The yacht, which was seized on the territory of Gibraltar in March, owned by Russian businessman Dimitri Pumpianski, owner of pipeline giant TMK, and which was subject to sanctions after Russia’s invasion of Ukraine, will be put up for auction according to the decision of a British overseas court.
The Maltese-flagged ship “Axiom” was seized in a small area in the southernmost part of Spain, following the complaint of the American bank JP Morgan.
In December, the bank granted a 20.5 million euro (R$113.43 million) loan to a company registered in the British Virgin Islands, a Cypriot company whose shareholder is Pumpianski.
The bank found, among other things, that the loan agreement was violated after the oligarch was included in the list of Russian personalities subject to British sanctions.
The sanctions led to the freezing of the assets of the affected entrepreneurs, jeopardizing the repayment of the loan.
Thereupon, JP Morgan applied to the authorities in Gibraltar to confiscate the yacht, which was previously registered as one of the collateral for the loan.
The Gibraltar Supreme Court will take the money from the sale and “will give priority to the claims of its creditors” by the oligarch, according to a court document available to AFP Monday (27).
Some countries, such as Spain, Italy and France, have confiscated the yachts of Russian oligarchs as part of these sanctions, which froze all their assets in the European Union.
source: Noticias
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