Italy Freezes Over $2.6 Billion in Russian Assets Amid Ongoing Sanctions Efforts
Italy has frozen assets worth more than €2.3 billion ($2.64 billion) belonging to Russian oligarchs since the onset of Moscow’s full-scale invasion of Ukraine in 2022.
The Gaze reports on this with reference to Reuters, citing newly disclosed figures from Italian authorities.
The frozen holdings include a mix of luxury real estate, bank accounts, yachts, and high-end vehicles, and form part of the European Union’s coordinated sanctions campaign targeting the Russian state and its elite financial backers.
Among the most high-profile assets is the Scheherazade, one of the world’s most opulent superyachts and allegedly linked to Russian President Vladimir Putin.
The vessel remains moored in the port of Marina di Carrara, a small town on Italy’s Tuscan coast.
In a separate action earlier this month, Italian tax police seized Milan-based Iranian shipping company Irital Shipping Lines and two associated properties, collectively valued at more than €1 million.
Italy’s State Property Agency is responsible for holding non-liquid assets frozen under EU sanctions.
The agency also bears the costs of maintaining these assets during the freeze period – a growing burden on taxpayers.
According to official figures, maintenance expenses reached €31.7 million as of February 2024.
While the agency declined to provide updated figures, citing official secrecy, Reuters estimates that the cost may now exceed €45 million.
The future of the frozen assets depends on the EU’s decision.
Should Brussels move to make the freezes permanent, national governments would be required to initiate legal proceedings to convert them into confiscations.
If the EU instead lifts the sanctions, the assets would be returned to their original owners – but only on the condition that they reimburse the Italian state for all incurred maintenance expenses.
As The Gaze reported earlier, the EU is weighing plans to channel nearly €200 billion in frozen Russian assets into higher-yield investments, aiming to significantly boost support for Ukraine.