The Italian authorities confiscate Russian yachts worth millions of euros

Italian police seized villas and yachts worth at least €140 million, belonging to four high-ranking Russians who were placed on the EU sanctions list following Russia's invasion of Ukraine.

Police reported that a villa owned by billionaire businessman Aliszer Usmanov on the Mediterranean island of Sardinia and a villa on Lake Como owned by state television host Vladimir Solovov.

In addition, sources confirmed that yachts belonging to Russia's richest man Alexey Mordashov and Giennadi Timchenko were confiscated at night in the northern ports of Italy, close to Russian President Vladimir Putin.

Over the past 20 years, Russian oligarchs have purchased many villas in selected Italian towns, and sources have reported that further assets are expected to be seized in the coming days, as Western states are imposing mass sanctions to force Russia to withdraw from the military attack on Ukraine.

The Italian banks were instructed by the Financial Intelligence Division of the Bank of Italy to inform urgently of any measures taken to freeze the assets of persons and entities included in the list of sanctions imposed by the European Union on Russia.

Born in Uzbekistan, the metallurgical and telecommunications industry mogul Aliszer Usmanov is well known in Italy as the owner of many properties in Sardinia. Italian media say Alexey Mordashov owned a villa worth approximately EUR 66 million on the same island.

Given the assets of his entire family, Forbes magazine estimates that before sanctioning Mordaszov's net value was $29.1 billion.

Its 65-foot "Lady M" yacht worth €65 million was confiscated in the northwest port of Imperia, while the Timchenka "Lena" boat worth approximately €50 million was occupied in nearby Sanremo.

Giennadi Tymchenko made a fortune in the oil trade and was referred to by Putin as one of his closest associates.

Vladimir Solovev (friend of Putin and known propagandaist) complained on Russian television when he learned that he was in danger of losing an Italian villa

"Suddenly someone decides that this journalist is now on the list of sanctions. And it immediately affects your property. Wait a minute. But you told us that Europe has a sacred right to property," quoted the Daily Beast.

While the European Union has quickly taken action against those seen as close to the Russian government, Britain acted slower.

However, British Prime Minister Boris Johnson announced that amendments to British legislation on economic crime would be tabled in Parliament to help the British government take faster action.

Written by IW