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A Russian Oligarch’s $500 Million Megayacht Just Mysteriously Arrived in Hong Kong

The lürssen vessel nord is connected to the third-richest man in russia., tori latham, tori latham's most recent stories.

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Ever since Russia invaded Ukraine earlier this year, authorities have been keeping an eye on the megayachts owned by Russian oligarchs and allies of Vladimir Putin. One such vessel just mysteriously turned up in Hong Kong.

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The 465-foot Lürssen vessel in question, which contains two helipads, a cinema and 20 luxury cabins, left Vladivostok on September 27 and was initially headed for the Vietnamese port of Da Nang. However, it soon changed its route to Hong Kong and has been anchored there since Wednesday night, according to Bloomberg. It has also changed its flag from the Cayman Islands to Russia. A spokesperson for Mordashov told the publication that he was currently in Moscow and declined to comment on the yacht’s movement.

Since Putin began his war in Ukraine in February, more than a dozen yachts owned by Russian oligarchs have been seized by Western governments as a form of punishment for the owners having ties to the Russian president. In total, the seized yachts add up to more than $2.25 billion, and others have been immobilized in ports and naval yards across Europe.

The US has even formed a special task force, KleptoCapture, to go after Russian billionaires’ assets. Earlier this year, the unit helped seize Amadea , a $325 million superyacht supposedly owned by the gold tycoon Suleiman Kerimov.

To evade capture, some yacht owners have moved their vessels to the sanction-free waters of Russia and Turkey. But now that Mordashov’s Nord has turned up in Hong Kong, it’s unclear what will happen to it. One thing’s for certain, though: Despite its considerable size, the 465-footer is proving to be quite elusive.

Tori Latham is a digital staff writer at Robb Report. She was previously a copy editor at The Atlantic, and has written for publications including The Cut and The Hollywood Reporter. When not…

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Hong Kong leader says "no legal basis" to act on Russian superyacht

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Reporting By James Pomfret and Clare Jim; Editing by Anne Marie Roantree, Kim Coghill and Raju Gopalakrishnan

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James Pomfret is a Special Correspondent for Reuters covering politics and policy in Asia, with a specialization on China, Hong Kong and Taiwan. A two-time Pulitzer finalist, his multimedia career has spanned print, radio, TV and photography. His reporting includes "The Revolt of Hong Kong" - an investigative series he helped lead that was a Pulitzer finalist for International Reporting in 2020, and a series on China's weaponization of the rule of law against its critics that won a 2023 SOPA award.

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Superyacht struggle: Is Hong Kong now safe harbor for sanctioned Russians?

HONG KONG — A superyacht linked to a Russian oligarch has produced the latest ripple of tensions between the U.S. and China after it moored in Hong Kong’s harbor.

Nord, a $500 million vessel connected to sanctioned tycoon Alexey Mordashov , has been docked in the city since last Wednesday after it made the weeklong journey from the Russian city of Vladivostok. 

Measuring 464.6 feet, it has two helipads, a swimming pool and 20 cabins, as well as a gym, a sauna and a cinema.  

Hong Kong said Tuesday it would not seize the superyacht, defying Washington and raising fears that the global financial hub could become a haven for people sanctioned over the war in Ukraine .

Mordashov, one of Russia’s richest men, was sanctioned by the U.S., the United Kingdom and the European Union in February, days after Russia invaded Ukraine. His company, Severstal, did not immediately respond to a request for comment about the Nord.

Hong Kong’s leader, John Lee, said Tuesday that the city had no legal basis to act on a Russian oligarch’s superyacht in the city. 

“We will comply with United Nations sanctions,” Lee said at a news conference. “We cannot do and we will not do anything that has no legal basis.”

Russia, a permanent member of the United Nations Security Council , has vetoed all attempts to take action on Ukraine, which could include sanctions against people like Mordashov. 

The State Department said in a statement Monday that it would “strongly encourage all jurisdictions to take actions under their domestic authorities to help implement sanctions imposed by the United States and more than 30 other countries.” 

It added that “Hong Kong’s reputation as a financial center depends on adherence to international laws and standards” and that “the possible use of Hong Kong as a safe haven by individuals evading sanctions from multiple jurisdictions further calls into question the transparency of the business environment.”

U.S. and European authorities have seized over a dozen yachts belonging to sanctioned Russian tycoons to prevent them from sailing to other ports that are not affected by the sanctions. So Russian oligarchs have begun docking their yachts at ports in places like Turkey , which has maintained diplomatic ties with Russia since the war began.

However, some experts predict that China will not stop Russians sanctioned by the West from registering in Hong Kong as the once strong financial hub struggles to compete in the global market, leading to fears that it will become a safe haven for Russian oligarchs trying to evade Western sanctions.  

“China is trying to restore and rebuild investors’ interest in Hong Kong,” Yun Sun, the director of the China program at the Stimson Center, a nonpartisan think tank in Washington, said by email Tuesday.

The most important consideration for Hong Kong’s authorities will be whether the city’s banks will be denied access to the U.S. financial market as a result, she said.

“Secondary sanction is more a practical matter rather than a legal or moral matter, as Hong Kong banks handling Russian transactions could be sanctioned,” Sun added. “That is the most important consideration for Hong Kong.”

China’s Foreign Affairs office in Hong Kong accused the State Department in a statement Monday of “smearing” the city's business environment. It also referred to a statement its Marine Department issued Sunday, which said that Hong Kong’s “reputation and status as an international financial center are globally recognized” and that the city maintained a “free, open and law-based business climate.”  

Lee laughed off U.S. sanctions Tuesday, calling them “barbaric.” He was himself sanctioned by the U.S. in 2020 for his role in implementing a national security law that has been criticized by the U.N. -appointed human rights committee and rights organizations.

Chinese and Hong Kong officials have repeatedly said the law was vital to restore stability after the city was rocked for months by sometimes violent anti-government and anti-China protest s in 2019.

It is unclear how much Russian money has flocked to Hong Kong because of Western sanctions. The Hong Kong Marine Department did not respond to a request for comment on the number of Russian yachts in its harbors. 

China has not backed global sanctions against Russia, and President Xi Jinping has said little about the conflict in recent months. However, officials have repeatedly urged “all parties” involved in the war to engage in diplomatic negotiations . 

“We will have to see how much money eventually flocks to Hong Kong and how they are being handled in order to assess the impact on U.S.-China relations,” Sun said.

Russian oligarch's luxury yacht 'Nord' leaves Hong Kong

$500m vessel belonging to sanctioned russian oligarch alexey mordashov heading for cape town.

20 October, 2022

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Hong Kong leader says 'no legal basis' to act on Russian superyacht

Hong Kong leader John Lee said on Tuesday there was "no legal basis" for the city to act on Western sanctions, when asked about a Russian yacht berthed in the financial centre that belongs to a sanctioned Russian oligarch.

Hong Kong authorities were criticized by the U.S. State Department for allowing a luxury yacht belonging to sanctioned Russian oligarch Alexey Mordashov to dock in Hong Kong waters last week.

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The U.S. State Department said the use of Hong Kong by individuals evading sanctions from multiple jurisdictions could carry reputational risks and call into question the "transparency" of the financial hub's business environment.

Hong Kong's leader John Lee, however, who himself has been sanctioned by the United States for his role in clamping down on local freedoms, said Hong Kong wouldn't act on unilateral sanctions imposed on Mordashov by individual jurisdictions.

"We cannot do anything that has no legal basis," Lee told reporters.

Instead, Lee said Hong Kong would only abide by United Nations sanctions.

"We will comply with United Nations sanctions, that is our system, that is our rule of law.

Mordashov, a billionaire close to President Vladimir Putin, was among a number of Russian oligarchs sanctioned by the European Union and the United States - but not the United Nations - after Russia's invasion of Ukraine for their links to Putin.

While a number of Russian superyachts have been seized or denied entry in Europe and other jurisdictions, the 465 foot (141-metre) Nord could be seen docked prominently in waters west of Hong Kong's iconic Victoria Harbour. It is valued at more than US$500 million.

Lee, who is due to host an international investment summit in November with top global business leaders, also criticized sanctions imposed by the United States on Hong Kong officials for their role in curbing Hong Kong's freedoms under a China-imposed security law.

"It is a very barbaric act and I'm not going to comment. Officials in Hong Kong do what is right to protect the interests of the country and the interests of Hong Kong.

"We'll just laugh off the so-called sanctions."

Reporting By James Pomfret and Clare Jim; Editing by Anne Marie Roantree, Kim Coghill and Raju Gopalakrishnan

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Hong Kong will not act on ‘unilateral sanctions’ on superyacht linked to Russian billionaire

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A superyacht linked to a sanctioned Russian billionaire has dropped anchor in Hong Kong after arriving in the city on Wednesday, according to marine tracking websites. The city’s Marine Department, which grants entry to foreign vessels, has said it will not pursue action against the ship or its owners.

The 142-metre yacht Nord – said to be worth HK$3.92 billion – is tied to steel mogul Alexey Mordashov, Russia’s third-richest person as of the Bloomberg Billionaires Index on Friday. The majority shareholder and chairperson of Severstal, the country’s largest steel and mining company, has been the target of sanctions from the European Union, the United Kingdom, and the United States, imposed in response to Russia’s invasion of Ukraine .

Announcing the measures against Mordashov in June, the US Treasury’s Office of Foreign Assets Control said it was taking “action to degrade the key networks used by Russia’s elites, including President Vladimir Putin, to attempt to hide and move money and anonymously make use of luxury assets around the globe.”

Files leaked as part of the Pandora Papers revealed Mordashov’s ties to companies linked to a close Putin associate, and show how he made his vast fortune – helped by accounting firm PwC.

While a number of private yachts and aircraft have been seized as a result of sanctions – including one owned by Mordashev in Italy in March – in recent months the Nord has sailed from the Seychelles to the Russian port city of Vladivostok, where it was largely based before departing for Hong Kong on September 27.

Russian super yacht Nord is in Hong Kong now. Hong Kong government says they won’t follow the sanction and allow it to dock… #RussianUkrainewar #HongKong pic.twitter.com/bdGPtJMRpN — GH (@hgf_ho) October 7, 2022

Responding to an enquiry from HKFP, a spokesperson from the Marine Department said it “do[es] not comment on any individual cases of vessel entry into Hong Kong.”

On the topic of sanctions, the department said that the government “has all along been implementing and enforcing fully the sanctions imposed by the United Nations Security Council.” However, the spokesperson added that Hong Kong “does not implement, nor do we have the legal authority to take action on, unilateral sanctions imposed by other jurisdictions.”

Hong Kong’s Chief Executive John Lee, Chief Secretary Eric Chan and security chief Chris Tang, as well as former leader Carrie Lam and several other high-ranking officials, were hit with US sanctions in August 2020 for “undermining Hong Kong’s autonomy.” Those on the sanctions list were quick to dismiss the impact of the action , with saying they did not have assets in the US.

According to Bloomberg, Mordashov is not currently aboard the vessel, which has two helipads, five decks, a cinema and 20 guest cabins.

Visiting yachts have to undergo “port formalities” when entering Hong Kong waters, including gaining permission of the Director of Marine, and can stay for up to 182 consecutive days. A list of all on board, including passengers and crew, must be provided for immigration procedures.

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Mercedes is a British journalist who has been based in Hong Kong since 2012. At Hong Kong Free Press, she has covered a number of local environmental issues, including climate inequality and marine biodiversity, and explored how Hong Kong's arts scene reflects a changing city. She has contributed to the Guardian and BBC Travel, and previously worked at the South China Morning Post, where she wrote a weekly column about the social and environmental impact of tourism in Asia.

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A $500 million superyacht anchored near Hong Kong reveals the world’s unwillingness to enforce the U.S.’s ‘heavy-handed’ sanctions against Russia

Hong Kong is captivated by a 466-foot-long superyacht anchored one-and-a-half miles off the city’s shoreline. The $500 million yacht named Nord , reportedly owned by sanctioned Russian billionaire Alexei Mordashov, floats in plain view in the city’s harbor. 

The superyacht—the length of one-and-a-half football and featuring a helicopter hangar and swimming pool—has become the latest flashpoint in Hong Kong’s relations with Western governments. The U.S. is warning that the Chinese city’s tolerance of the Nord threatens its status as a financial center, while Hong Kong’s (U.S.-sanctioned) leader is saying officials will “ laugh off ” Western threats. 

But the Nord ’s presence in Hong Kong shows a weak spot in the sanctions the West has levied against Russian individuals and companies—namely, that much of the world is still able, if not willing, to let Russians in. 

“The West’s impressive unity on the sanctions front has so far not been met with similar enthusiasm among most non-Western states, particularly in Asia and Africa,” including many governments that have condemned Russia in the United Nations General Assembly, says Ryan Mitchell, a professor of international law at the Chinese University of Hong Kong .

Many non-Western countries have pre-existing economic ties with Russia, which means sanctions present a “relatively greater cost,” Mitchell says. Countries throughout the world continue to rely on Russian commodities and goods or hope to attract spending and investment from Russian individuals and companies. That means many non-Western countries, including many that sympathize with Ukraine’s plight, are unwilling to accept economic pain to support the U.S. position on sanctions.

Sitting off the coast

The Nord first arrived in Hong Kong last week, when eagle-eyed observers noticed that the yacht had anchored on the western end of Hong Kong’s Victoria Harbor.

At first, Hong Kong authorities gave a muted response to the yacht’s presence in the city. The local marine department said it would not , and in fact could not, enforce “unilateral sanctions imposed by other jurisdictions” like the U.S., while stating that the city would cooperate with sanctions imposed by the United Nations Security Council.

The city’s rhetoric has hardened since then, as the yacht became another source of tensions between the U.S and Hong Kong (and, by extension, mainland China).

The U.S. accused Hong Kong of acting as a “safe haven” for those trying to flee sanctions, which “further calls into question the transparency of the business environment.”

In response, China’s foreign ministry called the U.S. comments “ misleading .” A spokesperson said that “Hong Kong’s reputation and status as an international financial center are globally recognized and brook no vilification.”

On Tuesday, Hong Kong Chief Executive John Lee said the city would not enforce Western sanctions on the Nord yacht. Lee, whom the U.S. government sanctioned over his role in the city’s crackdown on social unrest in 2019, said officials would “laugh off the so-called sanctions,” and called other U.S. measures towards Hong Kong officials a “barbaric act.”

In Mitchell’s view, Hong Kong has little choice but to openly refuse U.S. requests to enforce sanctions. The city “acknowledging the legitimacy of unilateral sanctions (i.e., those by one or more states acting outside of UN mechanisms) would contradict a key pillar of China’s views on international law and its enforcement,” Mitchell says. Beijing argues that Western sanctions against Moscow are illegal and counterproductive and has said it would continue to engage in “ normal trade cooperation ” with Russia.

That stance toward Western sanctions may encourage Russian individuals and companies to regard Hong Kong as a safe spot to park assets and raise capital. Russian companies are already inquiring about the possibility of basing operations in Hong Kong, including changing their registration or listing on the city’s stock exchange, reports Bloomberg . 

Yet banks in Hong Kong may be wary of engaging with Russian organizations, despite the city’s official refusal to enforce U.S. sanctions. The U.S. could impose secondary sanctions on companies or individuals that, in its view, help blacklisted entities evade sanctions, effectively barring banks from the U.S. dollar-based financial system. 

Even Beijing is concerned about the threat of secondary sanctions, with state-owned companies scaling back their presence in Russia for fear of U.S. regulatory scrutiny. 

Not just Hong Kong

While other countries may be less overt than Hong Kong in declining to enforce sanctions, “various other jurisdictions” have adopted the same position, says Mitchell. 

Russians have flocked to the United Arab Emirates, and specifically its financial hub of Dubai, to escape the scrutiny they face in places like Europe. Two Russian yachts popped up in Emirati ports in June this year. Russians snapped up property , and trading firms dealing in Russian commodities opened offices in Dubai to avoid European sanctions sanctions.

Officials in U.S. President Joe Biden’s administration have, at times, shown frustration with the UAE’s defiance of sanctions on Russia. “I am not happy at all with [the UAE’s] record at this point,” said Barbara Leaf, Biden’s top Middle East diplomat, in a June congressional hearing, adding that the White House plans to “drive a better alignment, shall we say, of effort.”

Yet the UAE appears to be quite comfortable with its neutral status. On Tuesday, Russian President Vladimir Putin praised the country after talks with UAE president Sheikh Mohamed Bin Zayed Al Nahyan. Putin said the UAE’s neutral position “allows us to use your influence for moving toward resolving the situation” in Ukraine. 

Other countries throughout Asia have hesitated to isolate Russia entirely. India continues to purchase Russian energy and weapons, with Indian foreign minister Subrahmanyam Jaishankar blaming the West’s refusal to sell arms to India as the reason for New Delhi’s “long standing relationship with Russia.”

Western allies are still engaging with Russia, too. Turkey, a member of NATO, has refused to join the West’s sanctions against Russia.

And even Japan, which sanctioned Russian banks and froze the country’s foreign reserves alongside Western nations, has wavered on abandoning Russia completely. Japanese companies have maintained a presence on Russian energy projects, like the Sakhalin-1 and 2 gas refineries in the country’s far east. Japanese carmaker Nissan only left the Russian market on Tuesday, seven months after the Ukraine invasion began.

Global resistance to completely isolate Russia is a stumbling block for Ukraine’s allies as they try to maintain economic pressure on Moscow and end the invasion. New sanctions would mean persuading more countries, already skeptical of sanctions, to do even more. 

“Many view U.S. sanctions practices in general as overly heavy-handed,” Mitchell said. 

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Yacht owned by sanctioned Russian tycoon docks in Hong Kong

In this image taken from a video footage run by TVB, the megayacht Nord, worth over $500 million, is seen off Hong Kong Island outside Victoria Harbour on Friday, Oct. 7, 2022. The superyacht connected to Russian tycoon Alexey Mordashov has anchored in Hong Kong this week amid moves by Western governments to seize yachts connected to sanctioned Russian businessmen. (TVB via AP)

In this image taken from a video footage run by TVB, the megayacht Nord, center, worth over $500 million, is seen off Hong Kong Island outside Victoria Harbour on Friday, Oct. 7, 2022. The superyacht connected to Russian tycoon Alexey Mordashov has anchored in Hong Kong this week amid moves by Western governments to seize yachts connected to sanctioned Russian businessmen. (TVB via AP)

In this image taken from video footage run by TVB, the megayacht Nord, left, worth over $500 million, is seen off Hong Kong Island outside Victoria Harbour on Friday, Oct. 7, 2022. The superyacht connected to Russian tycoon Alexey Mordashov has anchored in Hong Kong this week amid moves by Western governments to seize yachts connected to sanctioned Russian businessmen. (TVB via AP)

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HONG KONG (AP) — A superyacht connected to sanctioned Russian tycoon Alexey Mordashov has anchored in Hong Kong as Western governments move to seize yachts connected to Russian businessmen.

The megayacht Nord, worth over $500 million, arrived in Hong Kong on Wednesday afternoon after traveling for over a week from Vladivostok, Russia, its last port of call.

Mordashov has estimated wealth of over $18 billion, according to a Bloomberg estimate. He is the main shareholder and chairman of Severstal, Russia’s largest steel and mining company.

He was sanctioned by the U.S., the United Kingdom and the European Union in February after Russia invaded Ukraine. Mordashov has since attempted to challenge the sanctions against him in European courts.

A Marine Department spokesperson was quoted in the South China Morning Post as saying Hong Kong is not obliged to enforce unilateral sanctions imposed by other jurisdictions.

U.S. and European authorities have seized over a dozen yachts belonging to sanctioned Russian tycoons to prevent them from sailing to other ports that are not affected by the sanctions. Russian oligarchs have begun docking their yachts at ports in places like Turkey , which has maintained diplomatic ties with Russia since the war began.

The Nord, which measures 141.6 meters (464.6 feet), has two helipads, a swimming pool and 20 cabins. The yacht is currently sailing under a Russian flag.