It was seen as a way for Russia to prop up its currency and retaliate for Western sanctions, but it could cause global energy prices to spike. One analyst sees it as a warning to the rest of Europe.
The move was widely seen as an effort to prop up the ruble and strike back at Europe amid an onslaught of Western penalties levied against Russian banks.
The city is preparing to retrain some workers and give temporary public works jobs to thousands more as a growing number of Western companies distance themselves from Russia.
German authorities impounded the 15,917-ton yacht after confirming that sanctioned Russian billionaire Alisher Usmanov had transferred ownership to his sister, who is also under Western sanctions.
Events over the past week have brought Russia precariously close to its first default on foreign debt since the Bolshevik Revolution over a century ago.
Meanwhile, the Russian economy is expected to contract by some 11% this year as a result of sanctions, and several other countries in the region are projected to fall into recession.
The paintings and sculptures, some of which are reportedly priceless, had been loaned by Russia to museums in Italy and Japan. Finnish agents detained them at a border crossing over the weekend.
Detaining the yacht, named Phi, is "a clear and stark warning to Putin and his cronies," Britain's transport secretary said. Officials said the yacht's ownership is "deliberately well hidden."
The U.K. announced new economic sanctions against Russia and sanctioned more oligarchs and politicians. Government officials say they've designated more than 1,000 entities since the invasion began.
Global companies are exiting Russia after the country's invasion of Ukraine. For some observers, it marks the return of Russia to a time when it was closed off from the global economy.
The Russian billionaire faces an asset freeze and travel ban, just a week after he announced plans to sell the club. The U.K. government aims to shield players and fans from the sanctions' impact.
France says it seized a yacht belonging to Igor Sechin, an oil executive and close ally of Russian President Vladimir Putin, after the U.S. and European Union sanctioned a slew of Russian oligarchs.
Companies ranging from General Motors to UPS are exiting or reducing their operations in Russia as wide-ranging sanctions make it all but impossible to operate in the country.
President Biden announced more sanctions on Russia's military and economy over its invasion of Ukraine. Sanctions have become a favored tool in presidents' arsenals, but they don't always work.
