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Italy seizes more than $150 million from Russian oligarchs

The high life of these oligarchs is over – at least in Italy.

Italian police have seized more than $150 million worth of yachts and villas from four super-rich Russians who were put on an EU sanctions list after Moscow attacked Ukraine. Sources told Reuters on Saturday.

A luxury villa belonging to billionaire businessman Alisher Usmanov on the island of Sardinia, as well as a Lake Como villa belonging to state TV presenter Vladimir Soloviev have been seized, police sources told the outlet.

yacht
Italian police have seized $150 million worth of yachts and villas from four Russian oligarchs who are on an EU sanctions list.
Antonio Calani

Yachts owned by Russia’s richest man Alexey Mordashov – who has a net worth of just over $29 billion according to Forbes – and Gennady Timchenko, who is close to Russian President Vladimir Putin, were seized overnight in the northern Italian port of Imperia.

Russian oligarchs have reportedly bought a number of luxury properties in Italy over the past 20 years, and sources said more of these are set to be confiscated in the coming days as the West tightens sanctions against Russia.

Ukraine map
Map of Russian attacks in Ukraine as of Saturday, March 5, 2022.
yacht
Yachts owned by Russian oligarchs Alexey Mordashov and Gennady Timchenko were confiscated.
Fabrizio Tenerelli

The Bank of Italy’s financial investigations department on Friday asked Italian banks to inform them of any measures taken to freeze the assets of people and entities on the EU list.

Born in Uzbekistan, Usmanov is known in Italy for owning several properties in Sardinia, and Mordashov reportedly owns a $72 million mansion on the same island.


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Mordashov and his family had an estimated net worth of $29.1 billion before the sanctions were imposed, Forbes reported.

Mordashov’s 215-foot yacht Lady M was worth about $65 million, while Timchenko’s boat Lena carried a price tag of about $60 million, a police source said.

Timchenko made a fortune in oil trading. Putin calls him a close associate.

Vladimir Putin, Alisher Usmanov
Italy has seized the villa of Russian billionaire Alisher Usmanov on the island of Sardinia.
Alexei Druzhinin

Soloviev was reportedly unhappy when he found out last month he was risking losing his Italian villa.

“Suddenly someone decides that this journalist is now on the sanctions list. And immediately it affects your real estate. Wait a minute. But you told us that Europe has sacred property rights,” he was quoted as saying by The Daily Beast.

https://nypost.com/2022/03/05/italy-seizes-more-than-150-million-from-russian-oligarchs/ Italy seizes more than $150 million from Russian oligarchs

JACLYN DIAZ

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