Fiji Hands Over Yacht Linked to Russian Businessman to the US

Facts

• On Tues., Fiji's Supreme Court lifted a stay order which had prevented the US from seizing a superyacht linked to a Russian businessman.¹
• The $325M superyacht is believed to be owned by Suleiman Kerimov, a Russian economist and former politician sanctioned by the US, EU, and UK. However, lawyers have repeatedly claimed that it actually belongs to another Russian businessman.²
• The vessel, 'Amedea,' arrived in Fiji in April and was detained by police. Fiji's High Court then granted a restraining order to prevent the yacht from leaving until the court considered the US seizure warrant.³
• Kerimov was sanctioned by the EU and the UK on Mar. 15 over his close ties to Putin. He had already been sanctioned by the US in 2018 over claims he was a member of the Russian Federation Council and stood accused of money laundering in France and failing to pay €400M in taxes on villas.⁴
• Last month, the Justice Dept. announced that the Amedea had been seized by the US, however, lawyers for the vessel appealed the decision and the announcement was found to be premature.¹
• Fiji's government had been paying to mantain the vessel while the court considered the appeal. The yacht is now reportedly on its way to the US, who will be in charge of its maintenance costs going forward.⁵

Sources: ¹CTVNews, ²Reuters (a), ³Guardian, ⁴Reuters (b) and ⁵Reuters (c).

Narratives

• Establishment-critical narrative, as provided by Bloomberg. At best, the focus on seizing Russian billionaires' assets is a distraction from formulating a more realistic strategy to defeat Putin and restore Ukraine. At worst, it's evidence of clear hypocrisy, given the US wasn't sanctioned for invading Iraq for equally unjustified reasons. Either way, seizing superyachts doesn't help Ukraine.
• Pro-establishment narrative, as provided by Fortune. Seizing Russian assets, including those belonging to sanctioned individuals, is crucial for escalating economic pressure on the Kremlin. If the Western countries can navigate the legal complications, the assets should be transferred to Ukraine to help fund its defense and rebuild the nation.
• Libertarian narrative, as provided by New York Times. Targeting individuals based only on their nationality is unfair and risks leading to widespread Russophobia. This is cancel culture stigmatizing an entire population for the crimes of one autocrat.
• Narrative D, as provided by Fortune. Enforcing strong sanctions against Russian oligarchs may present a legal challenge, as is the case with the Amedea. The seized assets still belong to the oligarchs. A freeze simply means that the owner can't sell or transfer ownership. The latest round of sanctions poses unprecedented and unanswered legal questions which may lead to off-court battles that could last years.