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.
Searches were also carried out on premises suspected of being connected to Abramovich’s business activities, according to the island’s Law Officers’ Department, as reported by Al Jazeera. In November 2022, Jersey police acknowledged in a consent order that the search warrants had been obtained unlawfully; the warrants were quashed, and the police agreed to pay damages and apologize, ITV News reported, citing Reuters. On 10 March 2022, the UK imposed an asset freeze and a travel ban on Abramovich. According to the UK sanctions list, he is associated with Vladimir Putin and with Alisher Usmanov, and he benefits from or supports the Russian government through his ownership of the steelmaker Evraz and its subsidiaries and through business in extractives, construction and transport.
The UK government’s announcement described him as “one of the few oligarchs from the 1990s to maintain prominence under Putin.”
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.
According to the EU sanctions listing of 9 March 2022, Dmitry Mazepin was one of 37 businesspeople who met Putin and members of the Russian government on 24 February 2022 to discuss the impact of Western sanctions. The EU concluded that his invitation showed he was “a member of the closest circle of Vladimir Putin.”
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.
According to Spain’s Guardia Civil, Vekselberg is a person very close to Vladimir Putin and is under investigation for tax fraud, money laundering and falsification of documents in connection with concealing the real ownership of the yacht in order to avoid sanctions. He has been under U.S. sanctions since 2018.
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.
On 3 March 2022, the U.S. Treasury Department sanctioned Usmanov, stating that he and Putin “allegedly have financial ties.” His real estate and other valuables worth roughly $90 million were seized by Italy’s financial police in March. Additionally, the European Union imposed sanctions on Usmanov, until the Council removed him from the list on 22 September 2026 (Council Implementing Regulation (EU) 2026/2160).
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.
Articles You Might Enjoy Reading
Which Companies Owned By Russian Oligarchs?