(Bloomberg) — Alisher Usmanov’s superyacht, the world’s largest by volume, is docked in the northern German city of Hamburg but hasn’t been seized by the government after the Russian billionaire was hit with European Union sanctions this week.
The Dilbar, Usmanov’s 512-foot yacht, had been undergoing refitting in the northern German city.
Forbes reported Wednesday that the German government had frozen the boat, which is estimated to be worth $594 million by the Bloomberg Billionaires Index.
The Ministry for Economy and Innovation in the German state of Hamburg said the country’s authorities have not seized the Dilbar, Forbes reported Thursday.
In a statement, the ministry said Germany’s federal customs agency must issue an export waiver for the boat to depart and that “no yacht leaves port that is not allowed to do so.”
In France, customs officials blocked Rosneft Chief Executive Officer Igor Sechin’s superyacht from an urgent departure from the Mediterranean port of La Ciotat, near Marseille, according to the French Finance Ministry.
Sechin was also sanctioned on Monday.
The move underscores the fast-moving nature of the penalties levied by Europe on ultra-rich Russians seen as having close ties to Russian President Vladimir Putin.
Under the sanctions, individuals are barred from moving their property.
The European Union adopted sanctions on six of Russia’s wealthiest individuals on Monday, including Usmanov, who called the decision “unfair” and “defamatory.”
Superyachts and other opulent displays of wealth among Russia’s elite have drawn intense scrutiny since the country’s invasion of Ukraine, even making it into U.S.
President Joe Biden’s State of the Union address.
“We are joining with our European allies to find and seize your yachts, your luxury apartments, your private jets,” Biden said during Tuesday’s address.
Five other individuals were named in the latest EU sanctions: Mikhail Fridman, Petr Aven, Alexey Mordashov, Gennady Timchenko and Alexander Ponomarenko.
Mordashov owns two superyachts: the Nord, which is in the Seychelles, and Lady M, anchored in Imperia, Italy.
Some Russian tycoons also still have superyachts docked in Europe. Roman Abramovich’s Solaris is in Barcelona; Iskandar Makhmudov’s Predator is in Genoa, Italy; and Vagit Alekperov’s Galactic Super Nova is in Montenegro, among others, according to data tracked by Bloomberg.
Usmanov, 68, owns a major stake in USM, a Russian investment group with holdings in Metalloinvest, one of the world’s largest iron ore producers, and telecommunications company MegaFon.
He’s the sixth-richest Russian with a fortune of $19.5 billion, according to Bloomberg’s wealth index, though that figure includes the Dilbar.
Russian President Vladimir Putin has also been sanctioned by U.S., EU and U.K.
authorities. He has been linked by news organizations including Business Insider to the superyacht Graceful.
That boat left Hamburg Feb. 7, about two weeks before Russia invaded Ukraine. It’s now in Kaliningrad, Russia.
(Corrects after Forbes includes denial from German authorities in third paragraph.)
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