Russian President Vladimir Putin is known for his love of adventure and luxury, and one of his most prized possessions is his yacht. In this blog, we’ll take a closer look at Putin’s yacht and explore its finances.
Putin’s yacht, named “Olympus,” is a 164-foot-long luxury yacht that was built in 1991 by the Dutch shipyard Oceanco. The yacht features a spacious sun deck, a Jacuzzi, a swimming pool, a gym, and even a helipad. It can accommodate up to 12 guests and has a crew of 19.
The exact cost of Putin’s yacht is unknown, as it was purchased through offshore companies and registered in the name of one of his close friends. However, it is estimated to be worth around $100 million.
It is believed that Putin financed the yacht through his close connections with wealthy businessmen and by using state funds. In 2011, Russian billionaire Roman Abramovich reportedly loaned Putin $35 million to help finance the yacht’s refurbishment.
Maintenance and Operating Costs
Maintaining and operating a luxury yacht like Putin’s comes at a significant cost. The annual operating costs for a yacht of this size can range from $1 million to $10 million, depending on various factors such as fuel consumption, crew salaries, and maintenance.
In addition to the operating costs, there are also significant expenses associated with maintaining the yacht. According to reports, the cost of maintaining and upgrading Putin’s yacht is estimated to be around $5 million per year.
The ownership and financing of Putin’s yacht have been a source of controversy, as it is widely believed that the yacht was purchased using state funds or through corrupt business dealings. In 2014, the European Union imposed sanctions on Putin’s close associates, including the friend who officially owns the yacht, in response to Russia’s annexation of Crimea.
Putin’s yacht is a symbol of his wealth and luxury lifestyle, and it is estimated to be one of the most expensive yachts in the world. While the exact details of its financing and ownership remain shrouded in mystery, it is clear that the costs associated with owning and operating a yacht of this size are significant.