France Seizes Russian Oligarch Igor Sechin's $120M Yacht amid Sanctions Over War in Ukraine

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The French government seized a 280-foot yacht they say is owned by Russian businessman Igor Sechin, they announced on Thursday.

The yacht, named Amore Velo, was confiscated as its crew tried to depart from the Mediterranean port of La Ciotat, according to a translated letter from the French Ministry of Economy and Finance. The ship was initially scheduled to leave the port in April as it underwent repairs.

"At the time of the inspection, the ship was making arrangements to sail urgently, without having completed the planned work," the ministry explained.

Amore Velo is said to be worth $120 million, the website Super Yacht Fan said. It can accommodate 14 guests and a crew of 28.

Officials took the vessel under European Union sanctions meant to freeze the assets of Russian oligarchs, which went into place after the country sent troops into Ukraine last week.

"Thank you to the French customs officers who are enforcing the European Union's sanctions against those close to the Russian government," French Finance Minister Bruno Le Maire said in a translated tweet.

In a message on Feb. 28, the European Union condemned Russia's aggression toward Ukraine and named Sechin, the CEO of Russian oil company Rosneft, as one of President Vladimir Putin's "most trusted and closest advisors, as well as his personal friend."

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"He has been in contact with the Russian President on a daily basis," the letter claimed. "He is considered to be one of the most powerful members of the Russian political elite."

"His connections to Vladimir Putin are long and deep," EU representatives added. "He worked with the President in the St. Petersburg mayor's office in the 1990s and has proved his loyalty ever since."

The EU alleges that Sechin receives financial gains and important assignments in return for his loyalty to Putin. They believe he "actively supported materially or financially" the decision to destabilize Ukraine, and has benefitted from the invasion.

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According to the New York Times, the U.S. Justice Department created a task force this week to go after billionaires who have helped Putin in his invasion of Ukraine. The group is called Task Force KleptoCapture.

U.S. President Joe Biden has sought to freeze Putin's assets and those of other Russian national security officials, the outlet said.

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Details of the attack in Ukraine and the fighting change by the day, but this is the first major land conflict in Europe in decades — and hundreds have already been reported dead or wounded, including children. Thousands more people have fled or tried to escape Ukraine amid warnings of a possible "refugee crisis."

The invasion, ordered by Russian President Vladimir Putin, has drawn widespread condemnation around the world as well as increasingly severe sanctions against Russia. Various countries have also pledged aid or military support to Ukraine, whose president, Volodymyr Zelenskyy, has pleaded for peace talks while urging his country to resist.

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Putin insists Ukraine has historic ties to Russia and he is acting in the interest of so-called "peacekeeping."

The Russian attack on Ukraine is an evolving story, with information changing quickly. Follow PEOPLE's complete coverage of the war here, including stories from citizens on the ground and ways to help.