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British overseas territory Gibraltar has seized a $75m superyacht, Axioma, owned by sanctioned Russian oligarch Dmitry Pumpyansky, the owner and chairman of oil and gas steel pipes manufacturer OAO TMK.

OAO TMK supplies Russia’s state-owned energy entity Gazprom.

At the start of this month, billionaire Pumpyansky was included in the UK and European Union lists of sanctioned individuals, reported The Guardian.

Following the impounding of Pumpyansky’s yacht, UK Transport Secretary Grant Shapps said that they are doing all they can ‘to cripple Russia’s aviation and shipping industries.’

He added: “It’s not just here in the UK those sanctions apply, either. They are being mirrored in our overseas territories too.”

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Built in 2013, Axioma is a 240ft superyacht that can accommodate 12 guests and 20 crew members, according to SuperYachtFan.

Axioma was previously moored in the Caribbean island of Antigua. The superyacht set sail on 3 March and reached Gibraltar 18 days later, reported Business Insider, citing Marine Traffic.

This news surfaced after two superyachts owned by Chelsea FC owner Roman Abramovich were moved to dock at Turkish ports.

Abramovich’s 163m yacht Eclipse docked at Marmaris port, while his other yacht, Solaris, moored at Bodrum port. Turkey has not imposed economic sanctions on Russia.

Following Western sanctions in the wake of Russia’s invasion of Ukraine, superyachts owned by Russian oligarchs have been impounded by various governments.

Last week, Russian oligarch Igor Sechin’s superyacht, called Crescent, was seized by Spanish officials in the eastern region of Catalonia.

The 135m-long Crescent is worth $600m and registered in the Cayman Islands.