Italian authorities have seized a large yacht owned by Alexei Mordashov, Russia's richest man. That is one of the oligarchs put on the sanctions list by the European Union because of the war in Ukraine. Alexej Mordashov, who became rich with steel, is a major shareholder of TUI. According to sources from the Reuters news agency and the Italian newspaper La Stampa, the 65-meter Lady M was seized in the northern Italian port of Imperia. The move follows similar seizures in France and Germany earlier this week.
ship-building
War is not only beneficial for tourism, because it often makes travel more difficult. The Dutch shipbuilding industry is also experiencing difficulties now that more and more of their customers are becoming 'victims' of Western sanctions. It is possible that maintenance obligations on yachts that have already been sold can no longer be met due to the sanctions. There is therefore a chance for builders that hefty claims from Russian customers are lurking.
To punish Russia for the war in Ukraine, more and more sanctions are being imposed by the European Union. The so-called oligarchs are now also being tackled. The term Russian oligarch is used for businessmen from the former Soviet Union who gained a lot of political power during the period when this country transitioned from communism to capitalism and broke up into different republics. For years, the Netherlands welcomed the billions of Russian companies and oligarchs and critical questions were hardly asked.
Also read: TUI distances itself from any form of war violence