WASHINGTON (AP) — The United States is conducting an auction for the $325 million superyacht, Amadea, marking the first sale of a Russian-owned superyacht seized after Russia’s comprehensive invasion of Ukraine.

This auction, set to conclude on September 10, aligns with President Trump’s efforts to amplify pressure on Russian leader Vladimir Putin to halt the conflict. The U.S., alongside its allies, is targeting Russian oligarchs—some with close ties to Putin—by confiscating their luxurious yachts in hopes of motivating an end to the war.

The Amadea, stretching 348 feet (106 meters), was confiscated three years ago and is currently moored in San Diego. This vessel, custom-built by the German firm Lürssen in 2017 and designed by François Zuretti, boasts lavish interiors adorned with marble, alongside eight luxurious rooms, a beauty salon, spa, gym, helipad, swimming pool, and an elevator. It can host 16 guests and has space for 36 crew members.

Identifying the actual owner of the Amadea has proven challenging due to a complex web of trusts and shell companies. The yacht is registered in the Cayman Islands and owned by Millemarin Investments Ltd., also situated in the Cayman Islands.

The U.S. alleges the yacht belongs to Suleiman Kerimov, a Russian economist and former politician, who faced U.S. sanctions in 2018 over suspicions of money laundering. In contrast, Eduard Khudainatov, ex-chairman and CEO of the Russian oil and gas giant Rosneft, claims ownership, yet he hasn’t faced sanctions.

U.S. prosecutors assert Khudainatov serves as a proxy owner to mask Kerimov’s actual ownership of the yacht. Legal proceedings to determine the yacht’s true ownership continue.

A representative of Khudainatov said in an emailed statement Wednesday that the planned sale of the yacht is “improper and premature” since Khudainatov is appealing a forfeiture ruling.

“We doubt it will attract any rational buyer at fair market price, because ownership can, and will, be challenged in courts outside the United States, exposing purchasers to years of costly, uncertain litigation,” said the representative, Adam Ford.

The yacht has been virtually untouched since the National Maritime Services took custody of it in 2022. To submit a sealed bid on it, bidders must put in a 10 million euro deposit, the equivalent of roughly $11.6 million, to be considered.

Ford said Khudainatov would go after any proceeds from the sale of the yacht, estimated to be worth $325 million.

“Should the government press ahead simply to staunch the mounting costs it is imposing on the American taxpayer, we will pursue the sale proceeds, and any shortfall from fair market value, once we prevail in court,” Ford said.

A U.S. aid package for Ukraine signed into law in May 2024 gave the U.S. the ability to seize Russian state assets located in the U.S. and use them for the benefit of Kyiv, which was attacked by Russia in February 2022.