Yacht sales are dropping as negative press tied to sanctions against Russian oligarchs leaves potential buyers leery, experts say

Yacht sales are dropping as negative press tied to sanctions against Russian oligarchs leaves potential buyers leery, experts say

Sanctions against Russian oligarchs and the high-profile seizure of their assets is dampening superyacht sales. In the past month, European countries have linked to some of Russian President Vladimir Putin's closest allies in response to Russia's invasion of Ukraine. According to experts, the negative press around the superyachts has started to make potential buyers leery. "These luxurious megayachts very quickly became the main focus when the sanctions started," Denis Suka, a private yacht broker who runs the popular luxury yacht-focused Instagram account , told Insider. "For the yachting industry it was quite shocking to see. He continued: "The sales were up, but now they're dropping. Suddenly, I had people who had admired these Russian yachts attacking them on social media." Prior to Russia's attack on Ukraine, the pandemic helped among the ultra wealthy as they sought more privacy and isolation. Last year, the number of yachts sold hit an all-time international record, according to . More recently, however, there have been that the production of numerous superyachts has been paused amid G7 and EU that ban the export of luxury goods to Russia. One luxury yacht maker in Germany has even begun to clientele to check the ownership of vessels