A superyacht owned by a Russian billionaire whose name appears on the UK’s sanctions list has apparently been seized in Gibraltar.

The Axioma belongs to businessman Dmitry Pumpyansky - a steel magnate worth £1.84 billion.

He is subject to a travel ban and an asset freeze instruction under UK sanctions in response to the invasion of Ukraine.

Gibraltar recently banned the entry into British waters of any vessel linked to Russia or sanctioned individuals in the wake of the Ukrainian crisis.

Under Gibraltar law, the UK sanctions automatically apply there too.

The Gibraltar Government is said to have cleared the entry of the superyacht Axioma on Monday morning after confirming it would be arrested in connection to an admiralty claim filed in the Supreme Court.

Sources say the vessel is currently in the custody of the Admiralty Marshall and is berthed alongside the outer wall of the Mid Harbour boat marina.

The office of the Admiralty Marshall in Gibraltar is said to have confirmed the arrest but the court file remains sealed for now and it was not immediately clear which bank had filed the claim or why.

The Gibraltar Government also confirmed the arrest of the Axioma and explained its decision to allow the vessel to enter there.