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Italy Seizes Motor Yachts Lady M and Lena under EU Sanctions

7 March 2022By Staff Report
M/Y Lady M in Imperia
Credit: Twitter/FerdiGiugliano

Italy has seized motor yachts Lady M and Lena in compliance with the recent EU sanctions against Russia. The seizures were confirmed by Ferdinando Giugliano, media advisor to Italy’s prime minister Mario Draghi, on March 4 and 5 respectively.

The Italian Ministry of Finance identified 64-meter Lady M’s owner as Alexey Alexandrovits Mordaschov and BOAT International reports she had been in Imperia since January. The Italian government says the 40.8-meter Lena belongs to Gennady Nikolayevich Timchenko, and she has been in Sanremo for five months. Both Russians are among the list of individuals sanctioned by the EU regulation 2022/226 on February 28.

M/Y Lena in Sanremo
Twitter/FerdiGiugliano

Mordashov is the majority shareholder of Severstal, the largest steel company in Russia. Timchenko has stakes in various Russian businesses, including gas company Novatek and petrochemical producer Sibur Holding, and controls private investment group Volga Group.

The Italian government also seized a €3 million property linked to Oleg Savchenko located in the province of Lucca, Tuscany. These are the second and third reported yacht seizures following M/Y Amore Vero in France on March 2.

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