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Big Fish: Imperial Yachts Unveils an Epic 250-Foot Megayacht Inspired by the Blue Marlin

The gigantic vessel will have sleek lines and ribbon-like movement just like her muse., rachel cormack.

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Imperial Yachts just landed itself one helluva big fish.

The Monoco-based yard is building a brand new megayacht named after the mighty blue marlin. Measuring an impressive 250 feet, the mammoth vessel was penned in partnership with The Italian Sea Group , Admiral Yachts and Sinot Yacht Architecture and Design.

While Imperial has only released a sketch of the profile at this stage, Blue Marlin appears to have a lot in common with her animalistic muse, which is known for its elongated body, pronounced dorsal fin and spear-like snout. She sports sleek lines that flow gracefully from bow to stern, a long foredeck, and, of course, her very own fin.

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“The exterior as a whole emanates a blend of both dynamism and motion, whilst maintaining elegance,” says Paul Costerus, partner at Sinot and lead designer on the project.

In line with the rest of Imperial’s fleet, the vessel will be packed with state-of-the-art tech and navigation systems, as well as rare and exclusive luxury materials. She’ll also have a special focus on sustainability to appeal to the growing number of eco-conscious clients in the marine sector, and also protect her fellow friends of the sea. She’ll be fitted with an innovative diesel/electric propulsion system that said to give her “ribbon-like movement” in the water just like a real-life marlin.

Onboard, the generous layout will feature a full-beam living area and six oversized cabins, including a master suite on the main deck, a VIP suite on the bridge deck and four guest cabins on the lower deck. As expected, there’ll be five-star amenities aplenty, such as a 19-foot pool, spa, dive area, gym and helipad.

Blue Marlin will be built at Admiral shipyard and delivery is slated for 2023. Imperial acted as the broker and will continue as the owner’s representative and build supervisor throughout construction. Stay tuned for more details.

Rachel Cormack is a digital editor at Robb Report. She cut her teeth writing for HuffPost, Concrete Playground, and several other online publications in Australia, before moving to New York at the…

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Imperial’s Julia Stewart looks at the big picture

• April 8, 2021

The Director of Imperial explains how the Monaco-headquartered company has risen to manage some of the globe’s most spectacular superyachts and work so closely with many of the world’s leading builders.

Julia Stewart, Director of Imperial

Can you paint an overview of Imperial and how it has become associated with so many of the biggest superyacht projects?

We believe in a detail-orientated approach as we are handling legendary superyachts. We leave nothing to chance and supervise every detail. Our yachts are very popular choices for charter because of high service standards, safety without compromises and perfect technical condition.

Our Monaco office is the heart of our activity and we also have offices located at leading shipyards in Germany, Netherlands and Italy to supervise new builds and refits on a day-to-day basis to protect owners’ interests. We have large new build and operational teams managing over 1,000 crew members worldwide. In addition, we have skilled HR and in-house legal teams.

How has Imperial’s business changed in the last few years as you’ve become known for working with some of the world’s biggest new superyachts?

We have sold more new-build projects and are currently supervising constructions at major European yards. Imperial is doing more hulls in the 100m-plus segment because we have proven management expertise and the specialist knowledge to control budgets as well as deliver the best result for the owners.

Imperial is the exclusive charter agent for the 136m Flying Fox, built by Lürssen; © Imperial Yachts (Photo: Guillaume Plisson)

Our delivered yachts speak for themselves. Imperial supervised construction and are Exclusive Central Charter Agents for Lana (Benetti 107m) and Flying Fox (Lürssen 136m). Furthermore, we are also experts in new construction such as Amadea (Lürssen 106.1m).

How would you rank the value of your various business divisions?

Imperial does not rely on one area of business, yet we have a firm core foundation based on the supervision of new builds and management, as well as strong sales and charter departments.

What are some of the projects that have elevated Imperial in term of recognition and earned the respect of your competitors?

Imperial respects the success of all brokerage firms as we believe healthy competition inspires us to do our best, not simply ‘good enough’. Imperial is unique because we have delivered more new build projects than any other brokerage house in the past decade.

Friedrich Lürssen, Imperial CEO Evgeniy Kochman, Julia Stewart and Peter Lürssen

We have technical, operational and interior managers that follow a meticulous management style. Our success stands out among the industry, with vessels such as Flying Fox , Lana , RoMEA (Abeking & Rasmussen 81.8m) and Lili (Amels 55m) creating a new standard of charter. Imperial is the owner’s representative and supervisor for operational, technical and interior aspects.

Imperial is smaller than some other companies in your sector. Would you like to scale up in terms of staffing and offices?

We utilise a different strategy as we have less sales offices but more on-site offices at major German, Dutch and Italian shipyards. Imperial supervises the new construction from these offices and therefore has real-time updates and can facilitate the owner’s requests right away.

Having all hands on deck is a real strength of ours. With the development of Covid-19, it became even more evident that we do not need many sales offices to succeed but we must have substance and a strong operational core.

Flying Fox features exterior styling by Monaco-based Espen Øino; © Imperial Yachts (Photo: Guillaume Plisson)

Which builders have you worked with most often in new builds?

Imperial has had the privilege to work with pioneers among the leading European shipyards. We have learnt from each other and share the same qualities of being detail-orientated, as well as to always protect the owner’s interest. In close collaboration with these shipyards, we have set high expectations and standards with the yards we choose to work with in the future.

Can you tell us about Imperial’s role as owner’s representative and build supervisor for the 120m Project Signature with Amels/Damen?

Imperial has a long-standing relationship with Amels/Damen as together we have built over 10 successful hulls over the past years. We have huge respect for the leaders of the Damen family and high regard as to how they support their clients with warranty and assistance. We firmly believe that Amels/Damen was the right shipyard for this ingenious vessel. Project Signature will raise the bar for design complexity within the yachting industry.

Imperial is the owner’s representative and build supervisor for the 120m Project Signature designed by Espen Øino

Project Signature will be a ‘green’ superyacht prepared for the Lloyd’s Register of Shipping EP (Environment Protection) notation, powered by diesel-electric engines and Azipod propulsion. Do you notice more owners showing more interest in the environment?

As a result of constructing larger vessels, future owners will continue to seek out new destinations and new platforms for adventure. With a shift in demographic, younger clients are looking for more experience-led activities through unique itineraries and on-board amenities. Wanderlust also comes with a desire to be environmentally conscious.

Our oceans, marine life and the surrounding shores are under threat. Today, the industry is more in tune with the climate change and clients request or are open to innovative engineering solutions or sustainable yacht designs with the end goal of reducing their yachting footprint.

Imperial is the exclusive central charter agent for Lana, the 107m Benetti build delivered in 2020; © Imperial Yachts (Photo: Breed Media)

Can you tell us anything about other upcoming builds that Imperial are involved in?

Imperial is dedicated to the protection of our client’s confidentiality. Imperial can confirm we have major new construction projects at leading German, Dutch and Italian shipyards. All I can say is, stay tuned!

Espen Øino designed Project Signature, Flying Fox and many other builds Imperial has worked on. Why does the company have such a special relationship with him?

Imperial is a Monaco-based company and is proud to have Monaco as part of its company heritage. We firmly believe in supporting the local economy and working with local talent. Espen Øino is the man behind some of the most iconic superyachts. He has an extraordinary talent and is effectively in sync with Imperial.

Building a superyacht to fit your needs is an exciting experience. The first footstep to constructing a new vessel is to find the right designer who understands your requirements. Espen’s success is how he manages expectations, establishes priorities and finds the balance between each space on board. In partnership with Espen Øino, Imperial has delivered many recognisable superyachts such as Amadea and Flying Fox .

The 106.1m Amadea, designed by Espen Øino and built by Lürssen, is exclusively listed for sale with Imperial; © Imperial Yachts (Photo: Guillaume Plisson)

How has Covid changed your business and impacted the different sectors of your business?

Covid-19 has been a major challenge for everybody. Nobody is exempt. We were the first management company to do mass testing for all crew on a regular basis to ensure the safety of guests and crew. Imperial developed Covid-19 prevention measures for the managed fleet. Given the high standards of safety on board the managed fleet, all charter yachts managed by Imperial are in high demand.

With the closure of many destination retreats, Imperial has found the perfect answer for those who are seeking a place to detach and improve their wellbeing while being in a clinically clean environment.

The wellness centres on board Flying Fox and Lana incorporate all aspects of personal wellness, using both a holistic and scientific approach. Imperial’s charter team has carefully selected safe destinations to charter where guests can choose how much interaction they want with life on land while adhering to local Covid regulations.

Overall, what do you think are the biggest challenges to the superyacht industry?

Indeed, the global recession presents new complexities to the superyacht industry. In our opinion, true professionals that are meticulous in advancing in operational and new build management will prevail. Overall, the quality and expertise of the industry will gradually improve.

What more should the superyacht industry be doing to make the yachts and their operations more environmentally friendly?

Technological advances in design and build of superyachts has helped bring more sustainable solutions on board. More money and time are being spent on building greener vessels to lessen their impact on the marine environment. This is encouraging and demonstrates that technology can help. Imperial is providing its support by partnering with Blue Marine Foundation (BLUE) and joining the Blue Marine Yacht Club (BMYC) to help save and protect our ocean.

Prince Albert (centre) attended BLUE’S BMYC event on Amadea at the 2019 Monaco Yacht Show

BLUE’S BMYC private event on board Amadea in 2019, kindly supported by Imperial and Lürssen, was the most successful BMYC event that BLUE has held to date. The event was extremely well attended with BMYC supporters and new supporters from the industry. A large sum of money was raised that night including a very large donation by Imperial.

The evening marked a turning point in financial support for many of BLUE’s projects, especially its work in the UK Overseas Territories and Ascension Island.

What are the biggest opportunities for growth in the superyacht sector in the coming years?

We live in a world where the only constant thing is change. Developments in technology allow the ability to innovative and enhance just about any sector. The yachting industry is no exception. At Imperial, ‘Luxury Yachting 360 degrees’ is not just our company motto, it is what sets us apart. We provide a full-spectrum approach from initial concept, finance, design and construction to management, charter, maintenance and marketing.

‘Luxury Yachting 360 degrees’ is Imperial’s motto

What are your plans for the coming years?

Imperial has changed the future of yachting by delivering some of the most advanced superyachts. Imperial orchestrates the relationship between client, designer and shipyard, so we will continue with our proactive and inspired approach to superyachts delivered and currently in construction.

We push boundaries with the future in mind. We have a detail-orientated approach in everything we do including new build supervision at major yards, operational and technical management, and a very successful charter operation. www.imperial-yachts.com

Imperial announces 100m Project Titanium Winch-designed Project Titanium marks Monaco brokerage’s third collaboration with The Italian Sea Group – Admiral shipyard

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The Middlemen at the Heart of an Oligarch-Industrial Complex

They oversee the flow of billions of dollars from Putin-connected Russians to companies involved in superyachts and villas. They’ve drawn the attention of a U.S. task force.

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By Michael Forsythe Gaia Pianigiani and Julian E. Barnes

• June 1, 2022

On Feb. 24, as Russian troops poured into Ukraine on Day 1 of the invasion, an employee of a yacht management company sent an email to the captain of the Amadea, a $325 million superyacht: “Importance: High.”

The family of a Russian oligarch under sanctions had spent much of January and February cruising from island to island in the Caribbean and had some questions and concerns. When would be a good time to visit New Zealand? Bali? Could the yacht get a special boat to pull water skiers? And would the staff of the Amadea please stop folding napkins in triangles? “Guests don’t like it,” wrote the employee, Victoria Pastukhova, a “client coordinator” for the company, Imperial Yachts.

At Imperial Yachts, no detail is too small to sweat. Based in Monaco, with a staff of about 100 — plus 1,200 to 1,500 crew members aboard yachts — the company caters to oligarchs whose fortunes turn on the decisions of President Vladimir V. Putin. Imperial Yachts and its Moscow-born founder, Evgeniy Kochman, have prospered by fulfilling their clients’ desires to own massive luxury ships.

For a Russian with hundreds of millions of dollars to spend, Mr. Kochman’s company takes care of everything: It oversees construction, hires the crew, manages the vessel’s day-to-day operation and can charter the ship or sell it, if need be. Another company also run by Mr. Kochman, BLD Management , performs a similar service for villas.

Imperial’s rise has benefited an array of businesses across Europe, including German shipbuilders, Italian carpenters, French interior design firms and Spanish marinas , which together employ thousands of people. Imperial Yachts is at the center of what is essentially an oligarch-industrial complex, overseeing the flow of billions of dollars from politically connected Russians to that network of companies, according to interviews, court documents and intelligence reports.

Imperial Yachts and BLD are now under scrutiny by a U.S. government task force, called KleptoCapture, that is trying to disrupt the Russian war machine by going after the assets of oligarchs tied to Mr. Putin. After some high-profile raids and seizures, the Americans are focusing on the network of enablers working outside of Russia. Investigators from the F.B.I., the Treasury and several intelligence agencies are gathering evidence showing that businesses and individuals knowingly aided Russians under sanctions whose wealth came through corruption, making them vulnerable to U.S. charges.

Andrew Adams, a federal prosecutor leading the task force, said in an interview that “targeting people who make their living by providing a means for money laundering is a key priority.”

Documents obtained from the Amadea by U.S. officials show the role Imperial Yachts plays in managing the myriad requests of stunningly rich, seaborne Russians. The Amadea is now in Fiji, where American officials are fighting a court battle to take possession of the yacht. Mr. Adams said that Russian superyachts that don’t find a buyer may be sold to salvagers for their pricey fittings: gold-plated bathroom fixtures , marble, inlaid floors made of rare wood.

In pursuing the enablers, American and European investigators have confronted a deliberately confusing ownership structure involving daisy chains of shell companies stretching from the Marshall Islands to Switzerland. Along with the Amadea, Imperial Yachts oversaw the construction of the Scheherazade, a $700 million superyacht that U.S. officials say is linked to Mr. Putin, and the Crescent, which the Spanish police believe is owned by Igor Sechin, chairman of the state-owned oil giant Rosneft.

A secret U.S. intelligence assessment concluded that the money to build the ships came from a group of investors led by Gennady Timchenko, a confidant of Mr. Putin and one of Russia’s richest men, who, like Mr. Sechin, has been under U.S. sanctions since 2014. Mr. Timchenko and his partners designed the Scheherazade — seized in early May by the Italian police — as a gift for Mr. Putin’s use, according to the assessment. Together, the three vessels may have cost as much as $1.6 billion, enough to buy six new frigates for the Russian navy.

Simon Clark, a lawyer for Imperial Yachts, said that the company “is unaware of any connection between our business and Mr. Timchenko. However, we are in the yacht-building business; we are not involved in our clients’ financial affairs.” Mr. Clark added that the company has “never conducted business or provided services to any parties subject to international sanctions.”

But U.S. officials are not buying such explanations. Elizabeth Rosenberg, the assistant secretary for terrorist financing and financial crimes at the Treasury Department, said it was the responsibility of people in the yacht services industry to avoid doing business with people under sanctions.

“And if you do,” she said, “you yourself will be subject to sanctions.”

Courting Russia’s Wealthiest

Mr. Kochman, 41, got his start in the yacht business in Russia in 2001, the year after Mr. Putin took power, selling Italian-made yachts . Russia had been through a decade of turmoil after the collapse of the Soviet Union, and many of today’s oligarchs had yet to amass their billions. But Mr. Kochman, then just 20 years old, had plenty of millionaires to court.

As some well-connected Russians joined the ranks of the world’s wealthiest people and began to buy up villas on the French and Italian Rivieras, Mr. Kochman moved to Monaco. Instead of selling mere yachts, often made on a production line, Mr. Kochman and his sister, Julia Stewart, now 46, entered into the world of superyachts, custom-made vessels of about 100 feet or longer. “We grow with our clients like parents with babies,” he said in 2016 in a rare interview .

Company records in Monaco show that Imperial Yachts was set up in 2008. The business also registered that year in the secrecy haven of Jersey in the English Channel.

But Mr. Kochman was still spending a lot of time in Moscow. That year he attended an exhibition for the ultrawealthy, with one of his British-built yachts on display. “We buy your yachts and you buy our gas,” Mr. Kochman told a Guardian reporter. Soon, his business took off.

Rich Russians and Persian Gulf royalty now dominate the ranks of owners of the world’s most extravagant superyachts, which can cost up to $75 million a year to operate . Since 2010, 17 superyachts 400 feet or longer have been delivered; all are owned by Russians or members of the Gulf monarchies.

In about 2014, Imperial Yachts landed its biggest project to date, a 349-foot superyacht to be constructed by Lürssen, a German shipbuilder: This would become the Amadea. Its Russian owner was sparing no expense, with hand-painted Michelangelo-style clouds above the dining table, a lobster tank, a fire pit and, at the bow, a five-ton stainless-steel Art Deco albatross figurehead . Nick Flashman, a former yacht captain who had joined Imperial, oversaw the project. Zuretti, a French firm, did the interior design.

Sébastien Gey, the director at Zuretti, said in an interview that the yacht’s owner — whom he declined to name because of nondisclosure agreements — was deeply involved in its design and construction, making frequent visits as the ship was built and outfitted. It was delivered in 2017.

But even before it was finished, the owner had Lürssen build another, larger superyacht, the Crescent, delivered in 2018, followed by the even bigger 459-foot Scheherazade, which went into service in 2020. Most of the planning and details for those two vessels were left to Mr. Kochman, recalled Mr. Gey.

That, Mr. Flashman said, was not unusual. “The client may be fully immersed in the project, he might not be,” he said in a phone interview. “I channel everything through Mr. Kochman.”

While Imperial Yachts oversees the projects, Lürssen, based in Bremen, receives payments directly from yacht owners, a company spokesman said. Lürssen is following “all sanctions and associated laws,” he added.

“We are not currently working with anyone on the sanctions list and we have shared all requested information with the authorities, with whom we continue to work,” the spokesman said in an email.

Mr. Gey, from the French design firm, said it does not work with people under sanctions.

The owner of all three vessels — at least on paper — was Eduard Khudainatov, a onetime pig breeder who is a protégé of Mr. Sechin, according to interviews with two people with direct knowledge of his role. Documents filed in a Fiji court show Mr. Khudainatov’s ownership of two of them. He was president of Rosneft when Mr. Sechin served as deputy prime minister. After stepping down from that post in 2013, he began buying up oil companies.

In 2020 Proekt, an independent Russian media outlet, citing an unnamed acquaintance, described him as a compliant and agreeable lieutenant: “Khudainatov knew how to give the impression of a simpleton, which is why he managed to please many bosses and make a career.”

Mr. Khudainatov, 61, had another appealing quality: Unlike Mr. Sechin or Mr. Timchenko, he was not under any sanctions.

But according to U.S. investigators, Imperial Yachts brokered the sale of the Amadea late last year to Suleiman Kerimov, a Russian government official and billionaire investor who has been on the U.S. sanctions list since 2018. He was among a group of seven oligarchs who the American officials said “benefit from the Putin regime and play a key role in advancing Russia’s malign activities.”

Showing that he was the new owner was key in what so far appears to be a successful effort by U.S. officials to persuade a Fijian court that the Amadea could be seized. The ship may leave this week. But in arguing its case, the U.S. investigators lacked official documents showing that Mr. Kerimov was the owner. Feizal Haniff, a lawyer in Fiji, disputed the U.S. claims, saying that Mr. Khudainatov remains the owner of the Amadea, controlling it through an offshore company.

In an affidavit, Timothy J. Bergen, special agent for the Federal Bureau of Investigation, said that Mr. Khudainatov, who doesn’t appear on lists of Russia’s richest people, was a “clean, unsanctioned straw owner” of the Amadea and the Scheherazade. Mr. Bergen said that Imperial Yachts, referred to as “Company A” in his affidavit, “has a practice of concealing yacht ownership behind nested shell companies” and using stand-ins like Mr. Khudainatov “in order to conceal the true beneficial owner.”

Mr. Clark, the lawyer for Imperial Yachts, said the company “would never knowingly create structures to hide or conceal ownership, nor would we knowingly broker deals to sanctioned individuals.”

Mr. Khudainatov, Mr. Timchenko and Mr. Kerimov didn’t return emails and phone calls seeking comment.

One thing is clear, according to the U.S. task force: Members of Mr. Kerimov’s family were on board the Amadea earlier this year, based on investigators’ interviews with crew members, reviews of emails between the ship and Imperial, and other documents from the superyacht including copies of passports.

On Jan. 21, Mr. Gey, the French designer, received an email from the captain of the Amadea. G2 — Imperial’s code name for Firuza Kerimova, Mr. Kerimov’s wife, according to the affidavit from the F.B.I. agent — was unhappy with the design of the electrical sockets in the guest bathrooms. They were in the cupboards, inconveniencing the family on their Caribbean tour.

The captain had been told of the request by Ms. Pastukhova, the Imperial client coordinator. Mr. Gey booked a flight and a hotel in St. Barts.

A few days later, Imperial Yachts signed off on another request. “Mr. Kochman has granted permission to sail to Antigua,” Ms. Pastukhova wrote to Ms. Kerimova. Mr. Kochman’s approval was also needed for a new onboard pizza oven.

“He wants to have an eye on everything, everything, everything,” Mr. Gey said.

An Italian Downton Abbey

With its colorful homes aging gracefully in the Mediterranean sun, and its harbor holding dinghies in neat rows, Portofino is the archetypal Italian seaside village. Strict conservation laws, in place since the rule of Benito Mussolini, are meant to ensure that it stays that way.

Portofino is a playground of the rich. Superyachts clutter the coast. Last month, Kourtney Kardashian was married there. And these days, a massive construction crane looms over the village, dominating the skyline.

Beneath the crane is Villa Altachiara, a 30-room mansion built in the late 19th century by a British earl. His son, the fifth Earl of Carnarvon, sponsored the expedition that discovered the pharaoh Tutankhamun’s tomb in 1922. Some locals believe the villa is cursed. In 2001, its owner, an Italian countess, fell to her death from the steep hill leading to the sea, her body washing up in France.

The name Altachiara is an Italian translation of Highclere , the palatial Carnarvon estate in Hampshire where “Downton Abbey” was filmed.

When the villa, complete with a helipad, a pool and an eight-acre park, was sold in 2015, everyone in Portofino soon knew who the new proprietor was. “Villa Altachiara will speak Russian,” read a headline in the Genoa newspaper. The owner, the paper reported, was Eduard Khudainatov.

The cast of characters restoring Villa Altachiara to its former glory is familiar. Mr. Kochman’s BLD Management is supervising the project. Mr. Gey is helping to oversee the local and international artisans restoring the interior of the mansion. Yachtline 1618 , an Italian high-end carpentry company that has worked on Imperial Yachts projects, is also involved.

It has been seven years since the purchase, and construction was underway this winter, but the work stopped and the crews left at about the time of the Russian incursion into Ukraine, several local residents said. The towering crane remains, along with some green nets meant to help restore the erosion-preventing terracing.

Locals have never seen Mr. Khudainatov. Mariangela Canale, owner of the town’s 111-year-old bakery, said she was worried that Portofino would become a place where the homes were mere investments, owned by wealthy people who rarely visited, and the community would lose its soul. “Even the richest residents have always come for a chat or to buy my focaccia bread with their children, or have dinner in the piazza,” she said. “They live with us.”

Company records indicate that Mr. Kochman got into the villa business years after his yacht business was flourishing. BLD Management was set up in Jersey in 2016 through Fiduchi Group , the same offshore corporate services firm that registered Imperial Yachts. Mr. Kochman owns 5 percent of each company; the rest is hidden by a company called Fiduchi Trustees Limited. Both Mr. Kochman and Fiduchi declined to comment on the shareholding.

Much of BLD’s business is in Russia, especially around the Moscow area where it builds dachas for wealthy Russians, often with interior designs by Zuretti and carpentry by Yachtline 1618. BLD’s website lists a Moscow address and is in English and Russian.

But the idea is the same as with Imperial Yachts: work in total secrecy.

“Everything is under very strict nondisclosure agreements,” Mr. Gey said. “It’s a standard in the industry.”

He added, “It’s not like there is something to hide.”

Ivan Nechepurenko contributed reporting.

Michael Forsythe is a reporter on the investigations team. He was previously a correspondent in Hong Kong, covering the intersection of money and politics in China. He has also worked at Bloomberg News and is a United States Navy veteran. More about Michael Forsythe

Gaia Pianigiani is a reporter based in Italy for The New York Times.  More about Gaia Pianigiani

Julian E. Barnes is a national security reporter based in Washington, covering the intelligence agencies. Before joining The Times in 2018, he wrote about security matters for The Wall Street Journal. More about Julian E. Barnes

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US sanctions Imperial Yachts and CEO Evgeniy Kochman

The US Office of Foreign Assets Control (OFAC) has added Imperial Yachts and its CEO Evgeniy Kochman to its sanctions list. It has also sanctioned Flying Fox , its largest charter yacht as well as six other yachts linked to Russians.

“Russia’s elites, up to and including President Putin, rely on complex support networks to hide, move, and maintain their wealth and luxury assets,” said Brian Nelson, Under Secretary of the Treasury for Terrorism and Financial Intelligence. “Today’s action demonstrates that Treasury can and will go after those responsible for shielding and maintaining these ill-gotten interests. We will continue to enforce our sanctions and expose the corrupt systems by which President Putin and his elites enrich themselves.”

In a statement OFAC accuses Imperial Yachts of being a “ Kremlin-aligned yacht brokerage.”

Founded in Monaco in 2004 by Kochman, Imperial Yachts specialises in managing yachts larger than 50 metres. Many of its customers are Russian. Yacht professionals in Monaco believe that many of Imperial Yachts’ senior management team are now in Dubai.

“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,” said Imperial Yachts in a statement. “The accusations made against us by the US government and in the press are false. We will pursue all available legal remedies to resolve this matter promptly.”

OFAC has also named four other companies which it says are connected to Kochman: OOO Nord Marine, OOO Yakht-Treid, OOO Bilding Management, and OOO Nord Marin Inzhiniring.

Imperial was the manager of the Amadea that was seized in Fiji in May. Imperial brokered the sale of the yacht in 2021. In the seizure warrant an FBI special investigator stated that the yacht is owned by Suleiman Kerimov who was sanctioned by the US in 2018.

“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,” said Imperial Yachts. “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.”

On Thursday Imperial Yachts was the subject of a New York Times investigation .

Imperial Yachts added: “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.”

OFAC targets seven superyachts

As well as Flying Fox , OFAC has also sanctioned motor yachts Graceful and Olympia . It says that President Putin has an ownership stake in these two yachts and has taken numerous trips onboard both. It also sanctioned  Shellest  and  Nega , which are owned by the Russian company  Non-Profit Partnership Revival of Maritime Traditions . OFAC says both yachts are linked to Putin.

Sea Rhapsody  which OFAC say is owned by Andrei Kostin, CEO of VTB Bank has also been listed. OFAC identified Cayman Islands-flagged yacht,  Madame Gu as blocked property because it believes Andrei Vladimirovich Skoch, the Russian billionaire and Russian Federation Duma member, has an interest.

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Imperial Yachts responds to US-imposed sanctions on company and CEO

Monaco-based yacht brokerage firm Imperial Yachts has released a statement after the company was sanctioned by the US government on June 2.

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The US just sanctioned Imperial Yachts, the company reportedly at the center of the extravagant lifestyles of Russian oligarchs at sea

• The US sanctioned Imperial Yachts, a full-service international yachting company, on Thursday. 
• The company has worked with Russian oligarchs sanctioned by the US, the Treasury alleges. 
• "The accusations made against us by the U.S. Government and in the press are false," the company told Insider in a statement.

The US Treasury announced a new round of Russian sanctions Thursday aimed at further penalizing the country's elite following the invasion of Ukraine. 

The latest sanctions include luxury yachting company Imperial Yachts, a brokerage led by Russian CEO Evgeniy Kochman that has provided management services to at least one yacht linked to a sanctioned Russian oligarch, the department alleges. 

The designation comes a day after The New York Times published an investigation into the corporate benefactors of Russia's elite, whose immense wealth has fallen under international scrutiny in recent months. 

At the heart of the investigation was Imperial Yachts, which describes itself as a "360-degree" maritime service that handles everything from yacht financing, design, and construction to management, maintenance, and marketing.

The company has been connected to superyachts linked to high-profile Russians including Vladimir Putin, Igor Sechin, and Gennady Timchenko, according to the NYT report. All three individuals are sanctioned by the US. 

In response to the sanctions, an Imperial Yachts spokesperson told Insider the company has been "targeted by numerous unfounded and inaccurate accusations following events that are unrelated to this family owned company and its services." 

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"The accusations made against us by the U.S. Government and in the press are false," the spokesperson said. "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," the statement continued.

To describe the yachting company as "full service" is not an overstatement, as evidenced by court filings and emails obtained by the Times.

Company documents show records of highly specific guest preferences, such as coffee served in an Hermès mug, dates and berry bowls prepped for every meal, a "babyccino" with one teaspoon of espresso and steamed milk, and porridge with honey drizzled on top each morning. 

Imperial Yacht's largest yacht currently available for charter, "Flying Fox," was also blocked by Thursday's sanctions. The Treasury additionally targeted multiple yachts with suspected links to Russian President Vladimir Putin. 

"Russia's elites, up to and including President Putin, rely on complex support networks to hide, move, and maintain their wealth and luxury assets," Brian Nelson, the Under Secretary of the Treasury for Terrorism and Financial Intelligence, said in a press release Thursday. 

"Today's action demonstrates that Treasury can and will go after those responsible for shielding and maintaining these ill-gotten interests," he continued.

Watch: The rise and fall of Russian oligarchs

• Main content

In its latest round, the US has sanctioned Evgeniy Kochman and his company Imperial Yachts which manages and charters yachts worth billions of dollars to the Russian elites.

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By SuperyachtNews 06 Jun 2022

Imperial Yachts respond to being sanctioned

Imperial yachts have claimed to be the victims of numerous unfounded and inaccurate accusations….

Imperial Yachts have released their first official public statement following the Ukraine crisis in a bid to reassure their followers that they will be disproving the damaging smears against their company. The statement came after the US Treasury announced that they have sanctioned the company and its Russian CEO Evgeniy Kochman because of their history of providing yacht related services to Russian elites, including those in Putin's inner circle.

The Sanctions against Russian UHNWIs have so far been regarded as morally necessary yet strategically flawed. While the sanctions have helped to neutralise cash flow and keep some pro-war elites at bay, numerous stakeholders have voiced their opinions on the motivations behind tenuous links being drawn up by the Kleptocapture task force. In the case of Imperial Yachts, it appears that a particularly devastating piece of investigative journalism on behalf of The New York Times acted as a catalyst for wider media scrutiny and public disdain. 

      View this post on Instagram A post shared by Imperial Yachts (@imperial_yachts)

The Treasury Department named four yachts that they believed are linked to Putin - Shellest, Graceful, Nega, and Olympia. Interestingly, Scheherazade - a yacht which has been widely recognised to be likely owned by Putin   -  has not been named by U.S Intelligence officials, although they have said that it could have been built for Mr Putin’s use. According to the IMO, Scheherazade is legally owned by Bielor Asset Ltd, a business registered in the Marshall Islands.

Imperial Yachts have received a fair amount of support from their social media followers since posting their response. One Instagram user commented, “I stand behind you and hope you come out on top. I admire your products and your company is amazing and you deserve better days for sure.” While another commented, “Monaco-based Imperial Yachts has been sanctioned by the US Treasury Department but without proven guilty, the presumption of innocence still applies and the USA, in particular, should adhere to this principle.”

With this being said, Imperial Yachts have not replied to requests for interviews with the press ever since the invasion of Ukraine began back in late February - a stance which ultimately proved to be more damaging than they would have previously expected. The company have born the brunt of a ferocious news cycle, an impact which has only been made much worse because of its refusal to openly communicate with the press. Renowned industry experts and market commentators such as Designer Martin Francis have publicly criticised companies in the superyacht industry for their lack of public support for Ukraine.

Speaking on the matter in a general sense two weeks after the war started, Francis said in an exclusive interview with SuperyachtNews , “I think it is indecent that the yacht businesses, including the yachting press, have not said anything in support of Ukraine or in condemnation of Russia. I haven't seen anything in the specialized press or on social media.”

Francis continued, “The industry should unite and say that they are standing up against Russian aggression and I think the industry should say that they are not going to work with anyone who doesn't openly oppose the war spelling out what it is.”

The elusive and all-pervading optimism in the industry's general response to the sanctions against Russian individuals has not been particularly beneficial for the wider perception of the market. However, the individual efforts of stakeholders have been awe-inspiring, with a number of people in the industry coming together to create platforms for real tangible change for those most poorly affected by the war.

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