'Putin Cheukgeun' Luxury Yacht Heads to Busan Despite Seizure Risk

A $500 million (approximately 640 billion KRW) luxury yacht owned by a Russian chaebol under Western sanctions is reported to be heading to Busan, South Korea.

According to Bloomberg on the 15th (local time), the yacht "Nord" owned by Alexey Mordashov, a Russian chaebol and close associate of Russian President Vladimir Putin, is scheduled to arrive in Busan on the 24th.

The yacht made a surprise appearance in Hong Kong last October but remained out of sight for a while due to Western sanctions. At that time, the United States warned that providing refuge to this yacht would undermine Hong Kong's status as an international financial center. After being hidden for eight months, Nord began transmitting its location again near Indonesia on the 12th. Based on various data, Bloomberg reported that Nord's next destination is expected to be Busan.

Since Russia invaded Ukraine in February last year, the West has imposed sanctions including seizing assets of President Putin and his close Russian chaebols. The superyachts of chaebols, including Mordashov, are also subject to seizure. Mordashov, one of Russia's six richest individuals and the major shareholder of the steel company Severstal, had one of his luxury yachts, "Lady M," seized in Italy last March.

Bloomberg stated, "Mordashov does not appear to be on board Nord as he is preparing to attend the annual economic forum hosted by Putin," and added, "It is very surprising that the yacht is heading to Busan, located at the southeastern tip of South Korea, a U.S. ally that supports sanctions against Russia."

This content was produced with the assistance of AI translation services.