The sanctioned motor yacht Royal Romance is set to be auctioned after ownership was transferred to the Ukrainian government. In January 2024, The Asset Recovery and Management Agency (ARMA) of Ukraine announced that Royal Romance’s ownership would be transferred to Ukraine, following the Croatian court’s ruling, with ARMA planning to auction her off “as soon as possible”. Now, the bidding competition is officially open, as representatives have until April 18th to place their bids. Eligibility requirements, listed on the Arma website require potential bidders not to be placed under any sanctions list, not to have representatives of the aggressor countries, to have a minimum of three years experience in organizing yacht sales, and to have “an impeccable business reputation”.
Why was Royal Romance seized? – After the Russian invasion of Ukraine in March 2022, sanctions were imposed on Ukrainian lawyer Viktor Medvedchuk, notorious for his pro-Kremlin views and close rapport with Russian President Putin. Royal Romance, one of Medvedchuk’s assets, was arrested in March 2022, as she was docked in Croatia.
The winning bidder will be announced on April 23rd, 2024.