NOT SO FAST

Italy Freezes Giant Yacht Thought to Belong to Vladimir Putin

The move came after reports the vessel may have been gearing up to soon leave the shipyard in Tuscany.

The Italian government has issued an order to freeze a giant $700 million yacht believed to belong to Vladimir Putin, amid reports the vessel may have been preparing to flee a shipyard in Tuscany. In a press release late Friday, the Ministry of Economy and Finance said it had adopted a “freezing decree” for the Scheherazade after the measure was proposed by the Financial Security Committee. The ministry noted that “the investigations conducted by the Nucleo Speciale di Polizia Valutaria (Guardia di Finanza) highlighted the presence of significant economic and business links of the beneficial owner of the boat Scheherazade with prominent elements of the Russian government.” The lavish vessel—equipped with swimming pools, a spa, and two helipads—has been under investigation since March for its purported ties to the Russian leader. Italy’s seizure order comes a day after The New York Times reported the yacht had moved into the water and there were signs it was preparing to leave the shipyard.