The Russian yacht charter market is growing steadily amid the ongoing recovery of the Russian economy from the financial crisis and increased purchasing power of the local population, according to senior officials of the Russian Ministry of Sport and Tourism, the state agency responsible for the development of yachting in Russia, as well as some leading Russian yacht distributors and dealers.

According to data from Russian yacht dealers, over the last 1.5 years the number of Russians chartering boats has almost doubled, the numbers returning to levels registered prior to 2014. From 2014-2015 – when Russia was first subject to targeted sanctions following the Ukrainian crisis – Russian yacht charters dropped dramatically.

While exact market figures are not disclosed, it is reported that the biggest demand is for the charter of larger yachts, traditionally a strong market in Russian.

Analysts of the Russian Ministry of Sport and Tourism predict that demand for yacht chartering in Russia will continue to grow, as more and more wealthy Russians choose to rent yachts, rather than buying them.