Russian billionaire’s $580-million yacht seized by Italy

Russian coal magnate Andrei Melnichenko's yacht, “SY A", is the largest private sailing-assisted motor yacht in the world.

Italian authorities said Saturday they had "frozen" a 530-million-euro ($580-million) yacht linked to Russian oligarch Andrei Melnichenko, who has been sanctioned by the EU over the Ukraine war.

The "SY A", located in the northeast port of Trieste, is said to be the largest private sailing-assisted motor yacht in the world.

Italy's financial crimes police said it had been found to be "indirectly attributable, through a company based in Bermuda, to Andrei Melnichenko".

The multi-billionaire coal-and-fertiliser magnate was named earlier this week on a European Union blacklist, subject to an assets freeze and visa ban.

Earlier this month, Italy seized Russian oligarch assets worth around 140 million euros, including the 65-million-euro "Lady M Yacht" belonging to metals magnate Alexei Mordashov.