Italy freezes Russian oligarchs’ assets worth about €2B after Russia's invasion of Ukraine

Italy froze the assets of Russian oligarchs worth about EUR 2 billion (USD 2.5 billion) after the start of the Russian invasion of Ukraine last year.

According to Ukrinform, The Guardian reported this.

Italy has frozen assets, including bank accounts, luxury villas, yachts, and cars, as part of the EU's sanctions against the Kremlin and its supporters.

In its annual report, the Bank of Italy's Financial Intelligence Unit (UIF) said that the EUR 2 billion figure had been updated as of the end of June.

UIF Director Enzo Serata added that financial assets worth about EUR 330 million linked to 80 individuals were also frozen as part of the sanctions regime.

Before the outbreak of Russia's full-scale war in February 2022, Italy's beaches and ports were a popular destination for wealthy Russians who bought real estate in prime locations such as the area around Lake Como, the island of Sardinia, the province of Tuscany, and the Ligurian coast.

As Ukrinform reported, in June the UK passed laws that would allow it to maintain sanctions against Russia until Moscow pays compensation to Ukraine.