A $500 million superyacht registered to the wife of a sanctioned Russian steel magnate, Mordashov, passed through the Strait of Hormuz.
Yacht Ownership and Features
Alexander Mordashov, not listed as the yacht’s formal owner, had the vessel, named Nord, registered in 2022 to a company belonging to his wife. The yacht is estimated to be worth over $500 million and is equipped with a submarine, a helipad, and a swimming pool, according to Superyacht Times.
Sanctions and Mordashov’s Wealth
Mordashov, the chairman of steel company Severstal, has been under sanctions from the US, EU, and UK since 2022. Forbes estimates his net worth at $37 billion. It remains unknown if Mordashov was aboard the yacht during its passage through the Strait of Hormuz.
Iran-Russia Diplomatic Efforts
Amid stalled US-Iran peace talks, Tehran has focused on strengthening ties with Russia. Last Monday, Putin hosted an Iranian delegation in St. Petersburg, where the head of the delegation, Abbas Aragczi, praised the “strategic bond” between the two countries.
First Tanker Transits Strait Since War Began
The first tanker since the start of the war successfully navigated the Strait of Hormuz on Tuesday, April 28th, according to Bloomberg. The vessel is carrying liquefied natural gas from the United Arab Emirates and is headed to China, currently located off the southern coast of India.
Tanker Mubaraz’s Movements
The tanker Mubaraz was in the Persian Gulf for at least the beginning of March and deactivated its transponder late last month. It reactivated the transponder on Monday, April 27th, when it was east of the Indian Peninsula.
Strait of Hormuz Disruption and Price Increases
Following Iran’s blockage of the Strait of Hormuz – a key route for roughly one-fifth of global oil and LNG exports before the conflict – traffic through the strait nearly ceased, leading to a sharp rise in prices.
US Blockade Impacts Iranian Oil Exports
Satellite data cited by Bloomberg shows tankers loaded with Iranian oil have accumulated near the port of Chabahar in southeastern Iran.
Iranian Export Constraints
Bloomberg reports this buildup suggests the US blockade is effectively hindering Iranian exports. Iran continues to load oil onto ships, but may soon be forced to halt production due to a lack of storage capacity. It is unclear how many empty tankers Iran still has available, but older vessels appear to be being reactivated.
Aging Tanker Returns to Service
A 30-year-old VLCC tanker, capable of holding up to 2 million barrels of oil, began transmitting a signal from the Persian Gulf last week. This indicates the vessel, which last delivered a cargo in 2023, is now heading west towards Khark Island, Iran’s primary oil export hub.