Italy holds seized yachts worth €2.3 billion of russian oligarchs whose assets were frozen

It has become a burden for the Italian authorities to maintain yachts belonging to russian oligarchs, whose assets in Italy were frozen after the start of the full-scale invasion of Ukraine by russian troops.

As noted, 7 such vessels are stuck in Italian ports due to EU sanctions. All costs for inspection, repair and parking were borne by the Italian government.

According to the lawyers of the russian owners, these ships cannot be confiscated and resold to other owners, as the Italian authorities would like, as it is a violation of property rights, and the assets themselves have the status of frozen, but not confiscated.

The Kremlin has already promised that it will oppose in court any attempts to appropriate these assets, worth €2.3 billion, both in Italy and in Europe as a whole.

Source: France24