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Why Russia's Megarich Are Staying Away From Europe's Party Islands

  • Sanctioned Russians steer clear of Balearic Sea this spring
  • Spain and allies look to seize yachts, villas, luxury assets

Russian tycoons are steering clear of the Balearic Sea this year -- usually a favorite hangout among sunny Spanish islands famed for nightclubs and partylife -- to avoid having their megayachts seized.  

Best known for the resort islands of Majorca and Ibiza, just one vessel tied to a sanctioned Russian tycoon was spotted in the region this spring after Russia invaded Ukraine and sanctions were quickly imposed, according to an analysis for Bloomberg News by Spire Global Inc., which provides maritime intelligence data.