The superyacht of a sanctioned Russian oligarch and key ally of President Vladimir Putin has sailed through the Strait of Hormuz despite ongoing blockades of the critical waterway. The 465-foot Nord luxury vessel, linked to Alexey Mordashov, crossed the strait while travelling from Dubai to Muscat, Oman, according to MarineTraffic data.
The luxury yacht, valued at more than $500 million, departed a Dubai port on Friday night and docked in Muscat on Sunday. Mordashov, chairman of steel giant Severstal and sanctioned by the West since Russia's full-scale invasion of Ukraine in 2022, denies ownership of the superyacht. It is registered to a firm linked to his wife, the BBC reports.
Iran is holding high-level talks with ally Russia this week amid its deepening row with the United States over reopening the vital shipping route, through which a fifth of the world's oil and gas passes. Meanwhile, Donald Trump is reportedly unlikely to accept a peace proposal from Iran that would see both sides lift their blockades of the strait before any talks on Tehran's nuclear programme.
Oil Prices Rise Amid Uncertainty
The closure of the Strait of Hormuz has sent global oil prices soaring. The global benchmark Brent crude rose to $109 (£80) a barrel yesterday amid a lack of progress in negotiations between Iran and the US. Iran offered to end its chokehold on the strait if the US lifts its blockade on the country and ends the war, in a proposal that would postpone discussions on Tehran's nuclear programme, two regional officials said yesterday. However, a US official reportedly said that Trump does not love the proposal.
Russia Backs Iran's Position
Russia's ambassador to the UN, Vassily Nebenzia, has said Iran has every right to control the Strait of Hormuz and accused Western states of hypocrisy. "There was an attempt to pin full responsibility on Iran as if it was Iran which attacked its neighbours," Nebenzia said. "In times of war, a coastal state that is under attack may limit navigation in its territorial waters for the purpose of security."
UK Government Urges Calm Amid Economic Impact
Chief Secretary to the Prime Minister, Darren Jones, has warned the UK faces higher prices for food and fuel for at least eight months as a result of the war. Prime Minister Keir Starmer, who is due to chair a meeting of the ministerial Iran crisis committee today, said Britons should not panic about the economic impact but acknowledged some changes may be necessary.
"There is going to be an impact on the UK. There already is," Starmer told Sky News. "And I think it's really important that I level with the public that we are doing everything we can to get the Strait of Hormuz open, because obviously that is vital in terms of minimising the impact." Asked what message he had for the public, Starmer said: "Don't panic. But, we chose not to get involved in this war. That was the right thing to do but we must protect the British people from the impact of it."
