is lifted, return it. In other words, you must keep such a yacht under you as long as the fine is valid. because then you can resell it or even destroy it. Ultimately, such yachts are returned to their owners after the sanctions are lifted.

A motion has been passed in the House of Representatives requesting the government to investigate the possibility of confiscation. Is this not possible under current legislation?

“No that is not possible. But if it is concluded that such a yacht was paid with fines, then it can be bought and sold. Current legislation offers opportunities for this.”

Is it easy to set up?

“Possibly. Sure.

How soon will Mr. Usmanov get his yacht back?

“Experience shows that it can take a very long time. The 2014 sanctions are still in effect, including a large number of oligarchs on the sanctions list. It will just be a very long time before this gentleman gets his yacht back. †

Source: RTL