Russian oligarchs’ yachts find haven in Turkey

Total value of the oligarchs’ fleet in Turkish waters is estimated at $3.74bn, greater than the total value of impounded superyachts.

Roman Abramovich’s yacht Solaris, sails near the Aegean coastal resort of Bodrum. Picture: AFP.

A quarter of the superyachts suspected of being owned by Russian oligarchs are moored in Turkish waters where they cannot be seized.

Two of the yachts are within 20 miles of each other off the Bodrum peninsula, a popular destination for British tourists. At least ten others believed to be owned by tycoons under sanctions or on a US government list of oligarchs close to President Putin are languishing in harbours or off other parts of Turkey’s coastline.

The total value of the oligarchs’ fleet in Turkish waters is estimated at £2.2 billion (AUD$3.74bn), greater than the estimated value of the superyachts that have been impounded under western sanctions.

None of these oligarchs’ superyachts was in Turkish waters this time last year; instead they were in the traditional summer playgrounds of the rich: southern France, Italy, Spain and Greece.

The boats now off the Bodrum coast include the £402 million Solaris, which is thought to be owned by Roman Abramovich, 55, who was forced to sell Chelsea football club when he was sanctioned.

The 460ft Solaris has 48 cabins on eight decks with a crew of 60. It has a flotilla of 20 high-speed jet-skis and at least one helicopter to ferry guests from to shore.

Another of Abramovich’s suspected yachts, the £363 million Eclipse, was anchored off Gocek Island. The 533ft Eclipse was the world’s largest private yacht when Abramovich bought it in 2010 and is reported to have a submarine and missile launchers.

Two of his smaller yachts – Halo and Garcon – are also in Turkey.

The research highlights how Turkey, which has not imposed restrictions on Putin’s regime for the invasion of Ukraine, has become a sanctuary for the oligarchs’ floating pleasure palaces.

Washington is becoming increasingly alarmed that the Russian government and businesses are using Turkey to evade western financial and trade restrictions, the AFP news agency reported this week.

Roman Abramovich’s yacht "Eclipse", docked at the Aegean coastal resort of Marmaris. Picture: AFP.

The £125 million superyacht Pacific, which is believed to be owned by the energy tycoon Leonid Mikhelson, surreptitiously travelled from the Caribbean to Turkey this summer after turning off its tracking beacon. This week it is moored at the marina at Marmaris, where the Aegean meets the Mediterranean.

Mikhelson, 67, is chief executive and a major shareholder of Novatek, which produces 10 per cent of Russia’s gas. His yacht can accommodate two helicopters and features a lift, a pool and a smaller speedboat, and has room for 28 crew.

Turkey, a member of Nato, has tried to stay neutral in the conflict between Russia and Ukraine and has refused to join the sanctions regime. President Erdogan and President Putin agreed to step up economic co-operation at a summit in Sochi this month.

Official data showed the value of Turkish exports to Russia between May and July grew by nearly 50 per cent compared with last year. Turkey’s imports of Russian oil are ballooning.

Wally Adeyemo, the US deputy Treasury secretary, visited Turkey in June to highlight concerns that Russian oligarchs and businesses were using Turkish entities to evade sanctions.

Adeyemo wrote to Turkey’s business association and the American Chamber of Commerce in Turkey warning that companies and banks were in danger of being sanctioned themselves.

In addition to the absence of sanctions, the attraction of Turkey for Russian oligarchs is the country’s citizenship-by-investment program, which provides passports within three to four months to those investing at least £212,000 in property, or £361,000 in government bonds or a local banks.

Cyprus had been the favoured destination for oligarchs to obtain citizenship of convenience, but it has revoked the passports of eight wealthy Russians, including Oleg Deripaska, 54.

One of Deripaska’s yachts, the pounds 55 million Clio, arrived in a bay close to Gocek in April weeks after he was made subject to UK sanctions. The boat’s trafficking system is turned off and its whereabouts are unknown.

Dubai is also being used by the oligarchs as a safe harbour from the international authorities. Vladimir Potanin, 61, was described as “Russia’s second richest man and owner of major conglomerate Interros” by the UK government when it added him to the sanctions list. His pounds 250 million yacht, Nirvana, was recorded in Dubai this week.

Officials in Gibraltar announced they had received 63 bids for the superyacht Axioma, seized from Dmitry Pumpyansky, a steel billionaire.

The Times