Italy freezes assets of Russian oligarchs worth over $2.6 billion

Italy has frozen, among other things, the bank accounts, luxury villas, yachts, and cars of Russian oligarchs.

Since Russia’s full-scale invasion of Ukraine, Italian authorities have frozen assets worth about 2.3 billion euros ($2.64 billion) belonging to Russian oligarchs, with the latest seizures taking place in early June, Reuters reports .

It is noted that Italy has frozen, among other things, bank accounts, luxury villas, yachts and cars, as part of European Union sanctions against Russia and its supporters. As of the end of June 2023, the total value of such assets was $2.5 billion.

In December 2024, Italian authorities froze Russian assets worth almost 280 million euros ($321 million). The agency emphasized that this is 44 million euros ($50.45 million) more than in the previous year.

Also in early June, Italian tax police froze the assets of the Iranian company Irital Shipping Lines, based in Milan, including two properties worth more than 1 million euros ($1.15 million). The reason given was Iran’s military support for Russia’s war against Ukraine.

Journalists shared that the State Property Agency of the Italian Ministry of Economy and Finance holds all illiquid assets frozen in connection with EU sanctions. During the freeze period, all costs for managing these assets are borne by the Italian government. According to official data, the costs amounted to 31.7 million euros ($36.37 million) until February 2024.

The agency recalled that the EU may confiscate frozen Russian assets or return them to their owners provided that they pay Italy the costs incurred in maintaining them.

EU may transfer frozen Russian assets to a riskier fund

Recall that Politico, citing European officials, wrote that the European Union is going to move some of the frozen Russian assets into a riskier investment fund. This could potentially increase aid to Ukraine.

Officials say the new fund will pay higher interest rates. The EU’s goal is to generate more profit and help keep Ukraine’s economy afloat.

(C)UNIAN 2025