The Enigma of the Superyacht in Marina de Carrara
Marina de Carrara, a picturesque location in Italy, is renowned for its marble. The Carrara mountains, visible in the backdrop, have been the source of this precious stone for centuries. But recently, this serene marina has been in the limelight for a different reason: a superyacht named ‘Motia Shaharasad’.
Locals have colloquially dubbed this vessel as ‘Putin’s Yacht’. The narrative that has been pieced together from various sources suggests that this yacht was a gift to Vladimir Putin, the Russian President, from a consortium of Russian billionaires. Such a gesture, if true, is not just a testament to the opulence of the elite but also a reflection of the intricate webs of power and influence that operate behind the scenes.
Last year, an unusual event occurred. The entire crew of the yacht, who were Russians, were replaced overnight with an English-speaking crew. Such a wholesale change in crew is virtually unheard of in the yachting industry. Rotational changes do occur, but they are staggered, ensuring continuity and smooth operations. The abruptness of this change raised eyebrows. Further investigations by a Russian team revealed that most of the departing crew were members of the FSL, Russia’s Secret Service, responsible for the protection of the president. This revelation added another layer of intrigue to the story.
The yacht was subsequently arrested by the Italian government. While the official ownership of the yacht is mired in layers of companies, making it difficult to ascertain the real owner, the Italian government, when it arrested the yacht in 2022, stated that there were significant economic and business connections of the yacht with prominent elements of the Russian government who were under sanctions. The name that has surfaced as the owner, at least on paper, is Edward Kutenitov, the former CEO of Rosneft, Russia’s largest energy supplier. Interestingly, Kutenitov was also named as the owner of another yacht, Motia Amadea, which was seized by the U.S. in Fiji. The U.S. government believes that the real owner of both these yachts is none other than Vladimir Putin.
Currently, the Motia Shaharasad is undergoing a refit. This is unusual for a vessel that has been arrested. Typically, an arrested or ‘frozen’ vessel would not undergo any modifications. However, sources close to the vessel have indicated that it’s not just undergoing maintenance but is also being modified, possibly even extended at the stern. This raises questions about the intentions of the Italian government and the future of the yacht. If the vessel is indeed owned by Putin or has connections to him, allowing modifications seems to indicate a certain leniency or understanding between the Italian authorities and the yacht’s owners.
The Italian government’s stance on this matter has been ambiguous. While they have arrested the yacht, they have also allowed it to be modified. This duality in their approach suggests a complex interplay of geopolitics, business interests, and perhaps even personal relationships. The European Commission has stated that asset freezes do not affect the ownership of the assets. When questioned about the payment scheme for the yacht’s upkeep, the response was veiled in secrecy, citing confidentiality and security reasons.
The future of this yacht, and by extension, other such vessels owned by Russians, remains uncertain. With the ongoing conflict in Ukraine, it’s unclear how long the yacht will remain in its current state. The political landscape in Italy has also changed, with a pro-Russia leader, Georgia Maloney, becoming the Prime Minister in 2022. While she has expressed support for Ukraine, the fate of the yacht might be tied to larger geopolitical considerations.
