Gibraltar prepares for first auction of a Russian oligarch’s detained superyacht

Proceeds of the sale of Axioma, valued at 65m, will benefit JP Morgan rather than the Ukrainian people

A 65m superyacht of a Russian oligarch hit by sanctions will be auctioned off by the Gibraltar government on Tuesday, becoming the first of the luxury vessels to be sold off since restrictions were imposed on hundreds of rich Russians after Vladimir Putin's invasion of Ukraine.

However, the 72.5-metre Axioma is not being sold for the benefit of the Ukrainian people but for a US investment bank, JP Morgan, which claims the yacht's billionaire owner, Dmitry Pumpyansky, owes it more than $20m (17m).