The 303-foot vessel, known as “Royal Romance,” was delivered by Feadship in 2015.
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The vessel stopped transmitting its location en route to Cape Town. Now it’s in the Indian Ocean.
The collection included 30 paintings that were once on display on board one of the world’s largest private yachts.
Both Nikolay Storonsky and Oleg Tinkov have formally changed their citizenship this year.
A spokesman for President Cyril Ramaphosa said the nation was under “no legal obligation” to comply with Western sanctions.
The Lürssen vessel Nord is connected to the third-richest man in Russia.
The original was destroyed by Russian forces during the invasion of Ukraine.
It’s the first public sale of an oligarch’s seized asset since Russia invaded Ukraine.
The Airbus A319-100 has been linked to sanctioned Russian billionaire Andrei Skoch.
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