My-Amadea

The 'Amadea' was sold on Sep 9 well below its market value. The American government confiscated the luxury vessel because it belonged to the sanctioned Russian oligarch Suleyman Kerimov. The 'Amadea' likely went under the hammer for $100 to $125 million. The reason for the price reduction was a dispute over ownership between the US government and two Russian oligarchs. The 'Amadea's value is actually estimated at $300 to $350 million . The new owner paid only $100 to $125 million. In May 2022, the yacht was seized in Fiji by the U.S. Department of Justice"s Task Force KleptoCapture, an initiative launched to enforce sanctions against Russian oligarchs supporting Vladimir Putin"s regime. Kerimov, a billionaire with ties to Putin and a fortune built through investments in Russian gold producer Polyus, is the true owner, despite claims by another Russian, Eduard Khudainatov, that he holds title to the vessel. The seizure was executed under a U.S. warrant, citing violations of sanctions laws, including the International Emergency Economic Powers Act (IEEPA), money laundering, and conspiracy. Prosecutors assert that Kerimov and his proxies routed U.S. dollar transactions through American financial institutions to maintain the yacht, making it subject to forfeiture. The operation underscored the U.S. government"s commitment to targeting the assets of sanctioned individuals linked to Russia"s actions in Ukraine.

The 'Amadea' of ​​the sanctioned Russian oligarch Suleiman Kerimov will be put up for auction on Aug 10, forfeited by order of United States District Court for the Southern District of New York, Case 1:23-cv-09304 in San Diego, California, The price is expected to reach around $230 million. Bidders were required to pay a $10 million up-front deposit to ensure that the right people are bidding. fThe yacht is available by sealed bid auction closing Sep 10, The auction is administered by National Maritime Services in collaboration with Fraser Yachts. A comprehensive information package is available. Private onboard inspections are available by appointment: https://www.amadeaauction.com/

More than three years after the "Amadea," was seized from a sanctioned Russian oligarch, the yacht, valued at over $300 million (around €260 million), was put on auction on Aug 5. Bidders can submit offers until Sep 10. Bidders must make a deposit of $10 million. The Florida-based company National Maritime Services is in charge of the auction. The "Amadea" was seized in Fiji in April 2022 and is currently moored in San Diego, California. A US judge dismissed a claim for ownership by former head of the oil and gas company Rosneft, Eduard Khudainatov, in March. According to prosecutors, Khudainatov acted merely as a "front man," while the true owner is Russian billionaire Suleiman Kerimov. Sanctions were imposed on the close ally of Vladimir Putin because of the war in Ukraine.

Eduard Khudainatov, the former CEO of the Russian state-owned oil conglomerate Rosneft, has filed an appeal to the US Court of Appeals for the Second Circuit over his claim to the 'May Amadea', which US authorities seized in 2022 following Russia's invasion of Ukraine. The development came after a US judge ruled in March that Khudainatov could not plausibly claim ownership of the luxury yacht, effectively granting the US Justice Department permission to sell the vessel at auction.

A federal court in New York has rejected the Russian businessman Eduard Khudainatov's challenge to the U.S. government's efforts to confiscate the 'Amadea'. The decision brings the United States closer to taking ownership of the yacht through a legal procedure known as civil forfeiture. The ruling likely represents the biggest victory so far in plans started under former President Joe Biden’s administration to seize assets of sanctioned Russian tycoons and use them to support Ukraine’s war effort. On March 10, the U.S. District Court for the Southern District of New York ruled that the Russian businessman did not have standing to challenge forfeiture of the yacht because he was not its owner. And because no one else has claimed ownership, the U.S. Department of Justice will now pursue a judgment of forfeiture by default. U.S. prosecutors believe the superyacht that is valued at over $230 million, belongs to Kerimov, a senator, businessman and ally of Vladimir Putin. The court also concluded in legal documents that the evidence suggests that after September 2021, Kerimov or his family exercised ownership of the vessel. In 2018, the U.S. government imposed sanctions on Kerimov. The government later alleged he or people acting on his behalf made payments for repairs and upkeep of the yacht that passed through the U.S financial system, which is a violation of those sanctions. The U.S. law enforcement seized the 'Amadea' in 2022. But in 2023, Khudainatov, who is not under U.S. sanctions, claimed ownership interest, setting the stage for a legal battle. In May 2024, U.S. taxpayers have spent more than $740,000 a month on the yacht’s maintenance. Last December, The Washington Post reported that servicing the yacht had cost the country roughly $30 million.

The U.S. government has argued in an evidentiary hearing in New York that the sanctioned Russian oligarch Suleiman Kerimov was the owner of the 'Amadea', making it subject to forfeiture. The federal prosecutors stated last week that the yacht is owned and controlled by the Russian billionaire and that his use and improvements of the vessel violated the sanctions that were imposed on him in 2018 by the U.S. Treasury Department, in consultation with the Department of State. It had imposed sanctions on seven Russian oligarchs, 12 companies they owned or controlled, 17 senior Russian government officials, a state-owned Russian weapons trading company and its subsidiary and a Russian bank. Suleiman Kerimov was included in these sanctions for his role as an official of the Russian Federation and a member of the Russian Federation Council. He was alleged to have moved hundreds of millions of euros into France, in addition to conducting standard fund transfers without disclosing the money to French tax authorities. In 2023, Damian Williams, the United States Attorney for the Southern District of New York and Michael Khoo and David Lim, Co-Directors of Task Force KleptoCapture, announced the filing of a civil forfeiture complaint against the 'Amadea'. It was alleged that Suleiman Kerimov had improved and maintained the yacht in violation to the sanctions imposed on him. The complaint alleged that the 'Amadea' was therefore forfeitable, based on violations of U.S. law, including the International Emergency Economic Powers Act (“IEEPA”) and money laundering violations. Despite the allegations against Kerimov, another Russian businessman, Eduard Khudainatov, claimed ownership of the 'Amadea' and was seeking to reclaim it. While Khudainatov is not under U.S. sanctions, he was blacklisted by the European Union in June 2022. At the closing arguments of an evidentiary hearing in New York, the prosecutors asserted that Khudainatov had sold the yacht to Kerimov in Sept 2021, while retaining the title to act as its straw owner. In contrast, Khudainatov's legal team insisted the yacht was never sold and argued that simply the holding title was sufficient to establish standing in the case. On Feb 5 the U.S. Justice Department announced that it was shutting down Task Force KleptoCapture, a key initiative launched in response to Russia's invasion of Ukraine to enforce sanctions and seize the assets of oligarchs close to the Kremlin. Adam Ford, a lawyer for Khudainatov, criticised the dissolution of the task force, asserting that closing arguments further reinforced Khudainatov’s claim to ownership. The Task Force KleptoCapture was instrumental in prosecuting Russian oligarchs and seizing their assets as part of a wider strategy to isolate Moscow from global financial markets. Since its inception, the task force led to the seizure of yachts belonging to sanctioned oligarchs, including Suleiman Kerimov and Viktor Vekselberg. While ongoing cases initiated by the task force will continue, its dissolution means the work will no longer be coordinated from Justice Department headquarters.