Western sanctions against Russia claim another corporate victim

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A Dutch luxury yacht-maker is dumped by suppliers after its owner is hit by Western sanctions

Dutch shipbuilding firm Heesen Yachts has been hit by supply issues, with European companies refusing to work with the yacht-maker after one of its ultimate owners, Russian billionaire Vagit Alekperov, was added to Western sanctions lists.

Some of Hessen’s business partners in the UK, including Rolls-Royce, no longer supply the company due to sanctions against Alekperov, Heesen Yachts spokesperson Sara Gioanola said.

“A number of our suppliers are subject to the UK law and this has some consequences as some of them cannot fulfil their obligations,” Gioanola was quoted by Bloomberg as saying.

Last month Alekperov, reportedly Russia’s 10th-richest person, stepped down as chief executive officer of Russia’s second-largest oil producer Lukoil, a post he held for nearly three decades.

The move came after the billionaire was hit by UK and Australian sanctions as part of Western pressure over Russia’s military operation in Ukraine.

“He is not on the EU sanctions list — applicable to Heesen,” the company said back then, adding that Alekperov was one of three “ultimate beneficial owners” and didn’t directly manage the business in any way.

Rolls-Royce said it had to “temporarily pause activity” with Heesen while it seeks legal advice.

“We have had a close partnership with Heesen for many years and would like to continue with that relationship, if possible,” the company told Bloomberg.

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