Inspite of being impounded by the authorities more than a year ago, this sanctioned billionaire is quietly paying for the repairs and maintenance of his $120 million superyacht at the same shipyard that allegedly repaired Walmart heiress Nancy Walton's superyacht.

The $120 million superyacht of sanctioned Russian oil baron Igor Sechin, 282-footer Amore Vero, has undergone several noteworthy changes. The first is a change of flag state to Malaysia, which could result from sanctions. The second one is this arrested yacht is undergoing refits at the well-known La Coitat shipyards despite being seized by French authorities.

The Amore Vero was frozen in March 2022 and has been moored for over a year. What is worth noting is that these changes are usually made by the ship’s owner and not the nation that holds the asset.

Sechin, in all probability, is behind both the aforementioned developments. As a matter of fact, Esysman SuperYachts confirmed the same with information from a Forbes article mentioning that the Russian tycoon is behind the upkeep of the $120 million ship at the French shipyard, a top-class spa for superyachts.

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This is becoming a trend of sorts with luxury vessels that are arrested but maintained by their owners after all. Recently, Luxurylaunches shared how the seized $700 million Scheherazade superyacht (also reflagged to Malaysia) was supported by her owner, who has been paying the docking charges, maintenance, and staff salaries.

The La Coitat shipyard, is a spa for superyachts –
French officials seized Amore Vero in March 2022 at the port of La Coitat, where the yacht was getting refitted. La Coitat is the most outstanding destination in the Mediterranean for exclusive services for yacht repair. The facility is preferred by seasoned sea-farers like heiress Nancy Walton, who trusted the yard with the repairs of her $300 million superyacht Kaos. The 188-year-old shipyard has over 50 employees and takes pride in being a European leader in the sector of refit and repair of yachts, with 8% to 10% of the global market.

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Igor Sechin is Russia’s second most powerful man-
Described as Putin’s “Darth Vader” and the “scariest man on Earth, or as the 62-year-old CEO of Russian oil giant Rosneft, Sechin is extraordinarily influential and is one of the most powerful men in his country. Besides the fantastic superyacht Amore Vero, the oligarch has a $60 million mansion near the presidential residence. Forbes estimated Sechin’s worth at least $800 million in 2022. His assets, however, tell a different tale, like the $511 million, 445-foot Crescent and the $120 million, 282-foot Amore Vero.