$55 Million Superyacht Lena of Russian Billionaire Gennady Timchenko Seized By Italy
The Italian authorities seized prominent Russian Oligarch Gennady Timchenko’s $55 Million Superyacht Lena on March 4, 2022, after sanctions were imposed on him.
Lena is one of the many yachts that have been seized, detained or declared blocked property after international sanctions were imposed on Russia.
Superyacht Lena: Key Features
Superyacht Lena is a 38-metre (126-foot) vessel built by San Lorenzo and delivered in 2010. It can accommodate up to 12 guests and 16 crew members. The yacht has five cabins and can house up to 10 people.
The yacht is registered under the British Virgin Islands-based Roxland Corporate Limited, whose ultimate beneficial owner is Timchenko.
Seizure Details of Superyacht Lena
Gennady Timchenko‘s superyacht LENA, was seized by Italian authorities on March 4, 2022, in Imperia, Italy, after the European Union sanctioned Timchenko following Russia’s attacks on Ukraine.
Timchenko is the ultimate beneficial owner of the vessel, which is registered in his name under the name of Roxland Corporate Limited, which is situated in the British Virgin Islands.
The Italian government valued the yacht at $55 million, while VesselsValue estimated its worth at $8 million. It had been in Sanremo, Italy, for five months before it was seized.
Who is Gennady Timchenko?
Gennady Timchenko is a Russian oligarch and billionaire businessman who was born on November 9, 1952, in Leninakan, Armenian SSR, Soviet Union (now Gyumri, Armenia).
He founded and owns the private investment firm Volga Group, which has interests in energy, transportation, and construction.
Timchenko has stakes in Russian businesses, including gas company Novatek and petrochemical producer Sibur Holding. He was previously a co-owner of Gunvor Group, an oil trading company he co-founded with a Swedish partner, Torbjorn Tornqvist. Timchenko is known for his close relationship with Russian President Vladimir Putin.
Timchencko is a prominent Russian oligarch, however, his image has somewhat deteriorated after sanctions were imposed on him.
Why were sanctions imposed on Gennady Timchenko?
The sanctions were imposed on Timchenko and other influential Russians deemed to have supported President Vladimir Putin’s invasion of Ukraine and backed the Kremlin’s war machine.
The sanctions include asset freezes and travel bans.
Timchenko was sanctioned for a number of reasons, one of which was his participation in a conference at which Putin considered the impact of a potential conflict in Ukraine. This meeting took place just days before Putin ordered soldiers to invade on February 24, 2022.
His wife was sanctioned for her close family and business links with him.
The EU’s General Court rejected Timchenko’s argument that the Council of the EU had not properly justified his sanctions.
FAQ – Superyacht Lena
Q.1 What is Superyacht Lena?
The Superyacht Lena is a luxury motor yacht built by Sanlorenzo in 2010. It is a 39-metre yacht that can accommodate up to 10 guests in five staterooms, including the owner’s suite, and has three cabins for six crew members.
Q.2 What are the features of Superyacht Lena?
Lena boasts elegant and timeless flowing lines and innovative features such as the exclusive fold-down terrace in the owner’s suite. It is designed to be a fast-displacement all-aluminium yacht with a semi-planing hull. It is powered by twin MTU 12V 4000 M93 engines that allow an expected cruising speed of 26 knots and a maximum speed of 28.
Q.3 What are the sanctions against Superyacht Lena?
Italian authorities seized Lena in March 2022 in compliance with the recent EU sanctions against Russia. The yacht belongs to Gennady Timchenko, an oligarch close to Putin and among those sanctioned by the European Union.
Q.4 What happens to oligarchs’ yachts and other assets when they are seized under sanctions?
When assets are seized under sanctions, they are blocked from use. However, enforcing sanctions could lead to off-court battles that could last years.
