93m seized superyacht Royal Romance brought under Ukrainian flag state to facilitate auction

The Asset Recovery and Management Agency (ARMA) and the Shipping Administration of Ukraine have given a "provisional right to fly under the State Flag of Ukraine" to the 92.5-metre superyacht, Royal Romance, which had previously been registered under a Malaysian flag state. According to Yevhenii Ihnatenko, the head of the Shipping Administration, the change was implemented in order to direct the proceeds of the yacht's sale by auction to the state budget of Ukraine. 

"This is a historic moment for our country. For the first time in the history of Ukraine, a seized asset located abroad has received state registration to Ukraine," said Ihnatenko. "We are proud to be a part of this process and are confident that this property will serve the interests of Ukraine."

The development comes after ARMA announced it had entered into negotiations with US-based Boathouse Auctions to perform the sale. Netherlands-based Troostwijk Auctions was previously voted as the responsible auction house but has since informed ARMA that it refuses to continue negotiations. The reasons given are confidential and not subject to disclosure.