Russian oligarchs sail to Turkey to avoid Western sanctions

Although the Turkish government has strongly criticized Russian President Vladimir Putin’s invasion of Ukraine, it has refused to impose NATO led sanctions on Moscow – potentially setting the stage for Turkey to become a safe haven for Russians attempting to move their capital to open markets.

The fact that Turkey is becoming increasingly attractive to Russian investors became clear on Tuesday when reports emerged that showed that two superyachts linked to billionaire Roman Abramovich docked in a Turkish resort – reportedly dodging sanctions imposed by Western governments as they attempt to isolate Putin from his oligarchs, Reuters reported.

According to a Reuters report, Abramovich’s yacht, Eclipse – one of the world’s largest at 533 ft – docked in the Marmaris resort in southwest Turkey after avoiding Greek Waters on Tuesday. It was allegedly sailing under a Bermuda flag and is said to have two helipads, nine decks, a swimming pool and built-in missile defenses. On Monday, the yacht Solaris arrived in the resort of Bodrum after having also avoided EU waters.

But sources in Ankara with knowledge of recent conversations with Abramovich have noted that the billionaire – like many wealthy Russians – see Turkey as more than safe port for their ships.  

"He wants to do some work and may buy some assets," the source said, adding that Abramovich, the owner of English football club Chelsea, already had some assets in Turkey.

Another source in Ankara reported that the government was not currently considering joining sanctions and would thus welcome Russian investments and asset purchases.

"We act sensitively on issues such as bringing the oligarchs' money to Turkey," the person said.

Sanctions have created a precarious situation for Ankara, which has close economic and diplomatic links to both Russia and Ukraine, and some lawmakers fear Turkey’s resistance to sanctions could harm relations with Europe and the West.

"The anchoring in Turkish marinas of yachts embargoed in European countries may leave Turkey in a difficult situation in the international arena," said Turkish MP Utku Cakirozer.