TRIESTE – One of the most expensive yachts ever built, owned by Russian oligarch Andrey Igorevich Melnichenko, was confiscated Friday by Italian police as part of Western sanctions, authorities said.

 Melnichenko’s ‘Sailing Yacht A’ is estimated to be worth some 530 million euros and measures 143 metres long. It had been in the port of Trieste since January, undergoing maintenance work.

 Launched in 2015, the super-yacht in question is officially registered with a British overseas company, but its ownership is attributed to Melnichenko, an entrepreneur who founded the Siberian Coal Energy Company (SUEK) and owns the EuroChem group, which produces fertilisers.

 According to European authorities, Melnichenko belongs to the most influential circle of Russian entrepreneurs, as explained in a decision by the European council made March 9.

 "On Feb. 24, in the aftermath of the initial stages of the Russian aggression against Ukraine, Melnichenko, together with 36 entrepreneurs, met with President Vladimir Putin and other members of the Russian government to discuss the impact of the line of action in light of Western sanctions,” the document reads.

 “The fact that he was invited to attend the meeting indicates that he is part of President Putin's closest circle and that he supports or carries out actions or policies that compromise or threaten the territorial integrity, sovereignty and independence of Ukraine, as well as stability and security in Ukraine.”

 “It also indicates that he is one of the leading entrepreneurs operating in economic sectors that constitute a significant source of income for the government of Russia, responsible for the annexation of Crimea and the destabilisation of Ukraine."

 In te past week, over 140 million euros worth of assets have been seized in Italy, with the Finance Police having confiscated villas and boats throughout Italy.

ln