An oligarch from Russia who has been sanctioned by the US is the owner of a $300 million yacht. This developing narrative serves as an example of how determined the American administration is to impose its sanctions on Russian individuals, even when those persons use the high seas to defend their assets. This article digs into the circumstances’ history while analyzing the case’s legal intricacies and ramifications.

According to a complaint submitted on Monday in the Southern District of New York by federal officials, Suleiman Kerimov, a Russian billionaire, is seeking the confiscation of a $300 million yacht that is his.

The complaint says, “Such transactions violated the sanctions imposed under [the International Emergency Economic Powers Act. “The Amadea could not remain a functional vessel without such transactions. Ongoing payments for maintenance, fuel, and fees are necessary for the operation and continued upkeep of the Amadea, a luxury superyacht.”

The “Golden Reina,” a sizable, lavish yacht, is at the center of the issue. A Russian businessman who has been singled out by US sanctions is the owner of this magnificent ship, which is supposedly worth $300 million. These sanctions are a result of what the US perceives to be Russian meddling in foreign elections, cyberattacks, and other activities.

Complex legal issues are raised by this naval tug of war. The extraterritorial reach of US sanctions, which has frequently been questioned by other countries, is first and foremost highlighted. Because these sanctions are applied to entities with little or no link to the United States, critics claim that they may violate national sovereignty. The potential reach of US sanctions is demonstrated by the fact that the yacht’s movements were restricted despite it not being under US jurisdiction.

Investigators said Kerimov violated U.S. government sanctions by maintaining the 348-foot Amadea yacht, which is presently berthed in Southern California. The Russian businessman purchased the vessel in 2021, according to the accusation filed on Monday, and then used American banking institutions to make hundreds of thousands of dollars in maintenance payments.

Second, the circumstance emphasizes the significance of international maritime law. While a ship flying a foreign flag is generally exempt from the rules of the country it is registered in, international law frequently gives states the authority to step in when a ship is engaging in illegal or criminal activity, such as terrorism and smuggling.

According to court documents, on April 6, 2018, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated Kerimov as a Specially Designated National (SDN) under IEEPA in connection with its finding that the actions of the Government of the Russian Federation in Ukraine constituted an unusual and extraordinary threat to the national security and foreign policy of the United States. In imposing sanctions, OFAC determined that Kerimov was an official of the Government of the Russian Federation. As alleged, Kerimov never sought a license from OFAC authorizing any transactions including any transactions in connection with expenditures related to the yacht. On or about Sept. 30, 2022, OFAC redesignated Kerimov as an SDN.

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