They have taken superyachts from billionaires and other luxury properties on sanctions lists.
Italy has taken 143 million euros ($156million) worth of luxury yachts and villas from some of its most beautiful destinations, including Sardinia and the Ligurian coast, Lake Como, since Friday.
“We must be in a position to stop Putin’s attack, bringing he to the table and he won’t go with niceties,” Luigi Di Maio, the Italian Foreign Minister, stated to Italian state TV Friday. He announced that Italy would begin seizing property belonging to Putin-related oligarchs.
The Italian financial police quickly seized the superyacht “Lena”, belonging to Gennady Timothyenko, an oligarch close Putin. In the port of San Remo, the 65-meter (215.5-foot) “Lady M,” owned by Alexei Mordashov in Imperia, featured six suites. It was estimated that it was worth 65 million euros. Officials also said that there were villas in Tuscany, Como and Tuscany.
Along the northern Sardinia’s tony Emerald Coast, the villa of Russian-Uzbek businessman Alisher Usmanov was also seized. This area has been long considered the playground for the wealthiest people in the world.
German officials denied this week reports that Usmanov’s yacht was taken by them in Hamburg. The British government claims that he also has Beechwood House in Highgate worth approximately 48 million pounds and the 16th century Sutton Place estate, both in Surrey.
According to activists, going after the oligarchs amounts to going after Putin.
William Browder, a U.S-born, London-based financier and human right activist who was once an important investor in Russia, but fell out with the government in late 2000s, said that Vladimir Putin keeps all of his money with the Oligarchs.
“And this is an extremely effective psychological warfare, starting to seize yachts. It’s demoralizing to the oligarchs and demoralizing to Vladimir Putin. He’s a man who rules by image. This is the guy who takes his shirt off and rides on a horse. Browder stated that it was a bad image for one of his closest friends to have their yacht taken in the south of France.
Germany’s Economy Ministry stated that it is in the process “swiftly, effectively implementing Russia sanctions”, but declined to reveal publicly what assets were seized.
French authorities have so far seized a yacht belonging to Igor Sechin (a Putin ally who runs Rosneft Russian oil giant) in La Ciotat, where it arrived in January for repairs. French officials claimed Thursday that the crew was ready to leave as soon as they arrived, despite the fact that repairs were ongoing.
Britain, long considered a safe haven for oligarch wealth, is being pressured to do more. Roman Abramovich (a Putin confidant), who owns Chelsea’s top-flight soccer club, stated this week that he would sell it. However, he has not been sanctioned by the opposition and members of Prime Minister Boris Johnson’s party.
After being criticised for taking too long to respond, the UK has now frozen the assets and plans to amend the law to make it easier for those on its list of allies to be pursued. It will still take time as so many assets are held in shell companies.
