Italy seizes villa yachts of sanctioned Russian oligarchs

Italy seizes villa yachts of sanctioned Russian oligarchs. Italy seized the local villas and yachts of Russian oligarchs to put pressure on Russia. The oligarchs were placed on Western sanctions lists following Moscow’s attack on Ukraine.

Italian police have seized the villas and yachts worth $156 million of five prominent Russian oligarchs on Western sanctions lists, the Italian government said Saturday (March 5).

These luxury villas are located in some of Italy’s most prestigious retail real estate areas, such as Sardinia, Lake Como and Tuscany.

Russian billionaire Alisher Usmanov’s €17m villa on Mediterranean Sardinia confiscated; Russian parliament member Oleg Savchenko in Lucca, near Tuscany 17th-century houses worth about 3 million euros were seized; several villas of Russian state TV host Vladimir Soloviev on Lake Como worth 8 million euros were seized.

Two confiscated superyachts were moored in northern Italian ports, one of which was detained in the port of Imperia. It was 65 meters long and belonged to Russia’s richest man, Alexey Mordashov, and was worth 6,500 euros.

The second confiscated luxury yacht, owned by Gennady Timchenko, whom Putin described as one of his closest aides, was seized near the port of Sanremo and was worth about 50 million euros.

The Italian seizure is part of a coordinated Western effort to sanction wealthy Russians and try to force President Vladimir Putin to withdraw its troops from Ukraine.

Russian financial oligarchs have bought luxury villas in Italy over the past 20 years. Further seizures of local Russian assets are expected in the coming days, the sources said.

Sunbal Razzaq

Sunbal Razzaq is the founder & CEO of Sunshine Tips.

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