Italy Has Frozen Russian Oligarchs' Assets Worth over $2.6 Billion
Italy seized assets - including bank accounts, luxury villas, yachts and cars - as part of the European Union's sanctions against the Kremlin and its backers.
The Bank of Italy had said that at the end of June 2023 their value amounted to 2.5 billion dollars, said Reuters.
This month it did not update the total amount, but said that the funds frozen due to sanctions against Russia totaled almost 280 million euros up to December 2024 — a 44 million euro increase from the previous year.
Separately, the tax police seized in early June an Iranian company based in Milan, Irital Shipping Lines, and two of its properties worth a total of more than 1 million euros, due to "Iran's military support for Russia's war of aggression against Ukraine".
The company has not yet responded to a request for comment emailed by Reuters.
MAINTENANCE COSTS
Italy's State Property Agency holds all non-liquid assets frozen due to EU sanctions and the Italian government bears the costs of managing these assets during the freezing period.
According to the latest official data available, the costs incurred by the State for their maintenance amounted to 31.7 million euros up to February 2024.
When asked about the level of maintenance cost incurred by Italian taxpayers so far, the agency said it could not provide the information because it "is covered by official secrecy." Reuters calculation suggests that costs may have increased by around 15 million euros to more than 45 million euros to date.
The fate of these assets rests with the European Union.
If the EU decides to make the freezes permanent, the state must initiate proceedings to convert them into confiscations.
If Brussels decides to unfreeze them, the assets can be returned to their owners, provided that they pay Italy the maintenance costs incurred.
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