Though the Strait of Hormuz has been effectively closed as the war in Iran enters its ninth week, that hasn’t stopped one of the world’s largest luxury superyachts from gaining passage through the chokepoint.
The Nord, a 464-foot vessel tied to Russian businessman Alexei Mordashov, left Port Rashid in Dubai on Friday and sailed through the Hormuz Strait over the weekend before it was anchored in Oman on Sunday, according to data from maritime traffic tracking databases VesselFinder and Kpler. The ship is associated with Mordashov, a Russian billionaire and owner of steel magnate Severstal, with shipping records showing Mordashov’s wife Marina Mordashova, owning the vessel for a brief window in 2022. Mordashov is Russia’s wealthiest person, with a net worth of about $37 billion, according to Forbes.
The vessel, valued at about $500 million, is the 12th largest superyacht in the world. In addition to two helipads, the yacht also has a helicopter hanger that converts into a squash court, as well as a 25-meter long swimming pool. It’s the larger of two yachts that Mordashov appears to own, the other being the 137-foot Lady M.
The Nord is the world’s 12th largest superyacht and worth about $500 million.PETER PARKS/AFP via Getty ImagesThe Nord is among only a handful of vessels that have been able to pass through the Strait of Hormuz since the U.S. and Israel’s initial attack on Iran at the end of February. Since the beginning of the war, nearly 800 vessels have been stuck in a holding pattern near the passage, impacting about 20,000 mariners. According to the Center for Strategic and International Studies, traffic in the strait has plummeted from more than 150 vessels daily before the war to fewer than 25.
The trade route through which 20% of the world’s oil usually passes, the Strait of Hormuz’s closure has resulted in significant supply chain disruptions and oil prices topping $110 per barrel, and poised to increase further.
The Nord’s complicated geopolitical past
It is unclear how the Nord was able to pass through the Strait of Hormuz. Mordashov has close ties with Russian president Vladimir Putin, and Russia has been a longtime ally of Iran. On Monday, Iran foreign minister Abbas Araghchi met Putin in Russia to discuss the war as Russia works to maintain support for its ally while not becoming too involved in the war.
The Nord has drawn U.S. scrutiny since 2022. Mordashov is under sanctions imposed by the U.S. and European Union in 2022 following the onset of Russia’s war on Ukraine. At the time, the EU said in a statement it imposed the restrictions due to Mordashov’s links with television stations that “actively support the Russian government’s policies of destabilization of Ukraine.” Mordashov’s assets in the U.S., UK, and EU are frozen, including his $25 million yacht Lady M, which was seized and impounded by Italian authorities in 2022. In 2022, the Nord was able to avoid U.S. seizure after sailing from Hong Kong to Cape Town.
This story was originally featured on Fortune.com
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