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Sanctions against Russian oligarchs have decimated the superyacht market

Sanctions against Russian oligarchs have decimated the superyacht market

Photo: sale.ruyachts.com

Wealthy Russian buyers will leave the market after Russia’s full-scale invasion of Ukraine in 2022.

Superyacht sales fell sharply last year. Demand has been affected by long queues, rising prices, as well as sanctions against Russian oligarchs. CNBC writes about it.

Thus, sales of new superyachts (yachts over 100 feet in length) fell by 17% in 2023. There were 203 new superyachts sold, up from 245 in 2022 and a record 313 in 2021.

Currently, a buyer who orders a new yacht over 200 feet in length faces a wait of 3-4 years due to the backlog of orders caused by the pandemic.

Prices are also rising due to rising labor and material costs.

At the same time, sales of yachts longer than 200 meters, or about 650 feet, fell by 40%. The main reason for the decline in sales of large superyachts is that wealthy Russian buyers are leaving the market after Russia’s full-scale invasion of Ukraine in 2022.

Russians tend to order very expensive and very large yachts. Americans partially fill this gap – they accounted for almost a quarter of all superyacht sales last year.

Let’s recall that earlier the Russian oligarch Suleiman Kerimov, through dummies, was trying to return his 106-meter yacht Amadea, which is now under US sanctions.

Journalists count the number of yachts owned by Kremlin leader Vladimir Putin. In particular, he has two new ships, one of which is being repaired by a company that also takes orders from NATO countries.

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Source: korrespondent

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