Italy freezes Russian oligarchs' assets worth €2 Billion

4 July, 09:01 PM
Flag of Italy (Photo:greghristov / Pixabay)

Flag of Italy (Photo:greghristov / Pixabay)

As part of the EU sanctions imposed against Moscow following the invasion of Ukraine, Italy has frozen assets belonging to Russian oligarchs totaling approximately €2 billion ($2.18 billion), The Guardian reported on July 4. These include bank accounts, luxury villas, yachts, and cars.

The annual report of the Anti-Money Laundering Division (UIF) of the Bank of Italy stated that the €2 billion figure was updated as of the end of June.

UIF Director Enzo Serata announced that financial assets worth around €330 million ($360 million), associated with 80 individuals, were also frozen under the sanctions regime.

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Prior to the full-scale war, Italy's beaches and ports served as popular destinations for wealthy Russians who purchased real estate in prime locations, such as the area near Lake Como, the island of Sardinia, the Tuscan province, and the Ligurian coastline.

On May 30, Italy announced the preparation of a new package of military aid for Ukraine, mostly focused on expanding the capability of Franco-Italian SAMP-T air defense system, already in service with the Ukrainian military.

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