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

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

The 465-foot superyacht "Nord", reportedly owned by sanctioned Russian oligarch Alexei Mordashov is seen in Hong Kong, China, October 20, 2022. REUTERS / Donny Kwok

A luxury yacht belonging to sanctioned Russian oligarch Alexey Mordashov departed Hong Kong waters on Thursday, private tracking site MarineTraffic showed.

The $500 million Nord was heading for the South African port of Cape Town, Reuters reported.

The billionaire, who is close to Russian President Vladimir Putin, was among a number of Russians hit with sanctions by the US and EU after Russia's invasion of Ukraine .

His 141-metre vessel's prominent spot in the city's Victoria Harbour had sparked criticism from the US State Department in recent weeks.

Several Russian superyachts have been seized from ports around the world since the invasion began in February.

In August, the $75 million Axioma, allegedly owned by Dmitry Pumpyansky , was auctioned by Gibraltar.

In June, the $325 million Amadea, linked to oligarch Suleiman Kerimov , was seized by the US and arrived in San Diego Bay in California.

And in April, German authorities impounded Russian billionaire Alisher Usmanov’s superyacht Dilbar after determining it was legally owned by his sister, who is also subject to western sanctions.

The Nord arrived in Hong Kong on October 5 and has spent 15 days untouched in its port after a seven-day voyage from Vladivostok in the Russian Far East, through the Sea of Japan and the East China Sea.

The Hong Kong government did not immediately respond to questions on Thursday night.

The vessel was placed by MarineTraffic in waters south-east of Hong Kong early on Thursday evening. It appeared to be heading into the South China Sea.

A witness saw a fuel barge alongside the vessel inside the harbour at noon.

Europe and US hitting Russian oligarch superyachts in sanctions

Hong Kong leader John Lee said on October 11 that the city's authorities would not act on unilateral sanctions imposed on Mr Mordashov by individual jurisdictions.

“We cannot do anything that has no legal basis,” said Mr Lee, who himself has been sanctioned by the US for his role in a crackdown on local freedoms.

Mr Lee, who is due to host an international investment summit in November with global business leaders, said the Chinese-ruled city would only abide by UN sanctions.

Reuters contributed to this report

A Russian oligarch’s $500M mega yacht is roiling U.S.-Hong Kong relations

It was the mega yacht that got away. As Western sanctions hit Vladimir Putin’s allies earlier this year following the Russian leader’s invasion of Ukraine, their luxury yachts were seized one after another in jurisdictions around the world.

But not the Nord , a $500 million vessel tied to steel mogul Alexey Mordashov. This spring the ultra-luxurious yacht risked a collision by turning off its transponders and racing full steam ahead back to Vladivostok from the Indian Ocean, evading the grasp of Western authorities.

Now, infuriatingly to U.S. officials, it’s docked for all to see in Hong Kong—and authorities there are doing nothing about it.

A spokesman for Hong Kong’s marine department  told the Financial Times :

“Certain countries may impose unilateral sanctions against certain places on the basis of their own considerations,” but the Hong Kong government “does not implement, nor do we have the legal authority to take action on, unilateral sanctions imposed by other jurisdictions.”

Hong Kong’s reputation

U.S. officials were not impressed. State Department officials told the U.K. paper that Hong Kong’s “reputation as a financial centre depends on adherence to international laws and standards…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.”

Others agreed.

It would “raise risks considerably if Hong Kong became widely seen as a popular destination for the assets of sanctioned Russian corporations or individuals,” Ryan Mitchell, who teaches international law at Chinese University of Hong Kong, told the paper. He added, “Hong Kong-based corporations or individuals should be aware that they could later face secondary sanctions if they enter into business transactions or relationships with Russian sanction targets.”

Mordashov has close ties with Putin and made his billions as chairman of Severstal, a Russian steel-and-mining giant.

Not all of his yachts got away, however. In April, Italy seized his Lady M superyacht in the port of Imperia after the European Union blacklisted Mordashov. That yacht, however, is valued at a mere $27 million and measures just 215 feet.

The Nord , by contrast, extends 465 feet and is valued at half a billion dollars. A Superyacht Times video about the vessel, made by a German shipyard, has garnered more than 570,000 views on YouTube.

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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.

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.

• Complete coverage of the war in Ukraine

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 Hutton Executive Editor

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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Sanctioned Russian Oligarch's $521 million Yacht Docked In Hong Kong

The vessel tracking website, Marine Tracker, showed the yacht, Nord, arrived in Hong Kong on October 5, after a voyage of seven days from Vladivostok in the Russian Far East, down through the Sea of Japan and East China Sea.

A luxury yacht belonging To Alexey Mordashov has docked in Hong Kong waters.

A luxury yacht worth over half a billion U.S. dollars belonging to sanctioned Russian oligarch Alexey Mordashov has docked in Hong Kong waters, according to shipping records, after a week-long voyage from Russia.

Mordashov was among a number of Russian oligarchs sanctioned by the European Union and the United States after Russia's invasion of Ukraine for their links to President Vladimir Putin.

The Hong Kong government's marine department did not immediately respond to Reuters questions on whether it was aware of the sanctions imposed on the vessel's owner.

The multi-storey yacht, with six decks and a helipad, could be seen on Friday docked in waters west of Hong Kong's iconic Victoria Harbour, flying a Russian flag at the stern.

The 465 foot (141-meter) Nord was manufactured by a German shipyard last year and is one of the world's most extravagant luxury yachts, worth $521 million according to Forbes magazine.

In March, another luxury yacht owned by Mordashov, the 65-metre (215-ft) "Lady M", was seized by Italian police in the port of Imperia.

In recent months, a number of Russian-owned superyachts have been moved to parts of the world considered beyond the reach of Western sanctions, including Turkey, parts of Asia, and the Caribbean.

Mordashov built his wealth around the Russian steel producer Severstal (CHMF.MM).

Taking into account the assets of his family, Forbes estimates that Mordashov had an estimated net worth of $29.1 billion before sanctions hit, making him the richest man in Russia.

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