The Netherlands changed their minds? Beginning of confiscations and arrests

Dutch slowness

The Dutch government is banning 14 superyachts believed to be Russian-owned from leaving the country. Twelve of them are under construction and two are under renovation.

The export ban on 14 yachts follows accusations from the Netherlands that the government is slow to impose sanctions. Last week, the UK detained a Dutch-built motor yacht in London. The criticism led the government to appoint a special sanctions coordinator.

In a letter to Parliament, Foreign Minister Fokke Hoekstra says all yachts are "under increased surveillance." Including one that went to sea for the first time on 2 April. Focke says in an open letter: "While no 'superyachts' are anchored in Dutch territories, 12 yachts being built for Russian owners 'cannot be delivered at this time due to export controls in place' and their ownership structure is under investigation." ".

The problem is not only the owners

The 12 yachts under construction are being built at five shipyards for the so-called Russian ultimate beneficial owners. In addition, the letter explains "that these individuals are not on the EU sanctions list, but the yachts cannot be delivered, transferred or exported due to trade sanctions."

There are over a dozen superyacht manufacturers in the Netherlands. Of these, eight specialize in the manufacture of custom yachts. An individual order means a superyacht over 50 meters. These are popular with Russian customers.

The Reuters news agency cited data from the Dutch Chamber of Commerce. In 2020, the largest shipbuilders Heesen, Feadship, Damen Shipyards and Oceanco are reported to have total sales of about 1.5 billion euros (1.66 billion US dollars).

“Finished off” the Dutch shipyards?

News broke in March that two Russian members of Heesen Yachts' supervisory board had resigned. Heesen is owned by the Cypriot company Morcell Ltd. This is the investment structure of the billionaire president of Lukoil Vagit Alekperov, who was not included in the sanctions list. And even more - Heesen at all refused impose sanctions. Now we are seeing positive developments.

In his letter to Parliament, Hoekstra also said that all real estate of "Russian individuals and legal entities" in the Netherlands is being frozen. The letter provides an update on financial assets. Assets in the amount of 516 million euros and transactions in the amount of 155 million euros are frozen. This is slightly more than last week.

Annette van Schelven, head of the Dutch customs service, says: “As soon as the sanctions against Russia and Belarus came into force, we created a working group on yachts together with the Ministry of Finance and the Coast Guard. Customs agents check commercial vessels for the transit of Russian goods subject to sanctions.”

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07.04.2022