Superyacht seized from Russian billionaire auctioned off

The luxury vessel was the first public auction of an asset confiscated under Western sanctions

A $75-million superyacht linked to sanctioned Russian steel billionaire Dmitry Pumpyansky was auctioned off on Tuesday in Gibraltar, according to media reports, citing court sources.

The five-deck, 72-meter (236 feet) vessel Axioma reportedly attracted 63 bids and was sold for the benefit of US investment bank JPMorgan Chase, which claims that Pumpyansky owes it more than $20 million.

The vessel has six luxurious guest cabins, a swimming pool, a 3D cinema room, as well as gym, jacuzzi and fully equipped spa. It was impounded in March after having docked in Gibraltar.

According to Bloomberg, the Office of the Admiralty Marshall in Gibraltar stated on Tuesday that the value of the sealed bids and information about the bidders are confidential. Once the transaction has been completed, information about the sale will be released, which will be in roughly two weeks, it elaborated.

Dozens of superyachts belonging to wealthy Russians have been confiscated across the world as part of Western sanctions. Axioma is the first one to be sold.

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