Russian President Dmitry Medvedev has purchased a 53m superyacht valued at approximately $42 million as a venue to host world leaders in the 2014 Winter Olympics in Sochi.

The Kremlin bought the boat last year, the Guardian reports. The explorer type superyacht, which is presently called Leo Fun, will be renamed as yacht Sirius.

The yacht was built by Proteksan-Turquoise and Turquoise Yacht Construction for an Italian businessman and launched back in 2009.

She has been operating as a charter yacht and it’s believed Medvedev purchased the yacht after renting her for charter.

The craft’s “sophisticated and luxury interior features” include a large salon, a master suite and five guest cabins, quarters for 12 crew and an artificial waterfall encased in glass.

Twin staircases lead to a bathing platform with “a wide array of water toys and diving equipment”.

The boat was built very much as a luxury yacht and she can reach 18 knots, as a top speed, as powered by her twin Caterpillar 3512B diesel engines.

Russian press quoted Kremlin officials as saying that the yacht is all set to be given a presidential upgrade at an unspecified cost, including cutting-edge security features.

Earlier this month, Russian websites published photographs of a secluded £600m palace on the Black Sea coast which a businessman alleged was constructed secretly on Putin’s orders using money donated by oligarchs to develop Russia’s economy.

Sources: Telegraph – Guardian – Ibinews