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A superyacht, which was a frequent visitor to Balearic waters, seized from a Russian billionaire will go under the hammer in Gibraltar in the first such auction since the conflict in Ukraine started.

The luxury 240-foot Axioma, fitted with a gym, spa, cinema, and six bedrooms, was seized after docking in Gibraltar in March.

It was owned by the Russian tycoon Dmitry Pumpyansky, who had a net worth of $1.1 billion, and is the owner of Russia's largest steel pipe maker, TMK, Forbes reported.

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His assets were frozen by the UK and the EU as part of a mass of sanctions imposed over Russia's invasion of Ukraine, with UK Foreign Secretary Liz Truss describing Pumpyansky as one of the "major oligarchs" who are "closest to Putin."