Italy freezes Russian oligarch assets worth 140 million euros

By: 3 years ago

An Italian Finance Police car is parked in front of the yacht “Lady M”, owned by Russian oligarch Alexei Mordashov, docked at Imperia’s harbor, on March 5, 2022. AFP

ROME — The value of frozen assets including luxury yachts and property held by Russian oligarchs in Italy amounted to around 140 million euros, the Italian government said on Saturday.

The most expensive asset was the “Lady M Yacht” belonging to Alexei Mordashov, a metals magnate close to Russian President Vladimir Putin. The vessel is worth 65 million euros ($71 million).

Italian police seized the yacht on Friday after the European Union targeted Mordashov and other Kremlin-linked oligarchs following Moscow’s invasion of Ukraine.

A second yacht also impounded on Friday, the “Lena”, is worth 50 million euros and belongs to billionaire Gennady Timshenko, who co-founded commodities company Gunvor.

A 17-million-euro property on the Mediterranean island of Sardinia owned by Russian billionaire Alisher Usmanov has also been seized.

The Italian government said other properties worth 11 million euros belonging to two personalities considered close to the Russian regime have also been seized.

EU sanctions have targeted more than 500 Russian people or entities, whose assets and economic resources are to be progressively frozen as EU countries locate them and trace them to their owners.