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Seized £63m Russian superyacht Axioma to be sold at Gibraltar auction

Reuters The Axioma superyachtReuters
The Axioma was seized when it docked in Gibraltar in March.

A £63m ($75m) Russian superyacht will go under the hammer after its owner was sanctioned.

The Axioma was seized in Gibraltar in March after US bank JP Morgan claimed owner Dmitrievich Pumpyansky did not pay a £17m ($20m) loan.

The 72.5m vessel is being auctioned on Tuesday and, because it is listed for one day only, it is expected to go for less than its estimated value.

The monster boat can sleep 12 people in six cabins.

It boasts a swimming pool, jacuzzi, spa, 3D cinema, jet skis and scuba diving equipment and has space for 20 crew.

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It is the first seized luxury boat to be sold since restrictions were imposed on powerful Russians following Moscow's invasion of Ukraine in February.

There have been calls from some governments, including the UK, for proceeds of seized assets to help Ukrainian refugees.

However, the money from the sale of Axioma is expected to go to JP Morgan, following the auction by Gibraltar's Admiralty Court.

Although owned by Pumpyansky, the boat - which was originally called Red Square when it was built in 2013 - was available for millionaires to rent at up to £465,000 (549,000 euros) per week, plus expenses.

Pumpyansky is the owner and chair of steel pipe manufacturer OAO TMK, a supplier to the Russian state-owned energy company Gazprom.

The 58-year-old, who has an estimated £1.84bn fortune, has been sanctioned by the UK, EU and US.