The Axioma was seized off Gibraltar in March after US bank JP Morgan said the superyacht's owner, Dimitrijevic Pumpyansky, had defaulted on a $20 million loan.
The 72.5 meter yacht will be auctioned in Gibraltar on August 23.
The boat has 6 cabins, while there is a swimming pool, 3D cinema and many other amenities.
After Russia's invasion of Ukraine in February, various countries imposed sanctions on several Russian citizens and confiscated their assets.
But this is the first time that a seized item is being auctioned.
Some quarters are demanding that the confiscated assets be used to help those displaced from Ukraine.
But the proceeds from the sale of Axioma are likely to go to JP Morgan Bank.
Dmitrievich Pumpyansky was sanctioned by the United Kingdom, the European Union and the United States after the Ukraine war.
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