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Italy won't say who's paying for the care of a $700 million superyacht tied to Putin

Dustin Jones

The Scheherazade, a 460-foot superyacht, has been held in Italy since May 2022 in response to Russia's invasion of Ukraine. It is believed to have ties to Russian President Vladimir Putin. Laura Lezza/Getty Images hide caption

The Scheherazade, a 460-foot superyacht, has been held in Italy since May 2022 in response to Russia's invasion of Ukraine. It is believed to have ties to Russian President Vladimir Putin.

The Scheherazade superyacht was impounded by the Italian government in May 2022 in response to Russian President Vladimir Putin's invasion of Ukraine. Instead of falling into disrepair, Italy has allowed its owner to maintain and refit the vessel, but it won't disclose who is footing the bill.

The Financial Times reported on Sunday that the vessel has been held at port in Marina di Carrara, located almost 90 miles northwest of Florence, since it was impounded by authorities in the spring of 2022. For over a year, the Italian government has permitted the owner to continue paying for the ship's staff, its maintenance and refitting of the vessel. But Italy won't identify the owner.

Italy's Finance Ministry said in a May 2022 news release that the superyacht had "significant economic and business links" with "prominent elements of the Russian government" but didn't name the owner of the ship.

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According to the website SuperYachtFan , the 460-foot superyacht belongs to Russian billionaire Eduard Khudainatov. However, Bloomberg News reported in 2022 that he is a "straw owner" of the superyacht — as well as another ship — and that the Scheherazade actually belongs to Putin.

The Financial Times reported that the Scheherazade has 22 cabins, two helicopter decks and a spa and that it's being refitted by the Italian Sea Group. NPR reached out to the Italian Sea Group for comment but did not hear back before publication.

The United States created Task Force KleptoCapture in the wake of Putin's war against Ukraine, aiming to hold Russian oligarchs accountable for evading sanctions. In its one year of operation, the task force has brought charges to at least 35 individuals and entities, NPR previously reported.

Part of those efforts included seizing luxury items belonging to billionaires with ties to the Kremlin. This includes items like a 348-foot yacht seized in Fiji in May 2022, which is valued at about $300 million and is now sitting in San Diego.

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Satellite image shows super yacht linked to Putin out of reach of sanctions

By Catherine Herridge , Michael Kaplan, Andrew Bast, Jessica Kegu

March 3, 2022 / 7:30 AM EST / CBS News

As Europe and the U.S. bear down with a raft of aggressive sanctions targeting Russian President Vladimir Putin, the super yacht he is believed to own has found safe harbor in a highly militarized port in Russian territorial waters. In new satellite imagery obtained by CBS News, the yacht can be seen docked in a port in Kaliningrad, near Russia's nuclear weapons operations. 

Experts say Putin's luxury vessel has become a symbol not only of his vast hidden wealth, but also of how challenging that money has been to find. 

"He's a KGB agent, so he's crafty. He knows how to hide when he needs to," said John Smith, former director of the Treasury Department's Office of Foreign Assets Control, which administers and enforces all foreign sanctions.

Data from MarineTraffic, a global intelligence group, shows Putin's alleged yacht, the Graceful, left Germany two weeks before the invasion of Ukraine . 

Putin's government salary is said to be about $140,000, but that doesn't begin to explain the mansions, million-dollar watch collection and over-the-top yacht. 

"It would be fair to say he's among the richest men in the world," Smith said. 

Though he sells himself as a man of the people, his wealth is estimated to be more than $100 billion. 

Putin's critics allege he also has a cliffside palace that includes an amphitheater and a personal tunnel to the beach that doubles as a security bunker. 

"Of course, he doesn't acknowledge it as being his own," Smith said. "It doesn't fit with the public persona that he's trying to create to actually acknowledge it." 

Putin relies on his oligarch friends to shield his fortune from sanctions, Smith said. 

"So if he asked them to do something, they do it in terms of hiding assets, squirreling them in different parts of the globe, they will do what he needs," he said. 

Those who have tried to expose Putin's fortune have done so at great personal risk. 

Putin critic Boris Nemtsov was assassinated on a bridge in the shadow of the Kremlin in 2015. Sergei Magnitsky died in 2009 under questionable circumstances in prison after he exposed $230 million in fraud by Putin's friends. Putin publicly condemned Nemtsov's murder and claimed Magnitsky died of a heart attack.  

His most recent No. 1 critic, Alexei Navalny , who helped expose Putin's lavish palace, emerged as a political rival and found himself repeatedly jailed. He nearly died after being poisoned two years ago, though Putin has denied responsibility for the poisoning. 

"Putin's wealth is one of the most dangerous topics," said Russian journalist Roman Badanin, who spent two decades investigating Putin's financial web. 

Badanin said Russian authorities sought to intimidate and silence his reporting team. Six months ago, he reached his breaking point. 

"I fled the country. My apartment was searched twice. I have like three criminal charges against me back in Russia," he said. 

In his State of the Union address, President Biden said the U.S. and its allies are waging economic war on Putin and Russian oligarchs. 

"We are joining with our European allies to find and seize your yachts, your luxury apartments and your private jets," Biden said. 

On Wednesday, the Justice Department announced the formation of a new task force that would target Russian oligarchs. 

"Russia is not a transparent economy," Smith said. "The U.S. and our allies have decent information on some of [Putin's] assets, I think a lot will remain a mystery for a long time in the future." 

The biggest financial hit for Putin would be sanctions on the energy sector, which Smith says the Russian president has used to build up his wealth for years. So far, Washington and the Europeans have been hesitant to do that. 

• Vladimir Putin

Catherine Herridge is a senior investigative correspondent for CBS News covering national security and intelligence based in Washington, D.C.

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$700mn superyacht tied to Putin is being refitted while impounded

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Silvia Sciorilli Borrelli in Marina di Carrara and Henry Foy in Brussels

Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.

It has been 15 months since Italy impounded the Scheherazade, a $700mn superyacht linked to Vladimir Putin.

But the time the yacht has spent sitting in the Tuscan port of Marina di Carrara has not been wasted: Italy has allowed its unnamed, but sanctioned, owner to pay not just for its staff and maintenance, but also for it to be refitted.

The 140 metre-long yacht, which is only four years old and boasts 22 guest cabins with gold-plated bathrooms, two helicopter decks and a spa, is being refurbished by the Milan-listed Italian Sea Group.

The company confirmed that a “refit” of the ship continued after the asset was frozen by authorities, and that the yacht’s owner has been paying for the works and for maintenance, but declined to give further details, including the identity of the owner.

The Agenzia del Demanio, which manages seized assets, confirmed it had agreed, along with the finance ministry, to allow the ship’s owner to pay for the “maintenance works”, but declined to go into further detail because “information about frozen assets is classified”.

Italy has never publicly identified the yacht’s owner, although at the time it was seized it said there was “evidence of meaningful economic and business connections with prominent elements of the Russian government subject to EU sanctions”.

According to people with knowledge of the situation in Rome and Brussels the owner is Eduard Khudainatov, the former chief executive of the Russian state oil company Rosneft who was sanctioned by the EU in June 2022.

A Bloomberg report last year said US officials had alleged in court filings that Khudainatov was the “straw owner” of two yachts, including the Scheherazade, on behalf of Putin. The Financial Times traced the boat’s ownership to a Marshall Islands-based entity called Beilor Asset Limited.

Meanwhile researchers working for the jailed Russian opposition activist Alexei Navalny have also alleged that the Scheherazade’s real owner is the Russian president, because a number of its crew were members of the Federal Protection Service, responsible for Putin’s security. The Kremlin denied the allegations at the time. The staff on board the yacht was subsequently replaced.

Kremlin spokesman Dmitry Peskov said in response to a question from the Financial Times: “All rumors about this are unfounded.”

A European Commission spokesperson said that “members states are responsible for implementing sanctions,” and that asset freezes do not affect the ownership of the assets.

When asked about the payment scheme for the Scheherazade’s upkeep, the spokesperson said that “maintenance costs of frozen assets can be paid by the designated person” under a “standard derogation”.

Public authorities in the relevant member state can also pay the maintenance costs given the “risk that the designated person will not be willing to . . . or that the designated person will be denying beneficial ownership of the asset,” the spokesperson added.

Italy and the European Commission did not confirm who the “designated person” is for the Scheherazade.

The EU has imposed sanctions on almost 1,900 Russian individuals and entities since Moscow’s first invasion of Ukraine in 2014, freezing their assets and banning them from travelling around the bloc. The assets are frozen, rather than seized, and would be returned if sanctions are lifted.

According to a list of Russian assets seized in Italy seen by the FT, the Scheherazade is the only one whose owner is not specified. The vessel is merely described as: “superyacht Scheherazade sailing under the Cayman Islands flag with a value of around €650mn.”

Additional reporting by Stefania Palma in Washington

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Vladimir Putin’s Superyacht Graceful Has A New Name: “Killer Whale”

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Vladimir Putin's yacht Kosatka, formerly named Graceful, off the coast of Estonia on September 25.

The Russian president’s superyacht was spotted off the coast of Estonia, escorted by a Russian Coast Guard vessel.

Vladimir Putin’s second-largest superyacht is on the move. More than seven months after hastily departing Germany for the Russian exclave of Kaliningrad, the Russian president’s $119 million, 267-foot Graceful was spotted off the coast of Estonia—with a new name.

Photos seen by Forbes that were taken on September 25 by Carl Groll, a contributing photographer for TheYachtPhoto.com, reveal that Graceful has a new name: Kosatka , Russian for “killer whale.” Forbes, which was tipped off by TheYachtPhoto.com’s managing director and longtime yacht watcher Peter Seyfferth, compared photos of Graceful available on yacht industry websites with the photo of Kosatka that appear to confirm the match.

The yacht was traveling northbound in the Baltic sea to the west of the Estonian island of Saaremaa; the pictures show it being escorted by an armed Russian Coast Guard vessel, possibly en route to St. Petersburg. It’s unclear when Graceful changed its name to Kosatka or when it departed Kaliningrad, a Russian territory sandwiched between Lithuania and Poland: the yacht’s transponder has been turned off since at least August 30, according to ship tracking service MarineTraffic, when it was still in Kaliningrad. A spokesperson for the Russian government did not immediately respond to a request for comment.

Kosatka —then named Graceful —departed the German port of Hamburg on February 7, seventeen days before Russian troops invaded Ukraine. It left for Russia after a five-month refit at the shipyards of Blohm+Voss, the company that built the yacht in 2014. The U.S. Treasury Department sanctioned Graceful —along with three other yachts linked to Putin—on June 2.

Kosatka moored at the port of Sochi, Russia in July 2015, when it was still named Graceful and before its refit in 2022.

Registered in Russia, Kosatka features an indoor swimming pool that turns into a theater and a dance floor, a helipad and suites for up to 12 guests. The ship also boasts pool towel storage cabinets that double as vodka bars and an owner's suite with a wine cave that can store up to 400 bottles; the yacht was delivered to "her closely-collaborating owner" in 2014, according to Lürssen, which owns Blohm+Voss.

According to a BBC News investigation published in March, the yacht is currently owned by Moscow-based JSC Argument, which the U.S. Treasury sanctioned along with its sole shareholder, Andrei Gasilov, on June 2. The BBC investigation found that JSC Argument had in the past agreed to a loan from one of the management companies involved in the construction of "Putin's Palace,” an opulent, 190,000-square-foot estate near the resort town of Gelendzhik on the Black Sea coast. JSC Argument did not respond to phone calls for comment from the BBC.

According to yacht valuation experts VesselsValue and reporting from the Organized Crime and Corruption Reporting Project (OCCRP), Graceful was previously owned by British Virgin Islands-based Olneil Assets Corp. The U.S. Treasury sanctioned a company in the Cayman Islands with a similar name—O’Neill Assets Corporation—on June 2, for "having materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services to or in support of, Vladimir Putin."

Besides Kosatka , Putin has been linked to at least five more yachts: the $507 million, 459-foot Scheherazade , which is technically owned by oil & gas billionaire Eduard Khudainatov but is believed to be held on behalf of Putin ; the $22 million, 187-foot Olympia ; the $18 million, 177-foot Chayka , which means “seagull” in Russian; the $17 million, 151-foot Shellest; and the 105-foot Nega. Olympia and Kosatka , then named Graceful , were sanctioned by the U.S. Treasury on June 2 as “blocked property in which President Vladimir Putin has an interest” while Shellest and Nega were targeted as “two additional yachts linked to Putin.” Altogether, Putin’s fleet of yachts is worth at least $680 million, according to VesselsValue.

Except for Scheherazade , which was frozen by Italian authorities in the port of Marina di Carrara on May 6 and recently re-registered to Malaysia, and Olympia , which is registered in the Cayman Islands, the other yachts are all registered in Russia. All of the other yachts, except for Scheherazade , also appear to be in Russia now: Olympia was last tracked in Lake Ladoga, near St. Petersburg, on July 31, 2021; Chayka was last tracked in the Black Sea port of Sochi on March 29, 2021; Shellest was last tracked off the coast of Gelendzhik on September 13; and Nega was last tracked in Lake Ladoga on August 14.

The links between the six yachts and the leader of the Kremlin are complex. According to the U.S. Justice Department, Eduard Khudainatov— a former CEO of Russia’s state-owned oil company Rosneft and a longtime associate of Igor Sechin, Rosneft’s current boss and Putin’s right-hand man —acted as a “clean, unsanctioned straw owner” for Scheherazade , owning it through Marshall Islands-based Bielor Assets Ltd. A spokesperson for Khudainatov did not respond to a request for comment regarding Scheherazade when Forbes reached out in June.

Olympia is owned by Cayman Islands-based Ironstone Marine Investments, which was sanctioned by the U.S. Treasury on June 2. According to the U.S. Treasury, Shellest and Nega are owned by the Russia-based Non-Profit Partnership Revival of Maritime Traditions and its subsidiary LLC Gelios; both entities were sanctioned on June 2. Putin’s ties to Chayka are clearer: the yacht is owned directly by the Russian government, according to VesselsValue.

An investigation by OCCRP published in June shed light on the murky relationship between Putin and his yachts. The firms that own Shellest and Nega are tied to "LLCInvest," a network of interconnected companies and nonprofits that holds a collective $4.5 billion in assets, including Putin's palatial complex on the Black Sea. The group is also linked to another yacht, the $9 million, 121-foot Aldoga , owned by a firm held by Svetlana Krivonogikh, rumored to be the mother of one of Putin's daughters.

The investigation also revealed how Putin appears to use the yachts: Shellest makes frequent trips between Gelendzhik—the site of “Putin’s Palace”—and Sochi, while Nega travels between several homes owned by LLCInvest companies, including a villa known as the “Fisherman’s Hut” on Lake Ladoga and Villa Sellgren, a mansion on the shores of the Gulf of Finland. OCCRP reached out to more than 100 LLC Invest email addresses and made phone calls to five representatives of LLC Invest companies for comment; none of the emails received replies to the questions and four of the people called did not respond, while a fifth claimed he did not know who owned the companies.

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$700m superyacht docked in Italy may belong to Putin, say US officials

459ft vessel currently in italian dry dock for repairs, article bookmarked.

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A $700m superyacht being repaired in an Italian dry dock may belong to Vladimir Putin , according to US intelligence officials.

The ownership of the 459ft Scheherazade has come under close scrutiny since Russia ’s unprovoked assault on Ukraine , and the vessel could be associated with Mr Putin, intelligence officials told The New York Times .

American officials told the newspaper that no final conclusions on ownership have been made, but the link backs up a claim made by a former crew member that it was for Mr Putin’s use.

The officials say that Mr Putin keeps little of his personal wealth in his own name, instead using homes and boats that are held in the name of Russian oligarchs.

Mr Putin spent long periods during the Covid-19 pandemic in the Black Sea city of Sochi, where the Scheherazade made trips in the summers of 2020 and 2021, the officials added.

The Biden administration is investigating ownership of super yachts associated with Russian oligarchs as part of the enormous sanctions levied on Russia.

The yacht is currently undergoing repairs in the Tuscan port of Marina di Carrara.

Guy Bennett-Pearce, the Scheherazade’s captain, has denied that Mr Putin owns the yacht, or has even has put a foot onboard it.

If the US government wanted to seize the yacht out would need the help of the Italian government before it left for Russian waters.

Following US and European Union sanctions against Russia, officials impounded a 213ft yacht owned by Alexei Mordashov in Imperia, Italy and Igor Sechin’s 280-foot yacht in the French port of La Ciotat.

Under US and most European laws, the frozen assets remain owned by the oligarch but cannot be transferred or sold.

Both men will continue to own their yachts but will be prevented by authorities from moving them to pro-Russian locations.

To seize a yacht government prosecutors would have to prove that the property was part of a crime.

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Russian opposition group report says it's identified another superyacht belonging to Vladimir Putin

• A Russian military plant built Vladimir Putin a 71-meter superyacht, according to a new report.
• The report was written by the Dossier Center, a Russian opposition group funded by an exiled oligarch.
• Putin's rumored mistress often uses the yacht on vacation, according to the report.

Vladimir Putin's newest known superyacht is 71 meters long, cost an estimated $50 million to build, and can carry up to 28 people, according to a new report from Russian opposition group the Dossier Center.

The vessel, called the Victoria, is based in Sochi but in October docked at a Turkish port near Istanbul for repairs, according to ship tracking data cited in the report. Construction on the yacht began in 2005 at a Russian military facility that typically produces nuclear submarines, according to the report, citing unnamed sources close to Putin.

The Dossier Center, an investigative outlet funded by exiled petroleum oligarch Mikhail Khodorkovsky – by some estimates, once the richest man in Russia – last month revealed that Russia had accidentally doxed its own spies by uploading their addresses onto a public city hall website.

We found the secret yacht of Vladimir Putin docked at a naval shipyard of a NATO (!) country. How is this possible and what does it tell us about the character of his regime? 🧵 Read on to find out (and see pictures) - 1/18 pic.twitter.com/RhIzjmFbz3 — Mikhail Khodorkovsky (@khodorkovsky_en) November 22, 2023

Officially, Putin takes a salary of about $140,000 a year and lives in a small Moscow apartment – but extensive reporting shows the dictator almost certainly controls numerous estates and a small flotilla of luxury yachts . While there's no official estimate of his net worth, observers have pegged it in the tens of billions of dollars.

After Russia invaded Ukraine last year, authorities seized a $700 million superyacht linked to Putin with six floors, two helipads, a swimming pool , a beauty salon, and gold-plated bathrooms.

Victoria is nowhere near as grand. It has just two master cabins, according to the Dossier Center's report. But it also has the distinction of being linked to former Russian gymnast Alina Kabaeva, rumored to be Putin's mistress and the father of his children.

Given how it looks like from inside – who wouldn't be tempted? 15/18 pic.twitter.com/pCCQ6YLqKd — Mikhail Khodorkovsky (@khodorkovsky_en) November 22, 2023

Kabaeva's friend, another Russian gymnast and the choreography director of a gymnastics festival Kabaeva organizes, posted a photo of herself on social media with the yacht in the background. And an anonymous source told The Dossier Center that Kabaeva often vacations on the Victoria.

Spokespeople for the Russian president and the Russian Ministry of Foreign Affairs did not immediately respond to a request for comment.

Watch: Inside Putin's secret bunker and billion-dollar palace

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