Reports said the €530 million yacht was seized and sequestered in the northeastern port of Trieste. According to the office of Italian prime minister Mario Draghi, the vessel designed by Philippe Starck and built by Nobiskrug in Germany, is the world’s biggest sailing yacht.

Both EuroChem and a coal company, SUEK owned by Melnichenko said on the weekend that the billionaire had resigned from their boards and was no longer receiving remuneration.

The Reuters news agency quoted a spokesperson for Melnichenko as saying the businessman plans to dispute being placed on the EU sanctions list as he has “no political affiliation and no connection to the tragic events in Ukraine.”

Author: Dede Williams, Freelance Journalist