email rounding up the latestRead the headlines about sanctioned superyachts and you might think the ownership of such vessels is dominated by Russian billionaires with close links to the Kremlin. But the truth is that, while most superyacht owners are rich, most are nothing like billionaires. Nor are they necessarily Russians, let alone oligarchs loyal to President Vladimir Putin.
Admittedly, among the largest boats — those 80 metres and longer — the Russian-owned share is 20 per cent. But there are only 153 such vessels in the world. They may make a big splash, both in the water and the media, but this category represents just 8 per cent of the 40 metre-plus global fleet. Of course, this is not the whole story. For boat yards specialising in the top end of this rarefied market, sanctions have come like a bucket of dirty water on a pristine deck.
Sanctions have also worried others dealing with Russian owners: brokers who buy and resell boats; charterers who hire out vessels; and the multitude of staff needed to keep these floating palaces in good order. Know-your-customer rules are much tighter, including for yachts held via tax havens such as the British Virgin Islands.
Because the superrich aren't paying enough taxes and salaries, with the governments blessings.
Easy, FT, easy...