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Italy confiscates yacht belonging to Russian oligarch Mordashov -Quelle

FILE PHOTO: Chief Executive of the Severstal company Mordashov speaks during an interview with Reuters at the St. Petersburg International Economic Forum
FILE PHOTO: CEO of Severstal company Alexei Mordashov speaks during an interview with Reuters at the St. Petersburg International Economic Forum (SPIEF), Russia, May 25, 2018. REUTERS/Sergei Karpukhin/

March 4, 2022

ROME (Reuters) – Italian police have seized a yacht owned by Alexey Mordashov, Russia’s richest man, before it was blacklisted by the European Union this week following Moscow’s attack on Ukraine, a source with direct knowledge said of the matter on Friday.

The 65-meter “Lady M” was seized in the northern Italian port city of Imperia, the source said.

A second yacht belonging to Gennady Timchenko, another billionaire who has close ties to Russian President Vladimir Putin, is also blocked in Imperia and will be impounded shortly, the source added.

The move follows similar seizures of yachts belonging to other Russian oligarchs in France and Germany this week, while Western states impose massive sanctions, including asset freezes, to try to force Russia to withdraw from Ukraine.

According to Italian media, the Lady M was built in 2013 by US shipbuilder Palmer Johnson. According to Forbes magazine, she’s worth $27 million.

Mordashov built his fortune around Russian steel producer Severstal. Taking into account his entire family’s wealth, Forbes estimates that before the sanctions, Mordashov had an estimated net worth of $29.1 billion, making him the richest man in Russia.

According to Italian media, he owns a villa worth around 66 million euros on the coast of the Mediterranean island of Sardinia. It was not immediately clear if this property had already been confiscated by the police.

Timchenko made a fortune in oil trading and was described by Putin as one of his closest associates. Britain said last month it was a major shareholder in Bank Rossiya, which played a role in destabilizing Ukraine following Russia’s 2014 annexation of Crimea.

($1 = 0.9156 euros)

(Reporting by Emilio Parodi; Writing by Crispian Balmer; Editing by Marguerita Choy)

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Bobby Allyn

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