Finnish boatyard storing luxury yacht linked to Dmitri Medvedev faces bankruptcy

The Finnish Tax Administration has filed for bankruptcy against Kotka Yacht Store, a boatyard in southeastern Finland that stores a 32-meter luxury yacht reportedly used by Russia’s former president Dmitri Medvedev, according to a filing in Kymenlaakso District Court on Tuesday.

The tax authority typically initiates bankruptcy proceedings when a company fails to pay significant tax debts. Yle was unable to reach Kotka Yacht Store for comment.

The boatyard, located on Hovinsaari island in Kotka, specializes in maintenance and storage for large vessels. It gained national attention for holding the yacht Fotinia, which has been stranded in Finland due to EU sanctions against Russia. Last summer, the company was owed nearly €100,000 in unpaid storage fees for the vessel and had planned—though never executed—an auction to recover costs.

In autumn 2025, the boatyard faced disputes with other boat owners over unpaid storage fees. The company is owned by Russian businessman Aleksei Ponomarenko, who also chairs its board. In 2024, Kotka Yacht Store reported a turnover of €359,000, down more than 50% from the previous year, with losses of €146,000.