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European powers are teaming up to seize the financial assets of Russian President Vladimir Putin’s most trusted allies.
Since Friday, Italy has taken control of $156 million worth of yachts and villas from Russian oligarchs to pressure the Russian president to withdraw from Ukraine after invading and waging war against the country on Feb. 24.
Italy has set its sights on Gennady Timchenko’s superyacht Lena and Aleksey Mordashov’s Lady M, which are valued at $71 million. Villas in Tuscany and Como were also captured.
Yacht “Lena”
A picture taken March 5, 2022 shows the yacht Lena, owned by Gennady Timchenko, an oligarch close to Russian President Vladimir Putin, in the port of San Remo, Italy. | Getty Images
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Yacht “Lady M”
View of the yacht “Lady M”, owned by Russian oligarch Alexei Mordashov, moored in the harbor of Imperia, Italy, Saturday, March 05, 2022 | AP news department
A villa belonging to Russian-Uzbek business tycoon Alisher Usmanov was reportedly seized in northern Sardinia, but German officials denied the reports. Usmanov also reportedly owns the Beechwood home in Highgate, London, worth around £48 million ($63.5 million), and the Sutton Place estate in Surrey.
The French seized the yacht of Igor Sechin, the manager of the Russian energy company Rosneft.
Yacht “Amore Vero”
This photograph provided by French Customs on March 3, 2022 shows the yacht Amore Vero moored in the Mediterranean resort of La Ciotat. French authorities have seized a yacht linked to Igor Sechin, a Putin ally who runs the Russian oil giant Rosneft. (Duane Francaise via AP/AP Newsroom)
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The Italian government intends to send a strong signal by confiscating the valuables of Russian oligarchs.
William Browder, CEO and co-founder of Hermitage Capital Management, which was once the largest foreign portfolio investor in Russia, said Putin keeps all his money with the oligarchs.
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In the UK, Prime Minister Boris Johnson has been criticized for his slowness in imposing sanctions on a list of British oligarchs.
Earlier this week, Chelsea FC owner and Putin ally Roman Abramovich said he planned to put the football team up for sale.
The Associated Press contributed to this report.