Villa linked to Russian oligarch Rashnikov seized in France

2 March, 12:27 PM
Viktor Rashnikov (Photo:TREST_org/Twitter)

Viktor Rashnikov (Photo:TREST_org/Twitter)

France has seized the EUR 23 million ($24.5 million) Cote d’Azur villa linked to Russian oligarch Viktor Rashnikov, French newspaper Le Monde reported on March 1. 

French authorities had previously declined to investigate the villa located in Saint-Jean-Cap Ferrat in the south of France because “it was not stated as (Rashnikov’s) property in tax records”.

Le Monde reported that the property was sold to a Swiss company registered in Panama following Russia’s full-scale invasion of Ukraine on Feb. 24 last year.

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Rashnikov, who owns one of the largest steel producers in Russia, was placed under sanctions on March 15, 2022, Le Monde said.

It said three properties officially linked to Rashnikov had already been administratively frozen on the French Riviera and in Paris after he was placed under sanctions.

“The villa and the proceeds of the sale are now in the hands of the Ministry of Justice's Agency for the Management and Recovery of Seized and Confiscated Assets,” Le Monde wrote.

If the courts find that Rashnikov is guilty of trying to conceal the true ownership of the property, it could be permanently confiscated by the French government, according to Le Monde.

Rashnikov, 74, is the majority owner of Magnitogorsk Iron and Steel Works, one of the world's leading steel producers.

He is also the owner of the superyacht Ocean Victory, at the time of her construction the 10th largest yacht in the world.

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