Russian oligarch’s yacht arrives in Malta after suspension of ‘golden passports’

The yacht of a well-known Russian oligarch with the so-called “golden passport”, which Malta granted him for investing in the country, docked this Friday in the port of Birgu, after the Government suspended the granting of this type of document as a sanctioning measure in the face of Russia’s invasion of Ukraine, local media reported.

The gigantic 70-meter yacht of Russian billionaire Maxim Shubarev, chairman of Setl Group, one of Russia’s largest financial and industrial associations, docked in the port of Birgu this Friday morning, the country’s two main newspapers reported, Malta Today and Times of Malta.

Neither Shubayev nor his company are currently on the list of Russian oligarchs who have been sanctioned, but the media denounces that the government could be protecting the Russian tycoon, since in 2018 he bought a Maltese passport thanks to investments in the country, one of the ways to obtain this documentation that is being highly questioned by the European Union (EU).

The Maltese-flagged yacht, Polaris, was purchased last summer and is worth €80m, but it is unclear if Shubarev is on the ship, which arrived in Malta from Viareggio in Italy.

Last week, Deputy Minister for Citizenship Alex Muscat defended Malta’s citizenship-through-investment project, insisting it is not the controversial golden passports.

However, the Government of Robert Abela yielded to international pressure on Wednesday and backed down, saying that it would suspend the possibility of obtaining this type of document for both Russians and Belarusians, while it remains operational for applicants from other countries.

On Monday, during a debate on the role of the EU in the Russian invasion of Ukraine, the President of the European Parliament, the Maltese Roberta Metsola, also stressed that stopping the sale of these passports should be part of an action plan to separate Europe of Russian influence.

Malta and the EU are currently locked in a legal battle over these so-called “golden passports” and that the Twenty-seven want to ban.

The passport suspension will apply to both the Maltese nationality by investment scheme and the residence by investment scheme, which must be renewed annually. And renewal requests will be considered on a case-by-case basis and subject to further checks

Foreign Minister Evarist Bartolo also weighed in on Wednesday, saying none of the EU-sanctioned Russian oligarchs had a Maltese passport and arguing that many Russian applicants seeking such a document are seeking to escape Russian President Vladimir Putin’s regime.