Russian-owned megayacht under arrest in Gibraltar, due to outstanding debt

The Captain of Gibraltar Port yesterday, Monday 21 March, granted permission for a megayacht whose ultimate beneficial ownership is Russian to be brought into Gibraltar, despite the government's sanctions on Russian-owned or controlled vessels, after special dispensation was given by the chief minister.

This is an unusual case which has led to considerable speculation in the media. Few official details have been released but it is known that the yacht is the MV Axioma, which was subject to an arrest action by a leading international bank in Gibraltar.

A press release from the Gibraltar government explained that, after consultation with the chief minister, who is responsible for sanctions, permission was granted by the Captain of the Port for the entry into British Gibraltarian Territorial Waters of a vessel that was confirmed to be the subject of the arrest action.

"Given the ultimate beneficial ownership of the vessel, permission would not normally have been granted for the vessel to enter BGTW. However, this has been exceptionally allowed in the interests of creditors with proper claims against the vessel and who seek the assistance of the Admiralty jurisdiction of the Supreme Court to enforce such claims. The vessel is now subject to arrest by the Admiralty Marshal until further order", it said.