“Lady M” costs 65 million
Italy states luxury yacht of oligarchs
03/05/2022, 04:45 am
Italy wants to make short work of the assets of Russian oligarchs in their own country. Foreign Minister Di Maio intends to seize 140 million in assets. First, the Italian police collect a yacht in the port of Imperia.
According to media reports, Italy’s police have confiscated goods belonging to Russian oligarchs in connection with sanctions over the Ukraine war – including a luxury yacht. The Guardia di Finanza arrested the Russian boat “Lady M” in the port of Imperia in the northwestern Italian region of Liguria, the news agencies Ansa and Adnkronos reported unanimously during the night.
Accordingly, the yacht has an estimated value of 65 million euros. In Tuscany, the villa of another oligarch was confiscated. Foreign Minister Luigi Di Maio announced further sanctions on Italian television last evening.
“We have to stop Putin’s attacks and bring him to the negotiating table,” said the 35-year-old on TG2. “This will not be done with courtesy, and that is why preparations will be made in Italy in the coming hours to confiscate around 140 million euros in goods belonging to Russian oligarchs,” he continued.
EU deploys special unit
The day before, the Finance Ministry, which is responsible for the Guardia di Finanza, had met the Financial Security Committee to discuss sanctions against Russia, the ministry announced on Friday.
A special unit in the EU is now supposed to track down the assets of Russian and Belarusian oligarchs who are financing the war in Ukraine. EU Justice Commissioner Didier Reynders said after a meeting of EU justice ministers in Brussels that the unit should freeze and confiscate property along the lines of the US model. Those oligarchs who are illegally active in the EU should also be tracked down.
The EU sanctions against Ukraine that have been passed so far include severe economic and financial sanctions. In addition, some oligarchs associated with Russian President Vladimir Putin have already been put on the EU sanctions list. Among other things, this freezes their assets in the EU and restricts their freedom to travel.