3rd Russian $700 million superyacht seized by Italian authorities.

TwoSq Media

The Scheherazade is the twelfth largest yacht in the world. The $700 million, 460 feet long yacht was seized by Italian authorities at Tuscan port of Marina di Carrara, on Friday, according to luxurylaunches.com.

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The $700 million superyacht, Scheherazade, was seized in Italy Friday evening.CharterWorld

Luxurylaunches.com reports that Italian port authorities grew suspicious of a port departure after the Scheherazade refueled, resupplied, and refloated. In response, Italy’s economy minister hastily signed an order to seize the $700 million yacht after fears the ship would leave the Marina di Carrara port. Months after the yacht’s arrival to the Italian port in 2020, Italian authorities began investigating the ownership of the superyacht.

The investigation into the yacht’s ownership yielded a web of companies that hid the actual owner of the yacht. Luxury Launches reports that and official statement from the Italian government only labels the currently unidentified owner as:

an individual threatened peace and international security,”
undermining or threatening the territorial integrity, sovereignty, and independence of Ukraine”

Italian authorities spoke with Scheherazade crew members on late Friday after boarding the yacht by government order.

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Ownership of the Scheherazade superyacht is shrouded behind shell companies.Charterworld

Reuters writes that Russian President, Mr. Vladimir Putin's rival, Alexei Navalny’s Anti-Corruption Foundation, published research in 2021 alleging that the Russian president was the owner of the $700 million Scheherazade. The research included pictures from inside the yacht, and data on employees suggesting that many were employees of Russia's Federal Protective Service (FSO), a group exclusive to the Russian president’s protection.

The identity of the owner of the yacht is shielded until approved for released by the European Council. The European Council establishes the political direction and priorities of the European Union, according to its’ website.

Scheherazade is loaded with six decks of swimming pools, saunas, ballrooms, a gym, and more. Head to LuxuryLaunches to see the $700 million superyacht’s amenities.

Credits:

Luxury Launches

European Council

Reuters

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Hello, I'm Harrison, a writer for TwoSq Media; a contributor to NewsBreak. I analyze local news, business, and technology's influence on how we live our lives. I recently earned a Master of Business Administration from Morehead State University.

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