The South African government has refused to seize a superyacht belonging to a sanctioned Russian oligarch attempting to dock in Cape Town, with a government spokesperson adding the country has 'no reason' to comply with Western sanctions.The $500million superyacht belongs to Alexey Mordashov, a 57-year-old billionaire named in the , who owns the Russian mining companies Nordgold and Severstal.With a net worth of $13.2billion, Forbes ranked Mordashov as the 51st richest person in the world last year, but Western sanctions have sent the oligarch sinking in world wealth rankings as of this year.
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