Italy seizes $580mn yacht owned by Russian tycoon

The Italian authorities have seized a yacht belonging to Andrey Melnichenko, the owner of major fertilizer producer EuroChem Group and coal company SUEK.

The move comes just days after the billionaire was included on the EU’s sanction list along with 13 other businessmen from Russia.

According to the Italian government, the world’s biggest sailing yacht was seized at the northern port of Trieste on March 11.

The 143-meter (470-foot) vessel, designed by Philippe Starck and built by Nobiskrug in Germany, is reportedly worth €530 million ($578 million).

Last week, Italian police seized villas and yachts worth $156 million from five Russians who have been placed on the EU sanctions list over alleged ties to President Vladimir Putin over the conflict of Ukraine.

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