Russian billionaires' mega yachts linked to Bermuda - caribbeannationalweekly.com

Ten mega yachts registered in the British Overseas Territory of Bermuda are “widely known” to be associated with high-profile Russian oligarchs, including the owner of English football club Chelsea, Roman Abramovich.

The Bermuda Shipping and Maritime Authority (BSMA) said the ships were owned by overseas companies but linked to super-rich Russians.

“The BSMA can confirm that there are ten vessels that are registered with the Bermuda Ship Registry that are owned by eligible companies that are incorporated in other [British] Overseas Territories and these vessels are widely known to be associated with high-profile Russian nationals,” the spokesman told the Royal Gazette newspaper on Monday.

Transport Minister Lawrence Scott earlier said there was no “individual” Russian ownership on the island’s shipping register.

The Bermuda government says it will follow UK sanctions against named Russian oligarchs in the wake of the country’s invasion of Ukraine.

The 162.5-meter Eclipse, owned by Abramovich, the billionaire owner of Premier League club Chelsea, is one vessel that flies the Bermuda flag. Abramovich, one of Russia’s richest men, was sanctioned by the United Kingdom, the United States, and the European Union. He put the football club up for sale before he was sanctioned.

Scott was asked last week if there was any chance the Eclipse would be seized as part of the crackdown on Russian assets in the west.

“No, because there is no Russian individual ownership on our shipping registry,” he responded.

The Eclipse is one of the world’s largest private yachts and has docked in Hamilton on a number of occasions in the past.

Abramovich’s Solaris mega yacht is also registered in Bermuda. London has said Russian vessels will be banned from British ports.

“There are no specific provisions in our maritime legislation that covers or addresses sanctions,” a BSMA spokesman said.

“The principal legislation for sanctions in Bermuda is the International Sanctions Regulations 2013 and the BSMA is currently working and consulting with the Attorney-General’s Chambers and the Financial Sanctions Implementation Unit to thoroughly review and analyze the UK sanctions to determine the appropriate steps to be taken, and this process is ongoing.

“There are many interconnected facets, components, and consequences that must be carefully investigated and considered along with the safety and welfare of the seafarers,” the spokesman added.

The Bermuda Civil Aviation Authority (BCAA) last week announced that planes registered in Bermuda and leased to Russian airlines have had their airworthiness certificates suspended.

Premier David Burt said earlier this month that of the more than 900 aircraft on the Bermuda registry, around 740 were utilized by Russian operators – and that such aircraft will be “greatly impacted” by sanctions.

Scott told the House of Assembly earlier this month that the BCAA could take a hit of US$25 million over the next 12 months resulting from UK measures put in place to punish Moscow for its illegal invasion of Ukraine.

However, Scott told a news conference six days later the figure could be closer to four million dollars.

CMC/

Adblock test (Why?)