The $578 million megayacht owned by Russian oligarch Andrey Melnichenko was seized by Italy

• Russian oligarch Andrey Melnichenko's yacht was seized Friday, Italian authorities said.
• Sailing Yacht A is the world's largest sailing yacht at around 469 feet long and has eight decks.

A megayacht belonging to Russian oligarch Andrey Melnichenko was seized by Italian authorities on Friday, CNN reported.

A statement from Italy's finance police said the yacht, known as SY A or Sailing Yacht A, was worth around 530 million euros, or $578 million, according to CNN. It also said the yacht was currently in storage in Trieste, Italy. Maritime tracking data viewed by Insider confirmed the location of the yacht in the Adriatic Sea.

Melnichenko is one of the billionaire oligarchs sanctioned by the European Union in response to Russia's invasion of Ukraine. Melnichenko, who is worth $11 billion according to Forbes, owns majority stakes in a fertilizer company and a coal company.

In announcing its decision, the EU council said Melnichenko "belongs to the most influential circle of Russian businesspeople with close connections to the Russian Government." It also said he was among a group of 37 businesspeople who met with Russian President Vladimir Putin and other officials on February 24 to discuss the impact of potential sanctions.

"The fact that he was invited to attend this meeting shows that he is a member of the closest circle of Vladimir Putin and that he is supporting or implementing actions or policies which undermine or threaten the territorial integrity, sovereignty and independence of Ukraine, as well as stability and security in Ukraine," the EU said, adding it also showed he is "providing a substantial source of revenue to the Government of Russia."

Sailing Yacht A is the worlds largest sailing yacht at around 469 feet long, according to SuperYachtFan.com. It has 300-foot masts, eight decks, a swimming pool, and an underwater observation pod. It's one of several megayachts owned by Russian oligarchs that are subject to sanctions.

Some Russian oligarchs and billionaires have tried to escape sanctions by transporting their luxury yachts to places like Dubai, which has not enacted sanctions, and the Maldives, which does not have an extradition treaty with the US.