Italian taxpayers are paying millions to keep Russian yachts afloat

Key Points:

• The Russian oligarch Andrey Melnichenko’s $600 million Sailing Yacht A has been sequestered in the port of Trieste since March 2022 due to sanctions linked to Russia’s invasion of Ukraine, costing Italian taxpayers nearly $11 million annually for maintenance and security.
• Italian law mandates that seized ships be maintained, with costs currently borne by Italy; if sanctions lift, Melnichenko would have to reimburse these expenses, which Mayor Roberto Dipiazza warns could be more expensive than buying a new yacht.
• Other Russian superyachts, including the $700 million Scheherazade in Tuscany and the Lady M in Imperia, are also sequestered and maintained at significant public expense, with crews and security funded by Italian taxpayers.
• Similar situations exist across Europe, with countries like Germany, France, Spain, and the U.S. maintaining or selling seized Russian yachts, while some nations like Montenegro have allowed vessels to deteriorate due to differing legal obligations.
• Italian Prime Minister Giorgia Meloni supports strict sanctions on Russian oligarchs, emphasizing the risks of easing measures, though local officials express frustration over the financial burden on taxpayers for maintaining these luxury vessels.