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The Guardian - UK
The Guardian - UK
World
Rupert Neate Wealth correspondent

Gibraltar prepares for first auction of a Russian oligarch’s detained superyacht

Gibraltar JP Morgan Dmitry Pumpyansky United States United Kingdom Vladimir Putin Ukraine Admiralty
The Axioma moored at the Caribbean island of Saint Martin in 2018
The Axioma moored in the Caribbean in 2018. Photograph: Panther Media GmbH/Alamy

A £65m superyacht of a Russian oligarch hit by sanctions will be auctioned off by the Gibraltar government on Tuesday, becoming the first of the luxury vessels to be sold off since restrictions were imposed on hundreds of rich Russians after Vladimir Putin’s invasion of Ukraine.

However, the 72.5-metre Axioma is not being sold for the benefit of the Ukrainian people but for a US investment bank, JP Morgan, which claims the yacht’s billionaire owner, Dmitry Pumpyansky, owes it more than $20m (£17m).

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