Two yachts were registered by Roman Abramovich with a total value of approximately 1.2 billion pounds (about 6.7 billion Polish zlotys) in Bermuda – the overseas territory of Great Britain. This allows them to fly under Bermuda’s version of the flag known as the “Red Banner”, a flag derived from the 17th century flag of Great Britain. It is currently used by British merchant ships.

According to the Daily Mail, thanks to this solution, the Abramovich yachts have the consular protection of Great Britain and the protection of the Navy of that country.

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Abramovich’s luxury yachts exceed penalties

This contrasts with the British government’s March 10 decision regarding sanctions against Abramovich – a Russian oligarch known for his investments in Great Britain (including Chelsea Football Club of London). Government restrictions included, inter alia, a ban on entry to British soil and a freezing of the billionaire’s financial assets.

According to the Daily Mail, Abramovich’s luxury yacht named “Solaris”, flying the flag of “Red Ensign”, was spotted in the port of Tivat in Montenegro. The various versions of the ‘Red Ensign’ may be used by units registered in the British Overseas Territories – incl. In Bermuda, the Cayman Islands, the Falkland Islands and Gibraltar.