US$156 million Russian superyacht in Dubai tests US-UAE ties amid sanctions
- The 98-metre Madame Gu, which has a helicopter pad, gym and beach club, is moored next to the US$200 million megayacht owned by the state’s ruler
- Region is a haven for Russian money, even as Western governments increasingly enforce sanctions and US pressure mounts on its Gulf Arab ally to follow suit
A sleek US$156 million superyacht belonging to a sanctioned Russian oligarch and parliamentarian is now docked in Dubai, the latest reminder of how the skyscraper-studded sheikhdom has become a haven for Russian money amid Moscow’s war on Ukraine.
The 98-metre (324-foot) Madame Gu, which has a helicopter pad, gym, beach club and lift, remained moored off Dubai’s Port Rashid on Thursday in what has become a test for the close partnership between the United States and United Arab Emirates.
The vessel, with an eye-catching blue hull and US$1 million annual paint job price tag, is owned by Andrei Skoch, one of the wealthiest men in Russia’s Duma. A steel magnate, Skoch’s fortune is valued at about US$6.6 billion, according to Forbes. Attempts to reach Skoch for comment were not successful.
Like sanctioned Russian billionaire Andrey Melnichenko’s Motor Yacht A docked in the northern emirate of Ras al-Khaimah, the appearance of the Madame Gu in Dubai shows how Russian oligarchs have parked their assets in the UAE even as Western governments increasingly enforce sanctions and American pressure mounts on its Gulf Arab ally to follow suit.
The US Treasury first sanctioned Skoch in 2018 over his role in government and alleged “long-standing ties to Russian organised criminal groups, including time spent leading one such enterprise.” Earlier this month, the Treasury designated the Madame Gu, along with its helicopter, barring American entities from conducting business with the superyacht. Skoch is also sanctioned by the European Union.