A sanctioned steel mogul's $100 million superyacht is heading towards the Suez Canal but will likely travel to Turkey, report says

• A $100 million superyacht owned by Russian oligarch Alexander Abramov is heading for the Suez Canal.
• After leaving the Suez Canal, it'll probably go to Turkey, a maritime data scientist told Bloomberg.

A sanctioned Russian oligarch's $100 million superyacht is making a beeline for the Suez Canal but will likely head to safe Turkish waters, Bloomberg reported.

Alexander Abramov, cofounder of Russian steelmaker Evraz, owns the 80-meter luxury vessel named Titan, according to SuperYacht Fan.

Data from Marine Traffic, a ship-tracking site, shows that Titan left Dubai port on April 22 and was sailing off the coast of Oman in the Arabian Sea at the time of writing. The yacht's destination was listed as Suez Canal, Egypt, per Marine Traffic.

Titan will probably make its way to Turkey after exiting the Suez Canal, Jerome Weiss, a maritime data scientist at analytics firm Spire Global, told Bloomberg.

Turkey has become a popular destination for Russian oligarchs' yachts because the government hasn't sanctioned Russia over its war in Ukraine. This means the oligarchs' assets are at less risk of being seized. Turkish President Recep Tayyip Erdogan has previously criticized the sanctions imposed on Russia but has also backed Ukraine.

Yachts owned by billionaires Roman Abramovich and Oleg Deripaska have docked in Turkish ports after sanctions were levied against the men. Both Abramovich's superyachts, worth $1 billion combined, have remained in Turkish waters since late March.

Abramov was among the 67 Russian oligarchs who were sanctioned by the Australian government in early April for "their role in Russia's unprovoked, unjust and illegal invasion of Ukraine," per a statement.

The steel tycoon, who has an estimated net worth of $7.3 billion, according to Bloomberg's Billionaire Index, has not yet been put on US, UK, or EU sanctions lists.