German authorities this week seized a $600 million luxury yacht belonging to a Russian oligarch, according to reports.
Forbes reported, the 512-foot vessel belonging to billionaire Alisher Usmanov, was taken over by authorities while it was being refitted in a German shipyard.
The move was discovered by the business magazine on Wednesday, barely two days after Usmanov was sanctioned by the European Union in retaliation to Russia's invasion of Ukraine, according to the report.
According to the Washington Examiner, the EU has accused Usmanov of being a close associate of Russian President Vladimir Putin and a backer of Russia's 2014 annexation of Crimea.
On Thursday, Russia’s foreign minister said Moscow is ready for peace talks but will continue its effort to destroy Ukraine’s military infrastructure, which the Kremlin claims is threatening Russia.
Meanwhile, the United Nations says more than 1 million people have fled Ukraine following Russia's invasion, the swiftest refugee exodus this century.