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.
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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."
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