To those who recall the modest but elegant dimensions of the Royal Yacht Britannia, it is nothing less than an aberration, a monstrous floating palace built not for a queen but to one man's towering vanity.
That such a ship, where every conceivable surface is of gold or inlaid marble, should be given the name of one of the most gentle and noble figures in literature only adds to the sense of outrage.
For this is the Scheherazade, reputedly Vladimir Putin's _500 million superyacht where each of its six decks groans with obscene luxury and hideous excess.
There is, however, some grim satisfaction that as his guns continue to pulverise the Ukrainian port city of Mariupol and rain death on defenceless citizens across Ukraine, this monument to vulgarity — where even the lavatory paper is dispensed via tasteless golden holders — is, for now at least, trapped behind the masts of a forest of lesser craft and unable to put to sea.





The superyacht boasts twin helipads, capable of landing Russian attack helicopters, immaculate teak decks and a highly sophisticated communication and defence system with the ability to shoot drones out of the sky 






Scheherazade (seen in drydock), is one of the largest and most expensive superyachts in the world

When thousands are dying at his hands, it seems dishonourable to celebrate the impounding in an Italian dry dock of a mere boat.
But then ownership of possessions such as Scheherazade are how Putin, like some latter-day absolute monarch, demonstrates power.

In a country where the average Russian's annual salary is _5,000, the riches lavished on the yacht are almost beyond comprehension.
Outside are twin helipads, capable of landing Russian attack helicopters, immaculate teak decks and a highly sophisticated communication and defence system with the ability to shoot drones out of the sky.

But it is inside that the sheer opulence begins.




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Together: Putin and his alleged lover Alina Kabaeva at an event in the Kremlin (file photo)

This combination of greed and acquisitiveness has marched in lockstep with a vaulting ambition to restore to Russia the influence and empire of its Soviet Union-era heyday.
However, Putin's dream of expansion of Russia's borders through his brutal invasion of Ukraine now threatens the very existence of the one thing he prizes above all others — the prosperity he has accumulated, much of it plundered from the very people he professes to serve.
He is believed to have stashed millions of his personal wealth in London, and a new so-called kleptocracy unit spearheaded by the National Crime Agency is set to launch an investigation. Anyone who is holding property or assets on Putin's behalf will be targeted and could face sanctions.

But layers of secrecy around the Russian president's holdings will make it extremely difficult for investigators to link any assets to him.
Calculating the worth of the one-time penniless KGB operative has been one of the conundrums of the past two decades.

How could a man who likes to describe himself as a mere ‘galley slave', a ‘humble servant' of the people with a state salary of just $140,000 (_104,000), afford to live a life full of such unimaginable excess? This, remember, is a man who boasts the most modest of declared assets — two small apartments, a couple of Russian-built cars and a 1,500 sq metre plot of land.
Yet according to Bill Browder, the U.S.-born hedge fund manager who has exposed much of the corruption in Putin's Russia, this is the same man who has accumulated a _160 billion fortune.
So what are his most visible assets?

First, his Black Sea lair, an 18,000 sq metre Italianate mansion within an estate that is 39 times the size of the principality of Monaco. It includes vineyards, an underground ice hockey rink and a lap-dancing studio.





A smaller, older vessel, the Graceful (seen leaving Hamburg last month), has long been suspected of belonging to Putin









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Putin's former judo sparring partner, Arkady Rotenberg (both pictured in 2019), is another who has grown exceedingly rich after receiving billions of dollars in state contracts ahead of the 2014 Winter Olympics hosted by Russia

According to that scenario, Russia's assets are Putin's assets.

He doesn't actually need personal wealth.
His complaint about unpatriotic tycoons who hide their money offshore is bizarre — his youngest officially recognised daughter Katerina Tikhonova, 35, owns a villa in the French seaside resort of Biarritz.
And in the past he has been only too happy for his chums to enrich themselves in a similar manner.
Many of his henchmen have taken their loot to Monaco, where benign tax laws — and the warm climate — have long made it a favourite destination for Putin's friends.
‘It has become Moscow on Sea,' says local lawyer Dominique Anastasi.

‘Nobody asks where your money comes from. There's no culture of checking. You don't make a tax declaration.'
One arrival in the tax-free principality is of particular significance. Late last year, Svetlana Krivonogikh was identified as the owner of a fourth-floor flat overlooking Monaco's marina with a roof garden, two parking spaces and the use of a pool.
What made the purchase all the more remarkable was that Svetlana had been brought up dirt-poor in a crumbling St Petersburg apartment block where five families shared a kitchen and bathroom.
She had earned her living as a cleaner in a local store — but, around the turn of the millennium, her life changed.

In the space of a few years, she became extremely wealthy. She acquired a flat in a prestigious compound in her home city, properties in Moscow, a yacht and other assets, including shares in a bank and a ski resort.
All in, she was said to be worth an estimated _75 million. The reason? She had met a benefactor — Vladimir Putin. Putin's arch critic Navalny has said: ‘There are 20 million beggars in this country and he buys a yacht for his mistress.'
Ex-mistress might be more accurate.

He is widely reported to be dating former Olympic gymnast Alina Kabaeva.




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Currently docked for repairs at the Italian Sea Group shipyard in Marina di Carrara, Italy, the Scheherazade is protected by measures that are extreme even by the ultra-private standards of the superyacht world

Putin is alleged to have shared a daughter with Svetlana, who was rumoured to have attended a British public school.
Thanks to the West's effective sanctions, authorities have begun stripping away at the phoney shell companies and secretive offshore accounts that shield Russian wealth — but there is one big question. Can they seize the ultimate prize, Putin's own vast treasure?
Because it is only then that his grip on power may begin to loosen. Impounding his gold-plated yacht is just the start.