The social life of these oligarchs is over, at least in Italy.
Italian police have confiscated more than $150 million worth of yachts and villas from four super-rich Russians who were placed on the EU sanctions list after Moscow’s attack on Ukraine, sources told Reuters on Saturday.
The luxurious villa of billionaire businessman Alisher Usmanov on the island of Sardinia, as well as the villa on Lake Como of state TV presenter Vladimir Solovyov, were arrested, police sources told the publication.
Italian police have confiscated $150 million worth of yachts and villas from four Russian oligarchs on the EU sanctions list. Antonio Calanni
Yachts owned by Russia’s richest man Alexei Mordashov, who is worth over $29 billion according to Forbes, and Gennady Timchenko, who is close to Russian President Vladimir Putin, were confiscated overnight in the northern Italian port of Imperia.
Russian oligarchs have reportedly bought a number of luxury estates in Italy over the past 20 years, and sources say more are expected to be confiscated in the coming days as the West tightens its sanctions against Russia.
Map of Russian attacks in Ukraine as of Saturday, March 5, 2022.
The yachts of Russian oligarchs Alexei Mordashov and Gennady Timchenko were confiscated. Fabrizio Tenerelli
On Friday, the Financial Intelligence Unit of the Bank of Italy ordered Italian banks to notify it of all measures taken to freeze the assets of EU-listed individuals and entities.
Usmanov, who was born in Uzbekistan, is well known in Italy for owning several properties in Sardinia, while Mordashov reportedly owns a $72 million villa on the same island.
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According to Forbes, the fortune of Mordashov and his family before the imposition of sanctions was estimated at $29.1 billion.
Mordashov’s 215-foot yacht Lady M cost about $65 million, while Timchenko’s boat Lena cost about $60 million, a police source said.
Timchenko made his fortune in the oil trade. Putin called him a close ally.
Italy seized the villa of Russian billionaire Alisher Usmanov on the island of Sardinia. Alexey Druzhinin
Solovyov was reportedly unhappy 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 it immediately affects your property. Wait a minute. But you told us that Europe has sacred property rights, ”The Daily Beast quotes him as saying.