Seized Russian superyacht Axioma auction begins in August

The 72-metre (236-foot) superyacht Axioma, arrested at the end of March as a result of sanctions against Russia, is set to be sold at auction next month.

Owned by oligarch Dmitry Pumpyansky and bought for $75 million (c. €73.5 million), Axioma becomes the first Russian-owned superyacht to be listed for sale since economic sanctions were introduced earlier in the year as a result of the war in Ukraine.

She will be sold by the Admiralty Court in Gibraltar under an ‘as is, where is’ private auction, with Howe Robinson managing the sale. The auction will close on the same day (subject to KYC checks) and proceeds of the sale will be awarded to the Admiralty Court.

Unlike other captured Russian yachts, Axioma was seized on behalf of a bank, not a government. This has facilitated a relatively swift sales process.

Pumpyansky’s holding company, Pyrene Investments, owed $22 million (c. €21.5 million) to American bank JP Morgan. Once sanctions were imposed, JP Morgan was no longer legally permitted to accept money from Pyrene for the repayment of the loan. Instead, it opted to ask a court in Gibraltar to seize the yacht for a breach of the loan agreement, then auction it off to repay the debt.

The auction is scheduled to take place on 23rd August. Axioma is being sold without a reserve price.

Built by Turkish shipyard Dunya Yachts in 2013 and originally named Red Square, Axioma can accommodate up to 12 guests across six cabins and 20 crew members. Power comes from twin Caterpillar engines for a top speed of 18 knots, while she has a range of 5,000 nautical miles at her cruising speed of 14 knots. She underwent a refit in 2020.

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