Russia's opulent superyacht embodies the difficulty of confiscating assets

The legal dispute over the ownership of a luxury superyacht highlights the challenges of seizing Russian assets since the conflict in Ukraine began. The Alfa Nero superyacht, worth £54 million, is at the center of a court case in Antigua, initiated by the daughter of Russian billionaire Andrey Guryev. The government of Antigua aims to sell the yacht and retain the proceeds, changing the law to facilitate the auction. Former Google CEO Eric Schmidt initially purchased the yacht, but he has withdrawn his bid due to various legal challenges, including the one from Guryev's daughter. She claims to be the sole adult beneficiary of the trust that owns the yacht, rather than her father. The investigation into this case has led to the discovery of approximately £500 million worth of assets connected to Guryev and managed by a British firm. These assets, including yachts and London properties, are claimed by Guryev to not belong to him due to the trust structures managed by the British firm. The Alfa Nero's ownership is tied up in a trust, with a judge in Antigua suggesting that Guryev still maintains control over it. The relationship with the Guryev family and the British firm has been ongoing for at least a decade, and while Guryev's daughter has not been sanctioned, Opus Private insists that the assets are treated as frozen in accordance with UK sanctions against Guryev. These assets are being closely monitored in Ukraine, where the country has seized assets and imposed sanctions on thousands of individuals and companies, including the Guryev family. Ukraine is calling for further measures, including the confiscation and transfer of frozen assets to rebuild the country. The UK government's position is to hold onto frozen assets until Russia compensates Ukraine for war damage. The Guryev family's UK-based assets, including the Witanhurst Estate and a penthouse, remain in question. The UK Treasury and Foreign, Commonwealth, and Development Office did not respond to inquiries about these assets. The Guryev spokesperson denies any legitimate basis for the sanctions, while Opus Private maintains that its trust services are in compliance with the law.