How Royal Romance, a $200-Million Superyacht, Will Benefit Ukraine

Though superyachts are often seen as the frivolous toys of the wildly rich, one named Royal Romance could soon provide more than just a lavish vacation for those who can afford it. According to The Guardian, a $200-million superyacht once owned by Russian oligarch Viktor Medvedchuk will soon be put up for auction, with the sale funds going directly to supporting the people of Ukraine. 

Medvedchuk, who is currently under sanctions, was arrested in Ukraine in April, though he was sent back to Russia in September through a prisoner exchange. The superyacht was seized in March of this year in Croatia as part of Western-imposed restrictions on the assets of oligarchs. According to the British paper, a Croatian court has recently ruled that the boat can be transferred to a special branch of the Ukrainian government, the Ukrainian Asset Recovery and Management Agency (Arma), and sold at auction to maintain its economic value. 

Royal Romance was designed by De Voogt Naval Architects and built in 2015 by Dutch shipbuilders Feadship. Seymour Diamond was responsible for the ship’s interiors. Fit to hold 14 guests and 22 crew members, the 318-foot vessel also includes many notable amenities, including a swimming pool, gym, 3D cinema room, and fully equipped spa. 

Though multiple superyachts have been seized over the past months, this is the first to be auctioned with the funds going directly to Ukrainian people. In September, a yacht owned by Dmitry Pumpyansky was auctioned off, but the sale went to J.P. Morgan, which claimed Pumpyansky owed the investment firm $21.75 million. Though it’s possible more of the seized  yachts will be auctioned to support Ukraine in the future, as The New York Times reported, seizing and auctioning off assets is rarely a straightforward process. In the United States the Justice Department is working to expedite the process, but it can still take years.