A yacht storage company in Kotka is preparing to auction off two luxury yachts due to unpaid storage fees.
A Finnish company plans to auction off two Russian-owned luxury yachts that have remained in storage for years due to unpaid fees and EU sanctions imposed on Russia.
Kotka Yacht Store, based in the southeastern port city of Kotka, says the two Princess-brand motor yachts have been held in its storage facility for an extended period. Both vessels became stranded in Finland in part due to European Union sanctions following Russia’s full-scale invasion of Ukraine.
The larger of the two yachts, a 32-metre vessel named Fotinia, was reportedly used for charter services in Russia and is believed to have once hosted former Russian president Dmitry Medvedev. The second yacht is approximately 20 metres long.
According to Heikki Kuokka, the company’s legal representative, the owners have not paid for storage.
“There are nearly 100,000 euros in unpaid storage fees for Fotinia, and a smaller amount for the other yacht,” Kuokka told Yle.
Although the unpaid fees are substantial, they are modest compared to the yachts’ value.
“One of the vessels is likely worth over a million euros, the other significantly less,” Kuokka added.
Dispute over ownership and legal threats
Kuokka said the current owners of Fotinia claim to have sold the yacht to a European buyer, but Kotka Yacht Store is continuing with its auction plans as no proof of purchase or payment of fees has been presented.
“When no money is moving and the purchase can’t be verified in writing for customs, the situation remains what it is,” Kuokka explained.
He also noted that the company has faced pressure over its plans.
“We’ve been threatened by both Finnish and Italian lawyers,” he said.
Both yachts have been in the Kotka storage facility for several years. Their owners were initially unable to access the vessels due to Covid travel restrictions, and later because of EU sanctions following Russia’s military actions in Ukraine.
Similar issues in Lappeenranta
The issue of unpaid storage fees is not unique to Kotka. In Lappeenranta, further inland, four Russian-owned boats remain in storage without payment.
Jyrki Maaranen, who runs Marina Saimaan Portti, says he has not received any payments for the vessels in four years.
“I send them an invoice every six months, but haven’t received anything,” Maaranen told Yle.
He said the Russian owners have cited EU sanctions as the reason for the difficulties in making payments between Russia and Finland. Despite the arrears, Maaranen has no immediate plans to sell the vessels.
“They’re fairly modest boats and I’ve known the owners for a long time. They always used to pay reliably, so I’m still waiting to see how things develop,” he said.
In 2022, Finnish Customs and the National Enforcement Authority conducted a joint investigation to determine whether the owners of Fotinia were listed among EU-sanctioned individuals. No such links were found.
While two other Russian-owned vessels remain in Kotka Yacht Store’s custody, their owners have continued to pay their storage fees.
