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Italian police have seized 140 million euros worth of villas and yachts from four Russian oligarchs, who were placed on the European Union sanctions list after the Russian occupation of Ukraine.
Reuters reports that a villa owned by billionaire businessman Alisher Usmanov in Sardinia and a villa on Lake Como owned by Russian state television presenter Vladimir Soloviev were both seized.
In addition, sources confirmed that yachts belonging to Russia’s richest man, Alexei Mordashov and Gennady Timchenko, who has close ties to Russian President Vladimir Putin, were confiscated overnight in Italy’s northern ports.
Russian oligarchs are believed to have bought numerous villas in highly preferred areas in Italy over the past 20 years, and sources said more assets are expected to be seized in the coming days as Western states impose sanctions in a bid to force Russia to withdraw from Ukraine.
Italian banks were instructed by the financial intelligence division of the Bank of Italy on Friday to urgently announce all measures taken to freeze the assets of people and entities placed on the EU list.
Usmanov, a metal and telecom tycoon originally from Uzbekistan, is known in Italy for owning numerous properties in Sardinia, while Italian media say Mordashov owned a 66m-euro villa on the same island.
Taking into account the assets of his entire family, Forbes magazine estimated that Mordashov had a net worth of $ 29.1 billion before the sanctions were struck.
His 65-meter yacht, the Lady M, was priced at 65m euros and was confiscated in the northwestern port of Imperia, while Timchenko’s 50m-euro Lena was seized in Sanremo.
Timchenko created a fortune in the oil trade and has been described by Putin as one of his closest associates.
Soloviev reportedly complained on Russian television when he learned last month that he was in danger of 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 did not tell us that Europe has a sacred right to property“, He said.
The EU has moved quickly against individuals seen as close to the Russian government, Britain has moved more slowly.
However, Boris Johnson was quoted as saying on Saturday that changes to British economic crime legislation would be introduced in parliament on Monday to help the government act more swiftly.
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