Russian Superyacht Seized In Gibraltar To Be Sold At Auction

The Russian superyacht Axioma was seized in Gibraltar in March and is set to be auctioned next week following sanctions against its billionaire owner.

The Axioma is estimated to be worth around £63m and is set to auctioned on Tuesday in Gibraltar
The Axioma is estimated to be worth around £63m and is set to auctioned on Tuesday in Gibraltar

The £63 million Axioma was seized by authorities in Gibraltar in March after US bank JP Morgan claimed the owner, Dmitrievich Pumpyansky failed to pay a £17 million loan.

The 72.5m superyacht is being auctioned off on Tuesday and is only being listed for one day, meaning it is likely to go for well under its estimated value.

The huge vessel boasts six cabins and can sleep up to 12 people, and has a swimming pool, jacuzzi, spa, 3D cinema, jet skis, and scuba diving equipment, as well as room for 20 crew members.

The auction will be the first seized vessel to be sold since sanctions were imposed against Russian oligarchs following Russia's invasion of Ukraine in February.

Several governments, including the UK, have suggested that the proceeds from seized assets should be used to help Ukrainian refugees who have fled the war.

JP Morgan is expected to receive the money received from the sale of Axioma to cover the missing loan payments from Dmitrievich Pumpyansky.

The superyacht, which was originally called Red Square when it was constructed in 2013, was rented out for prices in the range of £450,000 per week.

58-year-old Pumpyansky is the owner of OAO TMK, a steel pipe manufacturer and supplier to Russian state-owned energy giant Gazprom.

Pumpyanksy, who has been sanctioned by the UK, EU, and US, is estimated to have a net worth of around £1.84 billion.

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