The 92-meter M/Y Royal Romance, reportedly owned by Ukrainian oligarch Viktor Medvedchuk, is currently being auctioned for sale by Ukraine.

M/Y Royal Romance was seized in Croatia in March 2022 as a response to EU sanctions against Medvedchuk, who is believed to be closely tied to Russian President Vladimir Putin. Medvedchuk was charged with high treason and was placed under house arrest in 2021, but fled as Russia invaded Ukraine. He was re-arrested in 2022 and was handed over to Russia as part of a prisoner exchange.

According to Ukraine’s Asset Recovery and Management Agency (ARMA), M/Y Royal Romance has now been granted status as a Ukrainian vessel, which means it flies the Ukrainian flag and falls under Ukrainian jurisdiction.

“This is a historic moment for our country. For the first time in the history of Ukraine, a seized asset located abroad has received state registration to Ukraine. This will facilitate the further sale of the seized yacht and the proceeds from the sale to the state budget of Ukraine. We are proud to be a part of this process and are confident that this property will serve the interests of Ukraine,” said Yevhenii Ihnatenko, Head of the State Service for Maritime, Inland Waterway Transport and Shipping of Ukraine, in a statement.

The vessel will be auctioned, although the latest update is that Dutch auction house Troostwijk Auctions backed out of the auction on April 30 for confidential reasons. The auction has now been handed over to U.S. company Boathouse Auctions.

According to a statement issued by Olena Duma, head of ARMA, they have received official confirmation that negotiations have begun. “I would like to note that for the first time, Ukraine faced the issue of selling seized assets of such a scale abroad,” Duma said.

ARMA has also requested the extension of temporary arrest measures from the Prosecutor General’s Office, law enforcement agencies in Ukraine, and Croatian authorities, in accordance with Croatian law.

Photo credit: Wikimedia.

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