Oligarch-owned £63m superyacht is auctioned off – BBC Newsnight

The first sale, since President Putin invaded Ukraine, of a sanctioned Russia oligarch’s asset has been auctioned off after attracting 63 bids in Gibraltar.

The £63m ($73m) superyacht, was renamed from ‘Red Square’ to ‘Axioma’ and seized from steel billionaire Dmitrievich Pumpyansky following Western sanctions.

The floating palace can sleep 12 people and boasts a swimming pool, jacuzzi, spa, 3D cinema, jet skis and has space for 20 crew.

Axioma, a 72.5m vessel was seized in Gibraltar in March after US bank JP Morgan claimed owner Pumpyansky did not pay a £17m ($20m) loan.

Newsnight’s Diplomatic Editor Mark Urban investigates the scope of Russian-owned superyachts around the world and how difficult it is to trace their ownership.

Please subscribe HERE http://bit.ly/1rbfUog

Newsnight is the BBC’s flagship news and current affairs TV programme – with analysis, debate, exclusives, and robust interviews.

Website: https://www.bbc.co.uk/newsnight
Twitter: https://twitter.com/BBCNewsnight
Facebook: https://www.facebook.com/bbcnewsnight