Sanctioned Russian Billionaire’s $500 Million Yacht Slips Through Hormuz Blockade

The $500 million superyacht Nord, linked to sanctioned Russian billionaire Alexey Mordashov, transited the Strait of Hormuz over the weekend. The crossing has drawn fresh scrutiny to gaps in Western sanctions enforcement.

The 142-meter Lürssen-built yacht sailed openly from Dubai to Muscat between April 24 and 26. It broadcast its position via the automatic identification system while commercial shipping stalled at both ends of the chokepoint.

Sanctions On Paper, Not At Sea

Mordashov has carried United States, European Union, and United Kingdom sanctions since 2022 over his close ties to Vladimir Putin.

The designations cite his roughly 77% stake in Severstal, Russia’s largest steelmaker. They also target his interests in Bank Rossiya and state-aligned media.

The yacht itself has never been seized. Public registries do not list Mordashov as the owner. Shipping records instead tie Nord to a Russian firm controlled by his wife, Marina Mordashova. The structure is widely seen as a buffer against Western asset freezes.

Reuters reported the vessel departed a Dubai marina at around 1400 GMT on April 24. It crossed Hormuz the next morning and reached Muscat early Sunday. MarineTraffic data tracked the route in real time.

Selective Passage Through Hormuz

Hormuz traffic has collapsed since the United States imposed a maritime blockade on Iranian ports on April 13.

Daily transits have fallen from roughly 140 vessels to single digits. Hundreds of tankers now wait at both ends of the strait.

Iran has granted preferential passage to Russia-linked vessels under a 2025 cooperation pact, according to reporting from The Independent.

Nord followed an Iranian-declared safe lane south of Larak Island while bound for Oman. The route placed it outside the US enforcement focus on Iranian-port traffic.

The crossing illustrates how layered ownership structures and aligned host states insulate sanctioned Russian assets from coordinated Western action.

Broader maritime restrictions continue to tighten elsewhere across the Gulf.