The Russian yacht market is steadily recovering from the financial crisis caused by Western sanctions, according to senior officials and yacht dealers in the country.

Data provided by Russian dealers suggests that sales of boats and yachts were up by 43% last year compared to 2016. While the exact sales figures were not disclosed, growth is said to be continuing into 2018.

Analysts from the Russian Ministry of Sport and Tourism, the state agency responsible for the development of the yachting industry in Russia, said the market is experiencing its strongest growth since the beginning of the 1990s. In contrast to 2014-2016, growth in 2017 came mostly from sales of new yachts versus used.

According to state analysts, Russians now account for just 2-3% of the value of global yacht sales compared to 10% before the crisis. In contrast, it is thought by several measures that Americans today account for at least 45% of global yacht sales.

A spokesman for Pavel Kolobkov, head of the Russian Ministry of Sport and Tourism, said sales of yachts and boats in Russia may grow another 30% in 2018, thanks to increased purchasing power amongst Russian consumers.

As reported by IBI on Tuesday, Russia’s domestic boat and yacht market has strengthened recently, helped to some extent by government support for new leisure boating facilities with prospects for the Moscow Boat Show in March looking more favourable than for several years.