That’s Not My Yacht: Here’s How Russian Oligarchs Are Hiding $100 Million Boats

A week after Russian forces invaded Ukraine, French officials trumpeted the impound of a $120 million ultra-luxurious yacht, which they said belonged to a sanctioned Kremlin insider. 

But there was a snag. The Monaco-based company that manages the yacht insisted the Kremlin insider in question, oil tycoon Igor Sechin, doesn’t own the vessel nor Kazimo, the company that it says owns the ship. 

“The yacht is categorically not owned by Mr. Sechin, nor is he in any way connected to Kazimo (either directly or indirectly),” a spokesperson for Imperial Yachts wrote in an email to VICE News. “Kazimo’s lawyers are in active discussion with French customs.”