Image Credit: The Department of Justice

Emmanuelle Votat is a judicial auctioneer specialising in the management and sale of yachts seized in criminal proceedings. She is the founder of a pioneering programme for judicial yacht asset management in France and has overseen landmark cases, including the sale of Stefania, which was confiscated in a major money laundering investigation.

The sale of Amadea is far more than a prestige transaction. It marks a turning point for Europe, both legally and operationally. The chosen format - private sealed-bid auctions, “as is, where is” sale and a tight timeline, with no allowance for potential appeals or blockages - proved that luxury assets under international sanctions can be sold efficiently while meeting market standards and high-end buyer expectations.

This precedent opens the door to a structured European frozen-yacht market, which is still largely dormant. Speed, transparency and operational rigour, combined with smart cooperation between justice authorities and brokerage professionals (Fraser Yachts), were key to the success.

Amadea’s impact goes far beyond a single yacht. In France, Russian oligarch Suleyman Kerimov, the presumed owner, is facing a raid at Bercy as part of an investigation into real estate money laundering and suspicious tax schemes. According to Le Monde, the inquiry targets a portfolio of French Riviera villas valued at over €38 million, some linked to his daughter through complex corporate structures.

The notable key figure is the €38 million in seized villas - a stark reminder that sanctioned yachts are not isolated cases, but part of a broader network of transnational financial investigations.

This coordination of international sanctions and domestic law shows that Europe can now strike at the heart of opaque ownership structures, following the lead of the United States.

Lessons for Europe

While the Amadea sale sets a historic precedent, it is not a total victory. As noted in Superyacht News, the operation was executed efficiently, but uncertainties remain: the appeal by the presumed owner, Eduard Khudainatov, could delay legal closure and the sale price remains confidential, limiting transparency. The Amadea model is still replicable for Europe, where legal and operational gaps persist. This first transaction may be the first domino in establishing a functional frozen yacht market.

The Khudainatov Web

The case’s complexity is mirrored in Khudainatov’s links to other high-value yachts:

• Sheherazade: 145-metre, Lürssen, $700 million, seized in Italy and linked to the Russian president by some anti-corruption activists.

• Crescent: 135-metre “twin” Lürssen, seized in Spain and attributed to Igor Setchine.

• Amore Vero: 86-metre Oceanco, frozen and also associated with Igor Setchine, the heart of the European issue.

The French investigation into Kerimov highlights the direct connection between yachts and real estate, with the same networks, arrangements and cash flows crisscrossing both spheres.

Freezes and confiscations are not a niche world, but they are part of the same fight against sprawling, opaque financial structures worldwide.

Amadea, though not flawless, shows that operational courage exists and a path can be paved. The key question is who will successfully guide these frozen yachts to legal and financial safety, ensuring the precedent does not remain unfulfilled?

Challenges and opportunities in Europe

Challenges relate to an operational vacuum. Across Europe, proper structures are still missing. The fate of yachts like Phi or Luminosity illustrates that the risk of near-total value loss makes freezing measures almost pointless.

In France and Spain, Russian owners can fund minimal upkeep despite sanctions. In Italy, the state bears responsibility for maintenance.

The mayor of Trieste recently voiced frustration over Sailing Yacht A (€27 million frozen for 3 years), while the city struggles to maintain its historic tramway (€850,000 needed). The lack of harmonisation shows that the March 2022 freezes were reactive and improvised, without clear management, disposal strategy, or sustainable funding.

European directives and initiatives,

Europe is already taking action, however. Directive (EU) 2024/1260 mandates that member states establish Asset Recovery Agencies (ARAs) by 23 November 2026. Their mission is to manage frozen assets, facilitate identification, seizure, and confiscation, and coordinate national and international efforts.

Implementation, however, varies by country. Some states have yet to transpose the directive into law. The risk of administrative bottlenecks, maintenance delays, or counterproductive outcomes remains, highlighting the need for expert actors, as seen in the U.S., where yacht professionals are systematically involved.

The French Example

In France, concrete initiatives are emerging to manage and sell frozen yachts, aiming to secure their lifecycle while preserving value. This approach mirrors the proven Amadea model, ensuring transparency, neutrality and compliance with European directives.

Such initiatives convert legal and operational gaps into market opportunities, reassuring stakeholders and protecting public interest. Amadea demonstrates that with organisation and determination, it can be done.

But if Europe fails to adopt this approach, it risks being a mere spectator in a market where frozen yachts decay at the quay, local authorities are strained, industries suffer and sanctions lose their meaning. Amadea is the starting point. Europe must now set this standard.

Any views, thoughts and opinions expressed here are those of the author and are not intended to malign any particular individual or organisation and may not reflect the views, opinions, policies or positions of The Superyacht Group.

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