According to ARMA’s statement, the pre-trial investigation has now been completed, the Office of the Prosecutor General of Ukraine has submitted the indictment to the court, and the matter has entered the trial stage.
The agency said this shift has opened the way for valuation work, a decision on the sales model, and what it describes as a transparent public sale procedure. Relevant case materials about the Feadship yacht have also been passed to Croatian authorities through international legal cooperation channels.
A Timeline Marked by Delays and Reversals
Royal Romance was seized in Croatia in 2022 and has since become one of the most closely watched sanction-linked yacht cases in Europe. The yacht is widely reported as being associated with Medvedchuk, a former Ukrainian lawyer and politician who was sanctioned by Ukraine in 2021. Medvedchuk has been living in Russia since September 2022, according to multiple industry reports.
In January 2024, a Croatian court ruled to transfer the yacht to Ukraine for management and sale. That decision set off a sale process led by ARMA, which opened a competitive selection procedure to appoint a representative to handle the disposal of the vessel abroad. Troostwijk Auctions was initially selected in April 2024, but withdrew soon after. ARMA then entered talks with Boathouse Auctions as the next-ranked participant.
That effort later stalled. By July 2024, Ukrainian officials said the country no longer had the authority to sell the yacht after the District Court of Split canceled the seizure, citing the absence of an indictment in the related criminal case. That setback effectively froze the process and raised the prospect that Ukraine could even lose control of the asset.
Pressure built again in early 2025, when ARMA called for an investigation into the delays, arguing that the case had been held back for reasons still not fully explained. At the time, ARMA said the sale could bring at least €130 million into the Ukrainian state budget.
ARMA Sets Out Next Steps Toward Sale
ARMA’s latest statement suggests the key missing piece has now been restored. With the indictment filed and the case moving into trial, the agency says it is once again preparing for the real mechanics of a sale - asset valuation, the structure of the disposal process, and public oversight of the transaction. It also laid out a broader roadmap that would run from recognition of the Ukrainian court decision through to the sale itself and the eventual transfer of proceeds into state accounts, followed by distribution between jurisdictions.
The agency also made clear that resistance remains part of the picture. In its statement, ARMA said the case continues to face procedural opposition from parties associated with Medvedchuk, including attempts to slow proceedings through available legal channels. Rather than treating that as a surprise, ARMA described it as an expected feature of a case of this scale and sensitivity.
Under Arrest and Preserved Ahead of Sale
Royal Romance has remained under Croatian jurisdiction throughout the case. In June 2025, ARMA said the motor yacht would be temporarily moved from a naval base in Split to Trogir for mandatory technical maintenance before being returned to its existing berth. The agency said both Ukrainian and Croatian authorities continued to support the detention of the vessel, which remained under arrest and under ARMA’s control.
That maintenance move was more than a logistical footnote. It underlined the reality that a yacht of this size cannot simply sit indefinitely without technical attention, especially if it is meant to preserve value ahead of a future sale. Keeping the vessel operational has been part of the wider effort to prevent the asset from deteriorating while legal questions played out.
Inside the 93m Feadship Royal Romance
Delivered by Feadship in 2015, Royal Romance measures 92.5 meters and has a gross tonnage of 2,901GT. Her exterior design and naval architecture are by De Voogt Naval Architects, with interiors by Seymour Diamond. She can accommodate up to 14 guests across seven staterooms.
The owner’s deck includes his-and-hers dressing rooms, a private office, library, saloon, and a children’s stateroom, while the remaining guest cabins are located below. Onboard amenities include a swimming pool, cinema, gym, sauna, spa area, hammam, and cosmetology treatment room. Power comes from twin MTU engines, giving the yacht a reported top speed of 18.5 knots.
Next Steps in the Sale Process
For now, ARMA has not announced a launch date for the renewed sales process, nor has it identified the final structure that will be used. What it has done is signal that the case is back in motion and closer to execution than it has been since the failed auction effort in 2024.
After two years of interrupted progress, Ukraine’s latest update suggests the state is again positioning one of the superyacht sector’s most politically charged seized assets for sale - this time with the trial process finally underway.
According to YachtBuyer MarketWatch, the largest yacht database in the world, Feadship currently has 17 yachts either in build or on order. This includes the 101m superyacht Destiny and the recently seen 72m Feadship 719.
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