U.S. Taxpayers Spent $50-M Maintaining Seized Russian Superyachts

Western governments have spent hundreds of millions of dollars maintaining seized Russian superyachts, with U.S. taxpayers alone footing at least $50 million of the bill, according to a Forbes report.

Seized Russian superyachts continue to generate millions of dollars in maintenance costs for Western governments. [Photo: Lurssen]

Following Russia's invasion of Ukraine, 11 Western governments froze or detained at least 20 Russian-linked superyachts valued at approximately $4.3 billion.

While the effort was expected to generate proceeds for Ukraine through asset sales, legal hurdles prevented most vessels from being confiscated and sold.

Only four yachts have been confiscated, three of which were sold at discounted prices. According to Forbes, only the United States and Antigua and Barbuda realized net proceeds after accounting for maintenance costs, and none of the funds appear to have been directed to Ukraine.

Government maintenance expenses continue to mount for the remaining vessels.

Based on freedom of information requests and industry research, Forbes estimates that governments have spent more than $100 million maintaining just five yachts. Superyacht market intelligence firm Phronesis estimated the total cost of the four-year campaign at about $390 million.