The $578 million megayacht owned by Russian oligarch Andrey Melnichenko was seized by Italy

The megayacht was seized by Italian authorities on Friday.

According to CNN, the yacht, known as SY A or Sailing Yacht A, was worth $578 million. The yacht is in storage in Italy. Insider was able to confirm the location of the yacht in the Adriatic Sea.

The European Union has imposed sanctions on billionaires in response to Russia's invasion of Ukraine. According to Forbes, Melnichenko is worth $11 billion and has stakes in two companies.

The EU council said that he was among a group of 37 business people who met with the Russian President.

The fact that he was invited to attend this meeting shows that he is a member of the closest circle of Vladimir Putin and that he is supporting or implementing actions which undermine or threaten the territorial integrity, sovereignty and independence of Ukraine.

J. Almasi/GC Images/Getty Images

According to SuperYachtFan.com, Sailing Yacht A is the largest sailing yacht in the world. It has a swimming pool, masts, eight decks, and an underwater observation Pod. It is one of several megayachts owned by Russian billionaires that are subject to sanctions.

Some Russian billionaires have tried to escape sanctions by transporting their luxury yachts to places that have not enacted sanctions, such as the Maldives, which does not have an extradition treaty with the US.