Luxury superyacht owned by Russian oligarch appears in Hong Kong amid continuing sanctions
A massive luxury superyacht owned by a Russian billionaire appeared in the harbors of Hong Kong on Friday amid continuing efforts to sanction the assets of Russian oligarchs.
Nord, a 466-foot yacht estimated to be worth over $500 million, was spotted by CNN dropping anchor in the city. The vessel, which is 1.5 times the size of a football field, is owned by Alexey Mordashov, a yacht broker told CNN. Mordashov, an industrial steel tycoon, is one of Russia's wealthiest businessmen, with Bloomberg reporting his net worth to be $18.7 billion.
As the Russian invasion of Ukraine enters its eighth month, Mordashov is among the numerous Russian oligarchs who have been sanctioned by the west. Both the U.S. and the European Union slapped him with sanctions as a result of alleged ties to Russian President Vladimir Putin.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
While Mordashov claims to have no ties to Putin's government, Nord arrived in Hong Kong following a week-long journey from the Russian city of Vladivostok, possibly in an attempt to avoid potential sanctions on the ship.
In a statement, Hong Kong marine officials said that they did not have any authority to take action on foreign sanctions. In a statement to the Financial Times, the U.S. State Department decried Hong Kong's decision to allow the vessel in its waters, saying, "The possible use of Hong Kong as a safe haven by individuals evading sanctions from multiple jurisdictions further calls into question the transparency of the business environment."
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Justin Klawans has worked as a staff writer at The Week since 2022. He began his career covering local news before joining Newsweek as a breaking news reporter, where he wrote about politics, national and global affairs, business, crime, sports, film, television and other Hollywood news. Justin has also freelanced for outlets including Collider and United Press International.
-
Big Tech's answer for AI-driven job loss: universal basic income
In The Spotlight A new study reveals the strengths and limitations
By Joel Mathis, The Week US Published
-
'I will not be silent' on Gaza, says Kamala Harris
Speed Read In a meeting with Israeli Prime Minister Benjamin Netanyahu, Harris supported Israel's right to defend itself while expressing a desire to end Palestinian suffering
By Arion McNicoll, The Week UK Published
-
'How long can TikTok dominate as a social network?'
Instant Opinion Opinion, comment and editorials of the day
By Justin Klawans, The Week US Published
-
'In a normal country, their activities wouldn't even be crimes'
Instant Opinion Opinion, comment and editorials of the day
By Justin Klawans, The Week US Published
-
Netanyahu makes controversial address
Speed Reads Israeli Prime Minister Benjamin Netanyahu's speech to Congress denounced Gaza war protestors
By Rafi Schwartz, The Week US Published
-
Menendez convicted of bribery, fraud, and extortion
Speed Read The New Jersey Democratic Senator was found guilty in a federal corruption trial
By Rafi Schwartz, The Week US Published
-
Florida judge dismisses Trump documents case
Speed Read Judge Aileen Cannon ruled that special counsel Jack Smith was improperly appointed
By Rafi Schwartz, The Week US Published
-
How could J.D. Vance impact the special relationship?
Today's Big Question Trump's hawkish pick for VP said UK is the first 'truly Islamist country' with a nuclear weapon
By Harriet Marsden, The Week UK Published
-
Hamas says military chief survived Israeli strike
Speed Read An Israeli bombing failed to hit its intended target, military commander Mohammed Deif, but killed at least 90 Palestinians
By Peter Weber, The Week US Published
-
Biden, Trump urge calm after assassination attempt
Speed Reads A 20-year-old gunman grazed Trump's ear and fatally shot a rally attendee on Saturday
By Peter Weber, The Week US Published
-
First Israeli report on Oct. 7 finds 'severe mistakes and errors' in IDF response
Speed Reads Israeli military admits failures in response to deadly Hamas attack that triggered Gaza war
By Rafi Schwartz, The Week US Published