Ukraine sells Royal Romance, a yacht confiscated from a Putin ally

As Ukraine struggles to finance its fight against the Russian invasion, a potential new source of tens of millions of dollars has materialized:

the early sale of a superyachts seized from one of the most famous pro-Russian oligarchs in Ukraine.

Shortly after Russia began its full-scale invasion of Ukraine in February, Ukrainian authorities announced they had taken possession of property belonging to Viktor Medvedchukprominent pro-Russian politician and close friend of the President of Russia, Vladimir Putin.

For years, Medvedchuk was considered the Kremlin’s main influence broker in Ukraine.

Putin is the godfather of Medvedchuk’s daughter.

Among the confiscated assets was the royal romance, a 91-metre yacht moored in a Croatian port and connected to Medvedchuk.

According to its Dutch manufacturer, Feadship, the vessel has a 40-foot pool, gym, waterfall and an estimated value of more than $200 million.

The yacht and other assets were seized as part of a criminal investigation in which Medvedchuk is suspected of treason, according to the State Investigation Bureau of Ukraine.

ARMA, the government’s asset recovery and management agency, said last week that a district court in Split, Croatia, had entrusted the city’s port administration with executing the transfer of the yacht to the agency. . ARMA described the royal romance, which it has 50 roomsas “one of the largest yachts in the world” and said he intends to auction the ship to “preserve its economic value”.

Ukrainians have welcomed the proposed sale, with some celebrating on social media, joking that Medvedchuk would be making a large donation to the Ukrainian Armed Forces.

ARMA was created in Ukraine in 2016 to seize the assets of officials in corruption cases, but since the invasion he has also turned his attention to the properties of Russians and Ukrainians accused of collaborating with Russia.

Medvedchuk, a leading figure in the pro-Russian wing of Ukrainian politics and a former deputy speaker of the Ukrainian parliament, had been under investigation in Ukraine prior to the invasion.

Ukrainian security forces captured him in April after he escaped house arrest awaiting trial on charges of betrayal.

The Ukrainian authorities handed it over to Russia in September in a exchange of prisoners.

Medvedchuk was also mentioned in US investigations into Russian election meddling, as a client of the Republican political adviser Paul Manafort.

He denied any wrongdoing and said Manafort was merely advising his party on electoral strategy.

The Royal Romance is officially owned by a company called Lanelia Holdings, based in the Marshall Islands, according to Equasis, a leading maritime information database.

The vessel changed ownership in 2021 when Ukraine imposed sanctions on Medvedchuk.

In the summer, a superyacht linked to a sanctioned Russian businessman went up for auction in Gibraltar, but the proceeds went to settle his creditors and not replenish Ukraine’s accounts.

In general, the process by which seized assets can be permanently confiscated and sold for the benefit of Ukraine is cumbersome and can take years.

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