Russian oligarch yachts are on the move as hefty sanctions take hold

CNBC reported Monday that four Russian oligarchs' yachts are on the move as the sanctions from the majority of the international community are taking hold.

It was revealed Sunday that hackers had changed the call sign for Russian President Vladimir Putin's large, luxury yacht. On Saturday, a Ukrainian sailor on islands off the coast of Spain partially sank an oligarch's yacht because he is an international arms dealer.

Putin's superyacht was moved at the beginning of February, but other billionaires are only now beginning to move them, CNBC reported, citing information from MarineTraffic.com. Three appear to be moving toward the Maldives, which doesn't have an extradition treaty with the United States.

Vagit Alekperov, the president of Russia's Lukoil, moved his yacht to Montenegro, which is part of the European Union and NATO, both of which issued sanctions.

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"Oleg Deripaska’s yacht known as Clio left Sri Lanka almost two weeks ago and is expected to arrive in the Maldives shortly, according to Marine Traffic," said CNBC. "Deripaska and companies associated with him were sanctioned in 2018 by the United States. He’s been one of a few Russia-based billionaires who have come out in opposing the conflict in Ukraine."

Other Russian billionaires are moving their yachts to other locations in an effort to keep them from being seized. However, many of the superyachts are still in dry docks. Dry docks are used for winterizing purposes, repairs and mechanical reasons or for the season. The boats are lifted out of the water, making it very difficult for them to make a quick escape.

"The property of targeted Russian executives is likely to take another hit, as the Biden administration recently announced the creation of a taskforce that will take aim at their lucrative assets, including yachts and mansions," explained CNBC. "France is putting together a list of properties owned by Russian oligarchs, including cars and yachts, that could be seized under sanctions by the European Union."

Read the full report at CNBC.