The Asset Recovery and Management Agency (ARMA) is bringing the sale of theRoyal Romance yacht closer — one of the most valuable seized assets linked to thesanctioned Viktor Medvedchuk. Following a prolonged period of internationalapprovals, court proceedings and the overcoming of numerous legal obstacles, theasset sale process has entered its final stage.
The history of Royal Romance has become unprecedented for Ukraine. For the firsttime, a seized asset located abroad is undergoing a sale procedure with theparticipation of the Ukrainian state.
It should be noted that the yacht was seized in Croatia in 2022 and transferred toARMA for subsequent sale. However, the asset’s realization encountered significantlegal resistance.
Due to the expiration of the statutory sale period in 2024, the procedure had to berestarted, with the necessity of selling the asset being substantiated anew and thecomplex process of international approval being undertaken once again.
The case was significantly complicated by the activities of individuals associatedwith Viktor Medvedchuk, who used available legal mechanisms to delay the processand block the adoption of the necessary decisions. An additional challenge was posedby the multi-layered system of legal structures and protective mechanismsestablished across several foreign jurisdictions.
Despite this, ARMA, together with Ukrainian and international partners, succeededin ensuring substantial progress in the case. The necessary legal position wasdeveloped, key procedural barriers were removed and the preconditions forcompleting the asset sale process were established.
The Royal Romance case has become one of the most illustrative examples of howsanctions policy should work in practice. The seizure of an asset is not an end initself. Real results are achieved when individuals who have spent years using theirwealth to preserve influence and avoid accountability ultimately lose control overthose resources.
For this reason, the Royal Romance case became a catalyst for changes in ARMA’soperations and an important element of the Agency’s institutional reform. The systemfor managing seized assets is gradually transitioning from the formal accounting ofproperty to ensuring its real economic efficiency and generating revenue for the statebudget.
The management of assets located abroad is carried out within the framework ofinternational cooperation in accordance with the United Nations Convention againstCorruption. Intergovernmental arrangements make it possible to regulate the sale ofassets under the legislation of the country where they are located, the distribution ofproceeds from the sale and the mutual exchange of information between competentauthorities.
For Ukraine, the realization of Royal Romance is much more than the sale of a high-value yacht. It is a demonstration of the state’s ability to ensure the inevitability ofconsequences for sanctioned individuals, regardless of the complexity ofinternational legal mechanisms or attempts to conceal assets abroad.
Upon completion of all legal procedures, the proceeds from the sale of RoyalRomance may become one of the largest contributions to the state budget from thesale of seized assets in Ukraine’s history.
