Ukrainian oligarch sells superyacht to separate himself from Russia

When his steel mill in Mariupol was destroyed by Russian bombs, becoming the last garrison of the city’s defenders, billionaire Rinat Akhmetov, Ukraine’s richest man, emerged as a staunch supporter of the cause. the country’s war effort.

But even if Mr. Akhmetov pledge to help rebuild Ukraine, a large part of luck committed to a secret frivolous project about his past as a pro-Russian oligarch: A German shipyard is building a superyacht for his family’s use.

Yachts, currently known only by the codename Luminancemay be among 10 biggest superyacht in the world when completed. Nearly half of them are owned by Russian business tycoons. In terms of tonnage, this 475-foot luxury vessel is close to the size of Moscow, a Russian Navy cruiser that the Ukrainian military said sank last month in the Black Sea.

Now, Mr. Akhmetov is considering selling the yacht, even before it is completed. Jock Mendoza-Wilson, international relations director of Mr. Akhmetov’s firm, System Capital Management, said in a statement: “Given the current situation, we are looking at the possibility of selling it. The New York Times was the first to disclose Akhmetov’s ownership of the ship.

Owning a luxury yacht has become a status symbol for oligarchs from Russia and other former Soviet republics, who in recent years have eclipsed kings, princes, monarchs and sheikhs of the Gulf states as the biggest buyers of ships.

But since Russia annexed Crimea in 2014 and supported the separatist movement in eastern Ukraine, Akhmetov has distanced himself from his pro-Russian past, including financially supporting the Kremlin and damaged Former President Viktor Yanukovych. Mr. Akhmetov’s purchase of Luminance was a throwback to that world.

Luminance is being built by Lürssen, the German company that also built the Scheherazade, the superyacht that US officials say is Link to Vladimir V. Putin, President of Russia. Italian Government announced earlier this month that they held that yacht. The two ships also share the same construction director, Imperial Yachts, a Monaco-based company that has many Russian financiers as clients.

But the Luminance is about 15 feet longer than the $700 million Scheherazade. That amount is almost enough for Ukraine to buy two new German-built ones attack submarine and is about the cost of a Class of Baden-Württemberg naval frigate, a warship armed with guns and missiles that Lürssen also helped build. A spokesperson for Lürssen did not comment.

Mr. Akhmetov’s holding company, System Capital Management, controls companies in a variety of sectors, including television stations, wind farms, power grids, chemical plants and now the famous Azovstal steel plant in the country. Mariupol.

Mr. Mendoza-Wilson said that Mr. Akhmetov signed the contract to build the yacht in 2018. But work continued well after the Russian invasion began this February, according to a person who worked at one of the many. The company has a contract with helping to build the ship. The employee, who spoke on condition of anonymity because he didn’t want revenge on his colleagues, said some of Akhmetov’s relatives had made trips to Western Europe to review construction details. Mr. Akhmetov was in Ukraine during the war.

It is unclear how Mr. Akhmetov was able to sell a ship still under construction or withdraw from the contract he signed. But one person working on the Luminance project, who declined to be named because he signed a non-disclosure agreement, said the best time for him to sell could be when the ship is complete and ready to be delivered, because A potential buyer can own a new yacht without the hassles associated with negotiating contracts and years of waiting while the ship is under construction. One industry estimate said the ship will be completed next year.

The best time to sell a boat is the day before it launches.

Gaia Pianigiani contribution report.