A £63m superyacht owned by an oligarch will become the first to go under the hammer since powerful Russians were sanctioned as a result of the country’s invasion of Ukraine.

The 72.5m Axioma, which was owned by Russian steel magnate Dmitrievich Pumpyansky, was seized after docking in Gibraltar earlier this year.

Pumpyansky has been sanctioned by the UK, EU and US as the West clamps down on those with alleged ties to Putin’s regime.

The boat is being auctioned on Tuesday after JP Morgan filed a legal claim in March.

The US investment bank claims Pumpyansky has not paid them back a loan worth £17m ($20m).

The Axioma can sleep 12 people in six luxury cabins, has space for 20 crew, and boasts a gym, swimming pool, jacuzzi, spa and 3D cinema.

Pumpyansky, 58, the owner and chairman of steel pipe manufacturer OAO TMK, was estimated to be worth £1.7bn last year by Forbes.

OAO TMK is a supplier to Russian state-owned energy company Gazprom.

JP Morgan is expected to receive the proceeds from the auction despite calls for the money raised from seized oligarchs’ assets to go to Ukrainian refugees.

A spokesperson for Gibraltar Courts Service told The Guardian: “The Axioma was arrested following the filing of an admiralty claim in the supreme court.

“Given that the sale is by auction, pursuant to an order of the court, the Admiralty marshal cannot say how much it is expected to sell for or how many people have expressed interest.”

JP Morgan has declined to comment.

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