Superyacht to Busan: $671m Nord, owned by Russian tycoon, reappears, heading for S. Korea

SEOUL – The US$500 million (S$671 million)

Nord superyacht owned by Russian tycoon Alexey Mordashov

reappeared after about eight months in the dark, having evaded capture by the United States and its allies. It is headed to Busan in South Korea.

The 142m vessel began transmitting its location again on June 12 in the Indian Ocean, near the coast of Indonesia, after ceasing to broadcast its whereabouts in 2022 en route to Cape Town in South Africa.

Ahead of that journey, the Nord made a surprise appearance in Hong Kong in October, sparking a warning from the US that the city’s reputation as an international financial centre would be tarnished if it offered a safe haven.

The superyacht is due to arrive in Busan on June 24, according to data compiled by Bloomberg.

Western nations have been seizing assets of Russian billionaires following Russia’s invasion of Ukraine, including more than a dozen yachts worth several billion dollars.

Mr Mordashov’s other superyacht, Lady M, was seized in Italy in March 2022.

Mr Mordashov, Russia’s six-wealthiest citizen and the biggest shareholder in steelmaker Severstal PJSC, is not likely to be on the Nord as he is due to make an appearance at President Vladimir Putin’s annual economic forum in St Petersburg on Thursday.

Busan, on the south-eastern tip of the Korean peninsula, is a surprising destination, given that South Korea is an American ally and has said it backs sanctions on Russia. BLOOMBERG