Italy has frozen Russian oligarchs’ assets worth $2.5 billion

Islamabad: Italy has frozen Russian oligarchs’ assets valued at around 2 billion euros ($2.5 billion) following the invasion of Ukraine last year, the country’s central bank said on Tuesday.

Italy seized assets — including bank accounts, luxury villas, yachts and cars — as part of the European Union’s sanctions against the Kremlin and its backers.

In its annual report, the Bank of Italy’s anti-money laundering unit (UIF) said the 2-billion-euro figure had been updated to the end of June.

UIF Director Enzo Serata added that financial holdings worth around 330 million euros, linked to 80 individuals, had been frozen as part of the sanctions regime.

Before the war began in February 2022, Italy’s beaches and ports were a popular playground for wealthy Russians who bought properties in prime locations such as Lake Como, Sardinia, Tuscany and the Ligurian coast.

Some of the oligarchs targeted by the measures have filed legal appeals, including Russian-Uzbek metals and telecoms tycoon Alisher Usmanov.

In April, an Italian court referred to the EU Court of Justice a decision on whether to maintain a freeze on his assets, worth more than 80 million euros.

($1 = 0.9178 euros)