It has been a big topic in the news lately: whether or not Russian oligarchs have their property seized. This is a complicated issue, and there are many different facets to it.
In this blog post, we will explore the topic of asset seizure and how it applies to Russian oligarchs. We will also take a look at some of the recent cases involving high-profile individuals. Stay tuned for more information!
Do Russian Oligarchs Have Their Property Seized?
Following Russia’s invasion of Ukraine in February, nations are looking for Russian assets that have been subject to sanctions. Since then, other countries, including the United States, the European Union, and the United Kingdom, have imposed sanctions on thousands of Russians.
Authorities in Italy, France, Spain, the UK, and Gibraltar have already confiscated or frozen superyachts and expensive residences. Additionally, the US has established KleptoCapture, a task force dedicated to penalizing violators and asset seizures.
This interactive will keep tabs on known events and assist in illuminating where Russians under sanctions keep their money when they are not in Russia. No other oligarchs or associated individuals identified in this report, including Igor Sechin and Sergei Chemezov, responded to CNN’s requests for comment.
Real Estate Connected To Alexey Mordaschov In Sardinia, Italy, Worth $116 Million
The Sardinian property complex owned by Russian billionaire Alexey Mordaschov was seized by the Italian financial police, according to the Italian Prime Minister’s office.
Mordaschov is one of Russia’s wealthiest individuals, with a net worth of $18.5 billion, according to Forbes. He serves as chairman of the Russian mining and steel corporation Severstal.
According to Ferdinando Giugliano, the Italian Prime Minister’s communications assistant, the value of the frozen real estate is approximately 105 million euros ($116 million). The yacht “Lady M” owned by Mordaschov was also impounded in Italy on March 4. It is estimated that the 213-foot yacht is worth 65 million euros, or around $71 million.
Roman Abramovich-Related Assets In Jersey Are Worth Over $7 Billion
An official announcement from the administration of the Channel Island of Jersey stated that authorities there froze more than $7 billion in assets that were “suspected to be connected to” Russian billionaire Roman Abramovich. The statement said that the assets that have been frozen are either situated in Jersey or are owned by Jersey-incorporated companies.
Additionally, the State of Jersey Police carried out searches on places “related to the business activity” of Abramovich under the authority of search warrants. In March, the UK imposed sanctions on Abramovich due to his long-standing friendship with Vladimir Putin and his riches made in steel and investments.
He is one of the few billionaires from the 1990s to maintain importance under Putin, according to a statement by the UK government at the time.
Properties Connected To Nikita Mazepin In Sardinia, Italy, Are Worth $114.3 Million
According to a statement from the Italian financial police, a real estate property called “Rocky Ram” connected to Nikita Mazepin and his oligarch father Dmitry was taken to Sardinia. According to the authorities, the properties are valued at 105 million euros, or approximately $114.3 million. An early March EU sanctions list featured Nikita, a former Formula 1 driver for the Haas team, and his father.
As “a member of Vladimir Putin’s innermost circle,” according to the sanction list, Mazepin Sr. met with Putin and other government representatives to discuss the impact of the sanctions on Russia together with 36 other “businesspeople.”
Mazepin Sr. sold his majority ownership in Uralchem Group, one of Russia’s top fertilizer manufacturers, at the beginning of March. He also resigned as CEO of Uralchem JSC, a subsidiary, the business said.
In Mallorca, Spain, “Tango,” A Viktor Vekselberg-Related Film, Is Valued At $90 Million
Apparently owned by Russian businessman Viktor Vekselberg, the superyacht “Tango” was confiscated by Spanish police in Mallorca, according to a statement from the Spanish Civil Guard. According to the statement, the detained vessel was seized as part of an operation with US federal officials that was conducted in accordance with a Spanish court order. Renova Group, a Russian investment firm, is managed by Vekselberg. He is estimated to be worth $16.5 billion on the Bloomberg Billionaires Index.
He is “extremely close to (Russian President) Vladimir Putin,” according to the Spanish Civil Guard, and is “under investigation for tax fraud, money laundering, and document forging seeking to mask the ownership of this superyacht to dodge sanctions.” He was also sanctioned by the United States.
The KleptoCapture US task team, which was just established, made its first seizure in the Vekselberg case. According to the US Department of Justice, the boat is 78 meters long (or 256 feet), and it is valued at close to $90 million.
In Hamburg, Germany, “Dilbar,” Connected To Alisher Usmanov, Is Valued At $600-$750 Million.
According to a tweet from Germany’s embassy in the US, a superyacht linked to a Russian oligarch in Hamburg has been impounded.
According to the German Federal Criminal Police Office, the yacht belongs to Alisher Usmanov’s sister and is worth between $600 and $750 million. One of the richest billionaires in Russia, Usmanov has substantial holdings both domestically and abroad.
In an effort to punish Putin’s cronies, the US government imposed sanctions on him in the first few days of March, alleging Usmanov had “financial links” to Putin. His real estate and other valuables worth roughly $90 million were seized by Italy’s financial police in March. Additionally, the European Union has imposed sanctions on Usmanov.
How Are The Seized Russian Yachts Handled?
Vehicles belonging to sanctioned Russians are normally held where they are once they have been “seized,” preventing their owners from accessing them or selling them while still retaining ownership of the car until the probable lengthy court proceedings.
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