A superyacht linked to Alexei Mordashov, a billionaire ally of Russian President Vladimir Putin, has successfully navigated the Strait of Hormuz despite Iran's ongoing blockade of the strategic waterway.
The 142-meter luxury vessel, named Nord, departed Dubai on Friday night and arrived in Muscat, Oman, on Sunday morning, according to Marine Traffic data. Valued at over $500 million, the yacht is one of the few private ships to transit the strait in recent months.
Mordashov, whose net worth is estimated at $37 billion by Forbes, is not officially listed as the owner. However, records show the Russian-flagged boat was registered to a company owned by his wife in 2022.
Iran has severely restricted shipping through the Strait of Hormuz since late February, following US and Israeli strikes. Tehran warned that any vessel approaching the strait would be targeted, while the US announced it would intercept ships traveling to or from Iranian ports. The Marine Traffic route suggests Nord did not stop in Iran, though it's unclear if Tehran granted permission.
The strait is a critical chokepoint for global oil and liquefied natural gas supplies, with about one-fifth of the world's crude passing through. The blockade has contributed to surging oil prices, with Brent crude reaching $109 per barrel on Monday.
Mordashov, a steel and mining magnate, has been under Western sanctions since Russia's 2022 invasion of Ukraine. His 65-meter yacht Lady M was impounded in Italy in March 2022, prompting oligarchs to move vessels to regions beyond sanctions enforcement, including the Middle East and Asia. Hong Kong and the Maldives previously declined to seize Nord despite Western requests.
Meanwhile, Iran has strengthened diplomatic ties with Russia. Putin hosted Iranian Foreign Minister Abbas Araghchi in St. Petersburg on Monday, praising Iran's "courageous fight" for sovereignty. Araghchi described the relationship as a "strategic partnership" and thanked Russia for supporting diplomacy.