Top Russian resort’s marinas are booked out – RBK

Industry players have linked the lack of available berths to an inflow of vessels following Western sanctions 

The Russian Black Sea resort of Sochi is facing a shortage of berths for yachts, business daily RBK reported on Thursday. 

Representatives of yacht clubs in Sochi, a former Olympic host city, said they had run out of spaces for vessels until at least the end of the summer, with over 90% of marinas already fully occupied. 

Among the reasons cited were an inflow of luxury boats from the EU due to sanctions and a lack of relevant infrastructure in Russia. 

“We’re facing 95% occupancy. There are spots [for yachts], but very few. And there are no places for boats up to 12 meters,” head of Morport Sochi Yury Vladimirov told the outlet.

Members of Russia’s Association for Yacht Tourism Development also pointed to a lack of modern ports and marinas for small vessels, given growing demand for yachting in Russia.

“There’s an acute shortage of places across the Azov and the Black Sea coast. There are about 500-600 parking spaces along the entire coast without full service. According to our estimates, current demand is at least 10,000,” board chairman at Alliance Marin Development, Olga Shezbukhova, told RBK.  

READ MORE: Russian tycoon wants his superyacht back

Several years ago, the Russian government approved a program for the development of yacht tourism by 2030, which will see the construction of a network of marinas and yachting areas with infrastructure and services. 

More than two dozen superyachts belonging to wealthy Russians have been confiscated across the world as part of Western sanctions. The total value of Russian luxury vessels seized is estimated at more than $4 billion, according to The Guardian.

Find more stories on economy and finance in TROIB business