Grant Shapps cracks down on oligarch yachts with ALL Russian ships now banned from UK ports

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Oligarchs are sailing their yachts to international safe havens like the Maldives as the West tightens sanctions for the invasion of Ukraine – as Boris Johnson said: ‘I think their silence is inexplicable’. 

A luxury yacht belonging to a US-sanctioned billionaire reached the Maldives today, according to officials, with more Russian-owned boats reportedly headed to the Indian Ocean archipelago seeking safe haven from possible asset seizures. 

Multiple international sanctions have been imposed on Russia in the wake of its invasion of neighbouring Ukraine, raising the prospect of confiscation of yachts belonging to its billionaires, several of whom are close to President Vladimir Putin.

The state-run Maldives Ports Limited confirmed that the pleasure craft Clio, holding the International Maritime Organisation (IMO) registration 9312535, dropped anchor near the capital Male on Monday.

The Cayman Islands-registered vessel is owned by aluminum tycoon Oleg Deripaska, who was sanctioned by the United States in 2018. A total of 20,973 Russians visited the Maldives in January, the largest single group, while Ukrainians were sixth with 7,210.

A CNBC report said at least two other vessels owned by Russian oligarchs were heading to the Maldives, which has no extradition treaty with the United States. Maldives Ports also confirmed to AFP that the superyacht Titan, holding IMO number 1010478 and owned by steel magnate Alexander Abramov, was anchored in Male.

It came as Britain targeted Russian oligarchs and their opulent yachts today with a ban preventing all Russian shipping from using UK ports. Transport Secretary Grant Shapps made the move amid concern about a Russian oil tanker scheduled to dock in Orkney on Tuesday.

Boris Johnson was today asked what he thought of the failure of most Russian oligarchs to speak out against the war on Ukraine. 

In response, he told ITV: ‘I think that their silence is inexplicable, and I think that people need to step up and denounce this act of aggression, and those oligarchs who have connections with the Putin regime and who are benefiting from their association with the Russian state, we are going to expose and distrain their assets.’

Mr Shapps his ban on ‘all ships with ANY Russian connection whatsoever’ means that Russian oligarchs with pleasure ships costing tens or even hundreds of millions of pounds will be unable to call here.

Mr Shapps wrote on Twitter: ‘At London‘s Foreign Office where we’ve just become the first nation to pass a law involving a total BAN of ALL ships with ANY Russian connection whatsoever from entering British ports.

‘Please RT to encourage all countries to do the same in support of the people of Ukraine.’ 

Orkney Islands Council announced on Monday night that the agent for Russian-owned NS Champion had cancelled the visit to the area. 

This came after Mr Shapps wrote to all UK ports urging them to refuse access to Russian boats due to the country’s invasion of Ukraine. 

The Cabinet minister wrote: ‘Russia’s assault on Ukraine is an unprovoked, premeditated attack against a sovereign democratic state.

‘The UK Government has been clear there would be massive consequences and a severe cost for any Russian military incursion into Ukraine and, in coordination with our international allies and partners, we are developing an unprecedented package of further sanctions.

‘The maritime sector is fundamental to international trade and we must play our part in restricting Russia’s economic interests and holding the Russian government to account.

‘In these circumstances, the Department for Transport does not consider it appropriate for Russian vessels to enter UK ports.’

He added the UK Government will ‘seek to support UK ports in identifying Russian ships’ and alert them if prohibited vessels are inbound.

Vladimir Putin today moved to block foreign companies pulling out of Russia and keep their cash to prop up their imploding war economy after BP and Shell pledged to sell up £15billion ($20bn) of joint ventures following the invasion of Ukraine.

Prime Minister Mikhail Mishustin announced a presidential order had been signed as Western countries stepped up sanctions, the rouble crashed to an all-time low and Russians queued night and day to pull cash from ATMs amid a run on the banks.

Mishutin has told a governmental meeting in Moscow that Russia will impose temporary curbs on foreign investors seeking to exit Russian assets to ensure they take a ‘considered decision not one driven by political pressure’. But Mishustin did not provide details about how it would be imposed, as Shell told MailOnline their plans to sever ties with Russia will continue as planned. BP is yet to comment.

The Russian PM said: ‘In the current sanction situation foreign entrepreneurs are forced to be guided, not by economic factors, but to make decisions under political pressure. In order to give business a chance to make a considered decision, a presidential order was prepared to impose temporary curbs on exit from Russian assets’.

It came as it was revealed the West is still paying Russia more than $1billion-a-day for oil and gas that Putin can use to subsidise his $15billion-a-day invasion of Ukraine as his troops remain bogged down after hitting fierce resistance from Volodymyr Zelensky’s heroes.

Last night Shell said it will ditch its work with Gazprom and pull out of the controversial Nord Stream 2 pipeline as Western powers reel from President Putin’s warmongering in Eastern Europe. Shell is said to have offered £600m of finance for the project.

Shell warned that it could take a £2.2billion hit as it laid out a plan to exit a series of projects. These include its 27.5pc stake in Sakhalin 2 – a flagship facility in the Russian Far East that is majority-owned by Gazprom and produces around 4pc of the world’s liquefied natural gas.

But it did not announce who they would sell their stakes to. It isn’t quitting Russia altogether, however. It has a network of around 400 petrol stations and a lubricants business in the country which it said it intends to keep.

Shell’s announcement came a day after BP said that it was cutting ties with Kremlin-backed oil company Rosneft, valued at around £13billion last year. BP is now looking to offload its 19.75pc stake in Rosneft and current boss Bernard Looney has stepped down from the board.

But Putin’s grip on the world’s oil and gas taps means that Europe and the US are still buying almost $1billion-a-day from Russia. The UK also imports smaller amounts from Russia.