European authorities are considering the next steps after the seizure of Russian yachts. The cost of annual maintenance for some of the boats is as high as $118.6 million. Without proper care, some of the megayachts could be in bad shape in a matter of weeks. If they are not properly cared for, many of the superyachts seized from Russian billionaires will waste away in a matter of weeks. A series of sweeping global sanctions imposed against Russia for its invasion of Ukraine included the yachts and their billionaire owners, many of which are among Russian President Vladimir Putin's closest allies. Italy, France, and Spain have all seized megayachts owned by people linked to Sergei Chemezov. The sanctions against Russia could lead to lengthy court battles and the deprecation of the world's most expensive yacht, according to four experts who spoke with Insider. Benjamin Maltby, partner at Keystone Law in the UK and an expert in yacht and luxury asset law, told Insider that the maintenance program will start to be relaxed as soon as possible. According to Todd Roberts, president of Marine Boat Works in California, a yacht is typically seized for sales purposes, meaning the impounder has a vested interest in maintaining the yacht and its value. The process has become more complicated because of the sanctions. The assets of the Russian billionaires are effectively frozen and are not allowed to be used by any country, despite the fact that they are the beneficiaries of the sanctions. European authorities will face difficulties in collecting funds due to sanctions on financial transactions with billionaires if the Russian oligarchs refuse to pay for yacht maintenance. It's not clear who will pay the multimillion dollar bill. The maintenance cost of a yacht is usually between 15% and 20% of its value. It would translate to up to $118.6 million in annual expenses for Melnichenko's yacht. The costs to dock the yacht can quickly add up, even if you don't pay staff, repair, fuel, or insurance. The cost of docking fees alone can be tens of thousands of dollars a month. According to Roberts, vessels can lose 30% of their value without proper care. If a superyacht were to go without its crew, it could quickly fail official inspections and lose its insurance due to concerns related toFunctionality and Environmental risk. Without insurance, the yacht wouldn't be able to dock in most ports, harbors, or marinas around the world. Most crews will walk away from the seized vessels because their pay will likely be comprised, leaving European authorities in the lurch when it comes to deciding what to do with the assets, according to Maltby. The crew of the 512-foot superyacht was fired last week after sanctions prevented them from receiving their wages. 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Russia's war in Ukraine hasn't hurt global markets as much as was feared. Ukrainian President Volodymyr Zelenskyy said early Sunday that the siege of the port city of Mariupol would go down in history as a war crime. Russian forces have pushed deeper into the besieged and battered city, where heavy fighting shut down a major steel plant and local authorities pleaded for more Western help.Business Insider
Sanctions leave yacht maintenance in the balance
'This is completely uncharted territory'
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