On the 2nd of June the United States Department of the Treasury issued a report entitled U.S. Treasury Severs More Networks Providing Support for Putin and Russia’s Elites. Among the various companies, vessels and individuals added to the U.S. sanctions list was the Monaco-based yacht brokerage firm Imperial Yachts.
Citing the company as a “Kremlin Aligned Yacht Brokerage”, the sanctions report that the brokerage house; “maintains an office in Russia’s capital and provides yacht-related services to Russia’s elites, including those in President Putin’s inner circle. When not in use by their owners, superyachts can be offered for charter through businesses such as Imperial Yachts, generating income for the owners, who are in some cases Russia’s oligarchs.” While other yacht brokerages could be impact under this final line, the list specifically mentioned Imperial Yachts due to its ownership by a sanctioned individual.
In addition to the sanctions imposed against the brokerage house itself, the sanctions also mention a number of vessels operating under the management of Imperial Yachts, including the Flying Fox, recording the vessel as “blocked property“. Imperial Yachts themselves have since refuted the accusations, both those made by the United States government and the various media outlets who have share “unfounded and inaccurate accusations”. They have now issued the following statement:
Like all leaders in our business, we have gone through a recent period where the yacht industry has been subjected to inquiries from some authorities, but over the past few months, Imperial Yachts has been targeted by numerous unfounded and inaccurate accusations following events that are unrelated to this family owned company and its services.
These events culminated today with the announcement of sanctions on our company by the United States government. The accusations made against us by the U.S. government and in the press are false. We will pursue all available legal remedies to resolve this matter promptly.
Imperial Yachts conducts all its businesses in full compliance with laws and regulations in all jurisdictions in which we operate. We are not involved in our clients’ financial affairs. We are in the yacht building, management, sale and charter business. That is our focus and what we do. We started this company from nothing, and now, it appears that due to our success, we are unfortunately being targeted by those who would like to bring us down.
We look forward to settling all matters resulting from this turbulent time, as well as disproving the damaging smears made against our company. As always, our focus remains on living up to our established name as an international leader in providing the highest level of excellence for yacht sales, construction, management, and chartering.” Spokesperson for Imperial Yachts.