Following arrest in Croatia two years ago, the superyacht Royal Romance is under court-ordered forfeiture. The same court has ordered an expeditious transfer to Ukraine, which intends to sell her at auction. It’s the first time since the Russian invasion of Ukraine that an asset seized under sanctions abroad will be put up for sale.
Olena Duma, head of Ukraine’s Asset Recovery and Management Agency (ARMA), revealed the details yesterday. Via a post on Telegram, Duma says that a district court in Split approved a request to transfer the 303-footer (92-meter) to Ukraine. Furthermore, she says she received the news from Croatia’s State Secretary of the Ministry of Foreign and European Affairs. “Croatia expects the ship to be handed over to Ukraine as soon as possible,” Duma states. Additionally, “there are no legal obstacles.”
The superyacht Royal Romance has been in ARMA’s control in Croatia since April 2022. Croatian officials seized the yacht the month prior, transferring management to the Ukrainian agency. The arrest took place because the yacht’s ultimate beneficial owner was Viktor Medvedchuk. A pro-Kremlin, former Ukrainian politician whose daughter is Russian President Vladmir Putin’s goddaughter, Medvedchuk has been under international sanctions since Russia’s invasion of Ukraine. Additionally, he’s been under U.S. sanctions since 2014 for undermining Ukrainian sovereignty. Related to this, the FBI searched Royal Romance in November 2022, with a warrant naming Medvedchuk and his wife Oksana. Each allegedly engaged in money laundering and other prohibited activities.
In November 2023, ARMA announced that at its urging, the Ukrainian government amended procedures for selling seized assets. For the first time in the country’s history, sales could take place abroad. All seized property would go up for sale on Prozorro, an online public procurement platform. ARMA specifically indicated that the regulatory amendments would allow it to initiate the sale of Royal Romance.
Regarding the district court ruling, Duma writes on Telegram, “ARMA has received approval for a re-examination of this asset.” Once it completes the assessment, the sale will take place, she says. “We work for the state!” Duma concludes.
In the same post, Duma addressed Croatian media reports about the yacht having gone for a short cruise on January 25. She explains that, under the district court’s ruling, a technical inspection occurred to ensure proper buoyancy and operating conditions. Croatian police and the port captain provided assistance, too, with ARMA remaining fully informed.
ARMA has estimated the value of the superyacht Royal Romance at €200 million ($217 million).
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