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A Russian oligarch has been sanctioned, and his megayacht is now up for purchase in Gibraltar.

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Dmitrievich Pumpyansky, a Russian oligarch on the EU’s list of sanctioned Russians, is shown in Gibraltar aboard his superyacht, Axioma.

According to sources within the court system in Gibraltar, an auction of a superyacht with ties to a sanctioned Russian steel oligarch was held on Tuesday.

This transaction may be the first since Russia invaded Ukraine in February. $75 million superyacht connected to oligarch.

Gibraltar seized the Axioma in March after finding that its owner, Dmitry Pumpyansky, owed JP Morgan $20 million.

The Gibraltar Admiralty Court placed the 72.5-meter yacht up for sale through sealed internet bids due Tuesday at noon.

The process for choosing a winner is expected to take ten to fourteen days, and the judge observed that 63 different plans had been submitted for consideration.

Nigel Hollyer, broker for the Supreme Court of Gibraltar’s Admiralty Marshal, claimed there was a “surprise late rush by potential purchasers.”

The boat contains a swimming pool, a Jacuzzi, a 3D cinema, and facilities for various water activities. Additionally, each of its six rooms can sleep up to twelve people.

Reuters received court documents showing that Furdberg Holding Ltd. borrowed 20.5 million euros from JP Morgan. Pumpyansky had Furdberg.

According to the documents filed with the court, Pyrene Investments went into default on the loan agreement on March 4.

Pumpyansky transferred his Furdberg holdings to an unconnected third party, making it impossible for him to repay the obligation.

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