- The US seized a $120-million superyacht on Monday, Associated Press reported.
- The vessel was seized in Spain and believed to belong to Russian billionaire Viktor Vekselberg.
- It was the first yacht to be seized by the US, but European governments have seized dozens.
The US seized a superyacht believed to belong to Russian oligarch Viktor Vekselberg in Spain on Monday, according to a report from Associated Press.
The seizure was a first for the US government after imposing sanctions against Vekselberg and other Russian oligarchs linked to Russian President Vladimir Putin last month. The sanctions targeted the billionaires' largest assets, most notably their multi-million dollar superyachts.
The FBI and members of the Spanish Civil Guard searched the vessel on Monday morning, a spokesperson from the Spanish Civil Guard told Associated Press. The seizure was also confirmed by two people familiar with the matter who spoke on conditions of anonymity, the publication reported. A spokesperson from the Spanish Civil Guard did not respond to a request for comment from Insider.
The seized yacht is known as Tango and was seized at the Marina Real in Palma De Mallorca, Spain, per Associated Press. The megayacht is 254-feet long and can accommodate about 14 guests alongside a crew of 22, according to Super Yacht Fan. The vessel is valued at $120 million, per Super Yacht Fan.
The ship is linked to Vekselberg, a billionaire who leads Renova Group, a metals, mining, and energy conglomerate. Experts previously told Insider that it can be a difficult and lengthy process to tie a yacht to its owner, as the yachts are typically listed under the names of secretaries and third-party business managers.
Vekselberg is known to be a close ally to Putin and is worth about $16.9 billion, according to Bloomberg's Billionaire Index. Since March, the US has frozen Vekselberg's assets in the country and forbidden all US-based companies from doing business with the Russian billionaire.
After Russia began its invasion into Ukraine on February 24, the US government assembled a task force to enforce the sanctions against Russia's elite.
"We are joining with our European allies to find and seize your yachts, your luxury apartments, your private jets," US President Joe Biden said in his State of The Union address on March 1. "We are coming for your ill-begotten gains."
It's not the first time that the billionaire has faced sanctions from the US. He was first sanctioned in 2018 and is currently facing sanctions from the EU and UK.
While it is the first successful US seizure of a Russian Oligarch's yacht, the governments in Spain, Italy, and France have seized several yachts owned by Russia's elite over the past month.
Read Associated Press' full report in its website.