The 800 Billion Won Super Yacht Nobody Knew the Owner Of... Was It Putin's 'Hidden Asset'?

Suspicion Raised by Russian Anti-Corruption Foundation
Most Crew Members Except Captain Are Russian Nationals
Half of Them Former Putin Security Service
Russian Oligarchs Hide Luxurious Assets Overseas

The ultra-luxury yacht 'Scheherazade,' valued at nearly 800 billion KRW. / Photo by Wikipedia capture

[Asia Economy Reporter Lim Juhyung] A luxury yacht worth 800 billion won, suspected to be owned by Russian President Vladimir Putin, may be seized in Italy.

According to a report by the British media outlet 'The Telegraph' on the 21st (local time), a luxury yacht docked at the port in the Carrara area of western Italy is suspected to be the property of President Putin.

The yacht is named 'Scheherazade,' and according to the report, its price is confirmed to exceed 500 million pounds (approximately 800 billion won). It is known as "the world's most expensive yacht with an unknown owner."

It measures about 140 meters in length and is equipped with two helicopter landing pads and gold-decorated washbasins. The vessel sails under the flag of the British Cayman Islands and is registered with an asset management company in Italy.

In 2020, the Scheherazade docked at the port of Gibraltar, a British Overseas Territory. It is seen flying the flag of the Cayman Islands, a British Overseas Territory. Photo by 'Gibraltar Yacht' YouTube capture.

However, the actual owner of the yacht has been kept strictly confidential until now. Scheherazade is currently docked at the Carrara port in the Tuscany region of Italy for repairs.

The suspicion that the owner of Scheherazade, previously shrouded in mystery, could be President Putin was raised by Alexei Navalny, the leader of the Russian opposition. Navalny's Russian 'Anti-Corruption Foundation' obtained the yacht's crew list and tracked personal information, revealing that all crew members except the captain hold Russian nationality.

Additionally, about half of the 23 crew members were linked to the Russian Federal Security Service (FSB), which protects President Putin, and their official addresses were confirmed to be the security office responsible for Putin in the Black Sea resort city of Sochi. Sochi is known as the place where President Putin stayed during the COVID-19 pandemic. Scheherazade is also reported to have frequently departed for Sochi from 2020 to 2021.

U.S. intelligence agencies have also suggested the possibility that this yacht could be President Putin's property. On the 11th, the U.S. media outlet 'The New York Times (NYT)' cited intelligence sources, reporting that "Scheherazade is suspected to be related to President Putin."

On the 18th (local time), Russian President Vladimir Putin gave a speech in Moscow, the capital of Russia / Photo by Yonhap News

Meanwhile, since the large-scale invasion of Ukraine by Russian forces on the 24th of last month, the international community, led by the West, has continued harsh economic sanctions against Russia. The U.S., the U.K., and Europe have cut trade with Russia and frozen overseas assets, while intensifying sanctions against the Russian emerging oligarch groups closely connected to President Putin.

The oligarchs are a capitalist class who have accumulated wealth by monopolizing Russia's key industries such as energy and raw materials. They have hidden assets overseas by purchasing expensive mansions in major global cities like London and Paris, as well as buying sports cars, artworks, and luxury yachts.

According to an investigation by the 'Organized Crime and Corruption Reporting Project' (OCCRP), which involved 27 major global media organizations including the UK's Guardian and France's Le Monde, tracking 35 oligarchs and high-ranking Russian officials uncovered over 150 hidden assets worldwide, with a total value estimated at a staggering 17 billion dollars (approximately 20.663 trillion won).