October 1, 2022

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Italy seizes more than 150 million dollars from Russian oligarchs

Italy seizes more than 150 million dollars from Russian oligarchs

Gone are the lives of these oligarchs—at least in Italy.

Italian police have confiscated over $150 million worth of yachts and villas from four ultra-rich Russians who were put on the European Union’s sanctions list after Moscow attacked Ukraine, Sources told Reuters Saturday.

A luxury villa owned by billionaire businessman Alisher Usmanov on the island of Sardinia, as well as a villa on Lake Como owned by state TV presenter Vladimir Solovyev, have been seized, police sources said.

Italian police confiscated $150 million worth of yachts and villas from four of the Russian oligarchs on the European Union’s sanctions list.
Antonio Kalani

Yachts owned by Russia’s richest man, Alexei Mordashov — who has a net worth just north of $29 billion, according to Forbes magazine — and Gennady Timchenko, a confidant of Russian President Vladimir Putin, were booked overnight in the northern Italian port of Imperia.

The Russian oligarch has reportedly bought a number of luxury properties in Italy over the past 20 years, and sources said more of them are expected to be confiscated in the coming days as the West increases its sanctions against Russia.

Ukraine map
Map of Russian attacks in Ukraine as of Saturday 5 March 2022.
yacht
Yachts belonging to Russian oligarchs Alexei Mordashov and Gennady Timchenko have been seized.
Fabrizio Tennerelli

The Financial Intelligence Department of the Bank of Italy on Friday asked Italian banks to notify it of all actions taken to freeze the assets of persons and entities on the EU list.

Usmanov, who was born in Uzbekistan, is known in Italy for owning several properties in Sardinia and Mordashov is said to own a $72 million villa on the same island.


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

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A police source said that the 215-foot-long “Lady M” Mordashov yacht was worth about 65 million dollars, while Timchenko’s Lina was carrying a price of about 60 million dollars.

Timchenko made a fortune from the oil trade. Putin described him as a close partner.

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

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

Suddenly someone makes a decision that this journalist is now on the sanctions list. It immediately affects your real estate. Wait a minute. But you told us that Europe has sacred property rights.