The Shipyard Where "Putin's Yacht" Is Docked—at A Cost Of 40 Million Euros—has Found Itself On The Brink Of Bankruptcy
- 23.09.2026, 3:03
The company is urgently seeking funds to stay afloat.
The Italian Sea Group (TISG), which has been maintaining and modernizing “Putin’s yacht”—the “Scheherazade”—which has been impounded in Italy for four years, is on the verge of bankruptcy and is urgently seeking funds to stay afloat. The company’s contract for the repair and mooring of the 140-meter vessel has also expired, according to The Moscow Times.
After the yacht was frozen in 2022, Italian authorities agreed on a special financing plan with the shipowner. The offshore company Bielor Assets, based in the Marshall Islands, continued to transfer approximately 10–12 million euros per year. Its owner remains unnamed. Over the four years since the “Scheherazade” was frozen, 40 million euros have been spent on it, according to La Stampa. The crew continues to receive salaries even though the yacht is moored at the dock. Before the freeze, more than 70 people worked on the vessel; now there are about 25.
For the fifth year in a row, the “Scheherazade” has been undergoing modernization. A new beach area with direct access to the water was added to the yacht. On August 28, after four years moored at Marina di Carrara, the “Scheherazade” set sail and, during engine trials, headed toward the Gulf of La Spezia. All of this work was carried out as part of a 2021 contract with TISG. Now, representatives of the yacht’s owner are requesting a change in the yacht’s administrator—Giovanni Costantino, founder of the TISG shipyard
The shipyard itself is facing severe financial problems. It has found itself on the brink of bankruptcy. The group’s equity has fallen into the red by 388 million euros, and its loss has reached 170.9 million euros. Creditors have filed a lawsuit demanding the company’s liquidation. In September, the company announced that it planned to lay off 270 employees—more than 60% of the production site’s workforce.
The “Scheherazade” was built by the German shipyard Lürssen and launched in 2020. It is 140 meters long. Its six decks feature two helipads, an underwater disco, a movie theater, a gym, a sauna, a hammam, a cryochamber, and a medical unit.
When the yacht was frozen on May 6, 2022, the Italian Ministry of Economy stated that it had uncovered links between its owner and high-ranking representatives of the Russian government and individuals subject to sanctions. The former head of Rosneft Eduard Khudainatov identified himself as the owner of the “Scheherazade.” Several investigations have linked the yacht to Putin. The team of Alexei Navalny determined that among the key crew members were employees of the Federal Protective Service who work at Putin’s “Bocharov Ruchey” residence. The “Dossier” Center reported that the “Scheherazade” cost 583 million euros, and that the funds for its construction were raised by a group of businessmen led by Gennady Timchenko, a friend of the Russian president.
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