Lorraine Williamson
In April 2022, Spanish authorities, in collaboration with the US FBI and Homeland Security Investigations, seized the 255-foot luxury yacht ‘Tango’ in Palma de Mallorca. The vessel, valued at $90 million, is owned by Russian oligarch Viktor Vekselberg, who was sanctioned by the US Department of the Treasury in 2018.
The seizure was part of Operation Task Force KleptoCapture, an initiative aimed at confiscating assets from Russian elites following Russia’s invasion of Ukraine.
Maintenance costs and legal implications
Since its seizure, the ‘Tango’ has remained docked at Club de Mar in Mallorca. Maintaining the yacht in operational condition has reportedly cost the US government approximately $32 million over the past three years. These expenses have raised concerns about the financial and legal implications of holding seized assets for extended periods without resolution.
Policy shift under the Trump administration
In February 2025, the Trump administration announced the disbandment of Task Force KleptoCapture. Attorney General Pam Bondi stated that resources previously allocated to this initiative would be redirected towards combating drug cartels and transnational criminal organisations. This policy shift indicates a change in the US government’s approach to sanctions enforcement and asset seizures related to Russian oligarchs.
Potential return of the ‘Tango’ to its owner
With the termination of Task Force KleptoCapture, there is speculation that assets seized under the program, including the ‘Tango,’ may be returned to their original owners. Moreover, this development aligns with President Trump’s stated intention to improve relations with Russia. However, the legal process for returning such assets is complex and may face challenges both domestically and internationally.
Ongoing peace negotiations
In parallel, President Trump has initiated discussions with Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskyy to stimulate dialogue aimed at ending the ongoing conflict in Ukraine. These efforts have included direct communications and proposed meetings to negotiate a peaceful resolution. The outcome of these talks may influence decisions regarding seized assets like the ‘Tango.’
The Trump administration’s plan to discontinue the seizure of Russian assets, exemplified by the potential release of the ‘Tango’ yacht, marks a notable shift in US foreign policy. This move, coupled with active peace negotiations, reflects a broader strategy to redefine relations with Russia and address the complexities of the Ukraine conflict.