Gibraltar to hold first auction of Russian oligarch’s detained superyacht

A £65m superyacht of a Russian oligarch hit by sanctions will be auctioned off by the Gibraltar government on Tuesday.

Report informs, citing the The Guardian that the 72.5-metre Axioma belongs to Dmitry Pumpyansky, the owner and chairman of the steel pipe manufacturer OAO TMK.

Pumpyansky, the owner and chairman of the steel pipe manufacturer OAO TMK, a supplier to the Russian state-owned energy company Gazprom, was subjected to sanctions by the UK, EU and the US after Russia's military actions in Ukraine.

72.5-metre Axioma is sold for a US investment bank, JP Morgan, which claims Pumpyansky owes it more than $20m (£17m).

According to the organizers of the auction, more than 30 people from different parts of the world flew in to inspect the yacht. They think they can make a good deal.

JP Morgan did not say whether it plans to give some of the proceeds to support Ukraine. The bank only replied that they had increased assistance to refugees from our country from $5 million to $10 million.