Ukrainian Oligarch Seeks to Distance Himself From Russia by Mulling Sale of Superyacht

As his steel mill in Mariupol, Ukraine, was being destroyed by Russian bombs, becoming the site of a last stand by the city’s defenders, billionaire Rinat Akhmetov, Ukraine’s richest man, emerged as a staunch supporter of the country’s war effort.

The yacht, now known only by the code name Luminance, may be among the 10 largest superyachts in the world when finished. Nearly half of those are owned by Russian business magnates. In tonnage, the 475-foot luxury vessel could approach the size of the Moskva, the Russian navy cruiser that the Ukrainian military said it sank last month in the Black Sea.Now, Akhmetov is considering selling the yacht, even before it is completed.

But since Russia’s 2014 annexation of Crimea and its support of a separatist movement in eastern Ukraine, Akhmetov has distanced himself from his pro-Russian past, which included financial backing for the Kremlin-supported and corrupt former Ukrainian President Viktor Yanukovych. Akhmetov’s purchase of the Luminance is a throwback to that world.

System Capital Management controls companies in a wide range of industries, including television stations, wind farms, electrical grids, chemical plants and the now-famous Azovstal steel plant in Mariupol.

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