A Russian oligarch’s £76 million superyacht will be auctioned by the Gibraltar government on Tuesday, becoming the first luxury vessel to be sold since sanctions were imposed on hundreds of wealthy Russians following Vladimir Putin’s invasion of Ukraine, The Guardian and La Vanguardia have reported.

Axiom superyachtPhoto: David M Parody / SWNS / SWNS / Profimedia

However, the 72.5-meter superyacht Axioma is not being sold for the benefit of the Ukrainian people, but to the American investment bank JP Morgan, which claims that the owner of the yacht, billionaire Dmytro Pumpiansky, owes it more than $20 million. .

The vessel, which has six luxury guest cabins, a swimming pool, 3D cinema, gym, Jacuzzi and fully equipped spa, was detained after docking in Gibraltar in March.

Pumpianskyi, the owner and chairman of steel pipe manufacturer TMK OJSC, a supplier to Russia’s state-owned energy company Gazprom, was sanctioned by Britain, the EU and the US after the invasion of Ukraine.

Britain said the billionaire, who it said had pledged a fortune of £1.84bn, was one of the oligarchs “closest to Putin”.