Italy has frozen more than $2.6 billion in russian assets

This was reported by Reuters, citing data from the Italian authorities.

It is indicated that Rome seized these assets as part of EU sanctions imposed on the Kremlin and its associates. Among them are bank accounts, villas, yachts and cars.

According to the Bank of Italy, as of the end of June 2023, the value of frozen Russian assets amounted to $2.5 billion. This month, the total amount has not been updated, but it is known that in December 2024, another €280 million in Russian assets were frozen, which is €44 million more than the previous year.

In early June this year, the tax police also seized assets of the Milan-based Iranian company Irital Shipping Lines worth over €1 million due to Iran's military support for Russia's war against Ukraine.

The Italian State Property Agency holds all illiquid assets frozen due to EU sanctions, and the Italian government bears the costs of managing these assets for the entire period of their freezing. According to the latest official data, by February 2024, the state's maintenance costs amounted to €31.7 million.

As Reuters notes, the future of these Russian assets depends on the European Union, as only the bloc can decide on their confiscation. If Brussels decides to unfreeze them, the assets may be returned to their owners on condition that they pay Italy the maintenance costs.

Source: Suspilne, Reuters