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Italy seizes oligarchs’ villas and yachts in initial sweep

Russian businessman and president of the International Fencing Federation (FIE) Alisher Usmanov attends an awarding ceremony for Russian Olympic medallists returning home from the 2016 Rio Olympics at the Kremlin in Moscow, Russia, August 25, 2016. REUTERS/Maxim Shemetov

ROME, March 5 – Italian police have seized villas and yachts worth at least 140 million euros ($153 million) from four high-profile Russians who were placed on an EU sanctions list following Moscow’s attack on Ukraine, sources said on Saturday. read more

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A police source said a villa owned by billionaire businessman Alisher Usmanov on the Mediterranean island of Sardinia, and a villa on Lake Como owned by state TV host Vladimir Soloviev, had both been seized.

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In addition, sources confirmed that yachts belonging to Russia’s richest man, Alexey Mordashov, and Gennady Timchenko, who has close tied with Russian President Vladimir Putin, were impounded overnight in the northern Italian port of Imperia. L5N2V75YZ

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Russian oligarchs are believed to have bought numerous villas in choice Italian locations over the past 20 years and sources said more assets were expected to be seized in coming days as Western states implement massive sanctions to try to force Russia to withdraw from Ukraine.

Italian banks were instructed by the Bank of Italy’s financial intelligence division on Friday to urgently let it know of all measures taken to freeze the assets of people and entities placed on the EU list. read more

Uzbekistan-born metals and telecoms tycoon Usmanov is well known in Italy for owning multiple properties on Sardinia, while Italian media say Mordashov owned a villa worth some 66 million euros ($72 million) on the same island.

Taking into account the assets of his whole family, Forbes magazine estimates that Mordashov had an estimated net worth of $29.1 billion before sanctions hit.

His 65 metre (215 ft) yacht the “Lady M” had a price tag of 65 million euros, while Timchenko’s boat Lena was worth some 50 million euros, a police source said.

Timchenko made a fortune in oil trading and has been described by Putin as one of his closest associates.

Soloviev reportedly complained on Russian television when he found out last month that he risked losing his Italian villa.

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

($1 = 0.9156 euros)

Reporting by Emilio Parodi and Giuseppe Fonte; Writing by Crispian Balmer; Editing by David Holmes

Our Standards: The Thomson Reuters Trust Principles.

REUTERS

MARCH 5, 2022

https://www.reuters.com/world/europe/italy-seizes-oligarchs-villas-yachts-initial-sweep-2022-03-05/

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