France Impounds Super Yacht Owned by Head of Russian State Oil Giant

(Bloomberg) -- Rosneft Chief Executive Officer Igor Sechin's superyacht was blocked by French customs officials on the Cote D'Azur, part of the European Union's sanctions against wealthy Russians with close ties to President Vladimir Putin.

The Amore Vero was impounded overnight in the Mediterranean port of La Ciotat, near Marseille, as it was preparing an urgent departure, according to the French Finance Ministry.

“Thanks to French customs for enforcing the EU sanctions against people close to Russia's leaders,” French Finance Minister Bruno Le Maire said on Twitter.

The yacht is owned by a company whose main shareholder is the Russian oil company head, the ministry said.

A spokesman for French Budget Minister Oliver Dussopt said the boat was prevented from leaving but that the asset had not been seized by the state.

The boat had arrived in La Ciotat on Jan. 3 and was due to remain at the port until April 1 for repairs.

“At the moment the inspection was carried out, the boat was readying to weigh anchor urgently, without having finished the planned work,” the Finance Ministry said.

Superyachts and other opulent displays of wealth among Russia's elite have drawn intense scrutiny since the country's invasion of Ukraine.

On Wednesday, Russian billionaire Alisher Usmanov's superyacht, the world's largest by volume, was seized by German authorities in Hamburg, according to Forbes.

The German government froze the Dilbar, Usmanov's 512-foot yacht, the publication said, citing three unidentified industry sources. Built in 2016 and named after his mother, the boat is estimated to be worth $594 million, according to the Bloomberg Billionaires Index.

Usmanov was among six of Russia's wealthiest individuals put under EU sanctions on Monday. He called the decision “unfair” and “defamatory.” The Dilbar had been undergoing refitting in the northern German city.