U.S. and Spanish authorities seized a $90 million super yacht in Spain that they said is owned by a sanctioned oligarch with close ties to Russian President Vladimir Putin, marking the first such seizure in the Biden administration’s efforts to hunt down the luxury real estate, private jets, yachts and other assets of Russian elites stashed around the globe.
Unlike a handful of seizures of yachts and villas in Europe since Moscow invaded Ukraine, U.S. officials said Monday they would seek the yacht’s forfeiture, alleging it represents the spoils of a crime. Governments have wide latitude to sanction individuals, subjecting their assets to potential freezes as long as the sanctions remain in effect. Such moves typically don’t require proof of criminality. They can be challenged, but the process can take years.
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