Spain seizes Russian oligarch Vekselberg’s superyacht on behalf of US

Spanish police on Monday impounded a superyacht belonging to Russian oligarch Viktor Vekselberg on behalf of US authorities, the first time the United States has seized property belonging to a Russian oligarch since its invasion of Ukraine in February.

Valued at more than 90 million euros, the 78-metre-long “Tango” was seized in a shipyard on the Mediterranean island of Mallorca, the Guardia Civil police and the US Justice Department said in parallel statements.

The Spanish police added that documents and data storage devices were also seized from the ship.

The Justice Department said on Monday that the Tango is subject to forfeiture based on violations of US bank fraud, money laundering, and sanction statutes.

Separately, prosecutors also filed seizure warrants in the US District Court for the District of Columbia targeting approximately $625,000 held at nine US financial institutions associated with parties under sanctions.

A spokesperson for billionaire Vekselberg, who heads aluminium-to-energy conglomerate Renova, had no immediate comment.

Vekselberg is not on the list of people subject to European Union sanctions against Russia.

But he was placed under US sanctions over alleged Russian interference in the 2016 US presidential election and then included on a list of members of the inner circle of President Vladimir Putin targeted in retaliation for Russia’s invasion of Ukraine.

Monday’s action marks the first of many anticipated cases expected by the Justice Department’s “KleptoCapture” task force.

Launched last month, its goal is to put the finances of Russian oligarchs under strain in a bid to pressure Putin to cease his war on Ukraine.

The unit’s name is a play on the word “kleptocracy,” which refers to corrupted officials who misuse power to accumulate wealth. The task force includes prosecutors, investigators and analysts from multiple federal agencies.

Even if a sanctioned vessel is located outside the United States, making maintenance or insurance payments for the vessel using US dollars could make the vessel subject to US civil or criminal forfeiture, according to Andrew Adams, the head of the task force.

“The forfeiture laws really have some heft in that respect,” Adams told Reuters in an interview last week.

Spanish authorities have separately impounded three other superyachts suspected of belonging to Russians under EU sanctions over the past weeks.