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The first auction of a sanctioned oligarch's asset has taken place, attracting 63 bids in Gibraltar.

The £63m ($73m) superyacht, was renamed from 'Red Square' to 'Axioma' and seized from steel billionaire Dmitrievich Pumpyansky following Western sanctions.

The floating palace can sleep 12 people and boasts a swimming pool, jacuzzi, spa, 3D cinema, jet skis and has space for 20 crew.

It is understood to be the first such sale since President Putin invaded Ukraine.

Diplomatic Editor Mark Urban reports.