Why a $500 Million Russian Superyacht Safely Passed Through the Strait of Hormuz

A superyacht believed to be effectively owned by a Russian steel tycoon has drawn attention as it passed through the Strait of Hormuz.

On the 28th (local time), the BBC reported, "A large Russian yacht has broken through restrictions and sailed through the Strait of Hormuz." This yacht, named 'Nord,' is a motor vessel that departed from Dubai at 2:00 p.m. on the 24th and passed through the Strait of Hormuz the following morning. By the morning of the 26th, it was already en route to Oman.

The luxury yacht Nordhoe exceeding 140 meters in length. Photo by Reuters News Agency

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Nord is a giant yacht measuring 142 meters in length and 20 meters in width. Onboard, it is equipped with a swimming pool, a helipad, and a detachable submarine. It is the 12th largest yacht in the world and is estimated to be worth 500 million dollars (about 730 billion won).

Nord is known to be an asset linked to Alexey Mordashov, the major shareholder of the Russian steel company Severstal. The legal owner of Nord is a company registered under Mordashov's wife's name, which has led to speculation that Mordashov is the de facto owner.

According to Bloomberg, Mordashov is a Russian billionaire with an estimated net worth of 29.4 billion dollars (about 43 trillion won). He is also known as a close associate of Russian President Vladimir Putin and has been placed on the sanctions blacklist by the United States and the European Union (EU) following Russia's invasion of Ukraine.

The BBC reported that it is unknown whether Nord received clearance from Iranian authorities before passing through the Strait of Hormuz. Currently, the Islamic Revolutionary Guard Corps (IRGC) Navy is restricting vessels passing through the strait, and the U.S. Navy is also turning back ships headed for Iranian ports.

Meanwhile, Iran and Russia have long maintained an alliance. Previously, Iran announced that it would impose transit fees on ships passing through the Strait of Hormuz, but made exceptions for allied countries, including Russia. On the 27th, Iranian Foreign Minister Abbas Araghchi met with President Putin in Russia to discuss bilateral cooperation.

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