Netherlands impounds 14 superyachts
The Dutch government is preventing 14 superyachts, believed to be owned by Russians, from leaving the country. Twelve are under construction, and two are undergoing maintenance. The ban on the 14 yachts followed accusations in the Netherlands that the government was dragging its heels in implementing sanctions compared with other nations. Last week, Britain detained a Dutch-built motoryacht in London.
The criticism led the government to appoint a special sanctions coordinator. In a letter to parliament, Foreign Minister Fokke Hoekstra says all yachts have been “placed under heightened surveillance,” including one that made its first sea trial on April 2.
“While no “superyachts” are anchored in Dutch territories, including Caribbean islands like St. Maarten, the 12 yachts under construction for Russian owners “cannot at this moment be delivered due to the current export measures” and their ownership structures are being investigated.”
His letter does not name any shipyards. But it says the 12 in-build yachts are under construction at five yards for so-called Russian UBOs (ultimate beneficial owners). Additionally, the letter explained “that these are not persons on the EU sanctions lists but the yachts may not be delivered, transferred or exported because of trade sanctions.”
Of the dozen superyacht builders in the Netherlands, eight specialise in the highly customised craft – well over 50m – popular with Russian clients. News agency, Reuters cited records from the Dutch chamber of commerce showing that major builders Heesen, Feadship, Damen Shipyards and Oceanco had combined sales of around €1.5 billion (US$1.66 billion) in 2020.
News rippled across the superyacht industry in March when two Russian members of the supervisory board of Heesen Yachts stepped down. Heesen is owned by Morcell Ltd. of Cyprus, the investment vehicle of billionaire Lukoil president Vagit Alekperov, who is not on sanctions list.
In his letter to parliament, Hoekstra also said all real estate “of Russian persons and entities” in the Netherlands has been frozen. The letter included an update on financial assets, reporting €516 million in assets and €155 million in transactions have been frozen, up slightly from last week.
According to Reuters, the Dutch government estimates that €27 billion in Russian assets are on the balance sheets of Dutch-registered companies, of which around €20 billion held by shell companies with little physical presence in the country.
Annette van Schelven, head of the Dutch customs service, said, “As soon as the sanctions measures against Russia and Belarus took effect, we formed a working group on yachts with the finance ministry and the Coast Guard. Customs agents check commercial ships for transit of Russian goods covered by the sanctions.”
Source: IBI News
