MySky superyacht owned by Russia's Igor Kesaev is seen in the waters of the Indian Ocean near Male, Maldives, on March 4, 2022.MALE - A day after coal and fertilizer billionaire Andrey Melnichenko was placed on the European Union's sanctions list on March 9, his superyacht Motor Yacht A stopped broadcasting its location while in Maldives' waters, maritime data shows.
The cautious approach by authorities in Maldives to enforcing the sanctions imposed after Russia's invasion of Ukraine means that the Indian Ocean island nation has emerged as an attractive destination for yacht-owning Russian oligarchs. Last month, his spokesperson told Reuters the businessman would dispute the sanctions, adding that he had no political affiliations.
European countries have seized property including villas and boats, with authorities confiscating at least six vessels they say belong to some of the dozens of oligarchs hit by sanctions. From a backwater with scant natural resources beyond tuna and coconuts, tourism propelled it to a middle-income country over the past three decades. It has a GDP per capita before the pandemic of more than $10,000 – the highest in South Asia.
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