For a long time it was quiet about the mega yacht “Nord” from oligarch and Tui major shareholder Alexei Mordashov. Shortly after the outbreak of war in the Ukraine, the crew of the 142-meter ship started the engines and sailed directly from Victoria in the Seychelles to Vladivostok in Russia. Their arrival was covered by the media at the end of March, and the Russian state news agency Tass accompanied the entrance to the port with countless pictures. It looked like a triumph.
The current stay must feel similar – because the “Nord” has surprisingly left Russian waters and is currently transmitting its position from the Hong Kong harbor basin. She arrived there on October 5 and went through all the customs processes that are necessary for a stay outside the city gates. The sanctions that have been imposed on the owner in numerous countries apparently did not bother anyone.
The US warned Hong Kong authorities just days later not to become a haven for sanctioned individuals and not to support the Western course. Because the arrival of the ship went far too smoothly in the eyes of the United States.
Alexei Mordashov was sanctioned by several countries, including the USA and the EU, at the end of February. The billionaire is considered one of the richest men in Russia and financier of the government. Since then, the oligarch has been suing for his property in court and has expressed his incomprehension about the punishment, as he says he has nothing to do with the situation in Ukraine. The assessment of the EU reads differently.
The US State Department said the government’s inaction could further cloud Hong Kong’s business prospects, as the former British colony’s “reputation as a financial center depends on compliance with international laws and standards”.
Last Friday, a spokesman for the city’s marine department countered: “Certain countries may impose unilateral sanctions on specific locations based on their own deliberations. The Hong Kong government does not implement unilateral sanctions imposed by other countries, and neither have we the legal authority to take action.”
“We will abide by United Nations sanctions, this is our system, this is our rule of law,” said Prime Minister John Lee, who himself has been sanctioned by the United States for his role in implementing Hong Kong’s national security law. “We will simply laugh away at the so-called sanctions,” added the Hong Kong politician.
The US government said: “The potential use of Hong Kong as a safe haven by individuals circumventing sanctions from different countries further calls into question the transparency of the business environment.”
When it comes to US sanctions, mainland China and the SAR appear to be in agreement. Since the outbreak of the war, China has been neutral to supportive of Russia, not taking part in the sanctions imposed on Putin, Russian oligarchs and companies. The situation is similar in the previous safe havens for Russian money – other yachts belonging to people from Putin’s inner circle have been lying unimpressed in the waters of Turkey or the Emirates for weeks and months.
The Hong Kong Standard reports that more and more Russian companies are approaching law firms in Hong Kong to look for opportunities to gain a foothold in the local financial market. Among them are also Russian state companies, it is said. It is quite possible that Mordashov’s metallurgy company Severstal is among them – and that the oligarch wanted to set an example by visiting his yacht.
The “Nord” is a gigantic yacht from the portfolio of the Lürssen shipyard in Bremen, which is said to have cost around half a billion US dollars. It was delivered in 2021 and its square front looks a bit like an aircraft carrier – even if its hangar “only” offers space for helicopters. The yacht offers space for 24 guests and is managed by 40 people. Inside the ship there is a cinema room, a sauna, several elevators and a large swimming pool. The “Nord” is the second ship of the sanctioned oligarch Mordashov, his “Lady M” was arrested by Italian authorities in Imperia at the beginning of March, after which the “Nord” fled to Russia.
Sources: Hong Kong Standard, BBC, Financial Times, Hong Kong Standard [2]
