Praised as “spectacular” and a “masterpiece” by SuperYachtFan.com, the Galvas superyacht is now docked in the Grand Harbour under the ownership of Valery Subbotin, a businessman who has been named in recent international investigative reports for his alleged ties to Russian oil networks and politically exposed figures.
Who is Valerie Subbotin?
Mr Subbotin is reported to co-own a company, Normeston Trading, implicated in the alleged transfer of large volumes of Russian oil into Central and Eastern Europe – allegedly even after international sanctions were imposed on Russia following its invasion of Ukraine.
His name has appeared in investigations by the Organized Crime and Corruption Reporting Project (OCCRP), Kyiv Insider and other international sources, which draw links between his business activities and powerful figures including Hungarian Prime Minister Viktor Orbán’s inner circle and the Kremlin.
According to OCCRP, a company linked to Mr Subbotin, Normeston Trading, has allegedly helped circumvent sanctions by acting as a conduit for Russian crude oil, distributing it through subsidiaries and partnerships based in neutral or EU-member countries.
Various reports suggest that since 2011, Normeston funnelled more than 20 million tonnes of Russian oil worth over $10 billion, despite European sanctions on Russian energy. Strikingly, its shipments even grew after Russia’s 2014 annexation of Crimea and again following the 2022 invasion of Ukraine.
Additionally, Normeston reportedly took a 50 per cent share in a gas trader created by Hungary’s MOL Energy Trade (eventually MET) – an international oil and gas company, headquartered in Budapest, Hungary – then later handed its stake to Prime Minister Orbán’s friends and business partners.
While Mr Subbotin has not publicly responded to the allegations, his profile remains that of a discreet yet influential figure in the European energy trading sector.
Built in 2019 by Dutch shipyard Heesen, Galvas itself is a luxurious vessel featuring six cabins, a gym, beach club, jacuzzi and expansive outdoor decks. The yacht is valued at over €38 million and operates with an annual running cost estimated just under €4 million.
Mr Subbotin is the former Vice-President at Lukoil, Russia’s multinational energy giant spanning oil and gas exploration, production, refining and marketing. He also used to serve as Chairman at Litasco, Lukoil’s trading arm.
According to OCCRP, Mr Subbotin fled Russia in 2016, obtained Cypriot citizenship and now resides in Monaco.
Valery’s brother, fellow oligarch Alexander Subbotin, died under mysterious circumstances in 2022, after allegedly seeking a hangover cure at a shaman’s home in Moscow.
Main Image:
