Italian authorities seized Russian oligarch Andrey Melnichenko's mega yacht on Friday, according to a statement from Italy's finance police.

The statement said the vessel — called "SY A" — is worth about 530 million euros ($578 million) and was in storage at the northeastern port of Trieste.

It's one of the largest superyachts in the world, according to its manufacturer, Nobiskrug.

Melnichenko was sanctioned by the European Union on March 9 as part of expanded punitive measures against Russian oligarchs. According to the EU, he owns the major fertilizer producer EuroChem Group and the coal company SUEK.

The EU council decision, which authorized sanctions against Melnichenko, noted he and 36 other business leaders met with Russian President Vladimir Putin after the invasion of Ukraine began to discuss the potential economic impact of EU and US sanctions.

The EU council decision reads: "The fact that he was invited to attend this meeting shows that he is a member of the closest circle of Vladimir Putin and that he is supporting or implementing actions or policies which undermine or threaten the territorial integrity, sovereignty and independence of Ukraine, as well as stability and security in Ukraine. "It also shows that he is one of the leading businesspersons involved in economic sectors providing a substantial source of revenue to the government of Russia, which is responsible for annexation of Crimea and ​destabilization of Ukraine."