Ukraine: Italy seizes yachts owned by Russian oligarchs

Billionaires are linked to Russian president Vladimir Putin.

Italian police on Friday night seized assets in Italy owned by Russian oligarchs, worth €140 million, in line with new EU sanctions as part of the west's response to Moscow's war in Ukraine.

A yacht owned by Alexey Mordashov, named by Forbes recently as the richest man in Russia, was impounded in the northern port of Imperia, reports news agency ANSA.

The 65-m luxury vessel, called 'Lady M', has an estimated value of €65 million.

Another super yacht, belonging to Russian billionaire Gennady Timchenko, was also confiscated by Italy's finance police.

The 52-m boat, called 'Lena', was moored in Sanremo, near Imperia on the Italian Riviera.

Mordashov is the main shareholder and president of Severstal, a Russian conglomerate with interests in metal, energy and mining.

Forbes, taking into account the total assets of his family, estimated Mordashov's net worth recently at $29.1 billion.

Italian newspaper Il Sole 24 Ore reports that Mordashov has accumulated losses of more than $3 billion since Russia's invasion of Ukraine.

Timchenko has an estimated wealth of $21.1 billion, according to Forbes, making him among the richest men in Russia.

He has stakes in various Russian businesses, including gas company Novatek and petrochemical producer Sibur, and is said to be one of Putin's closest associates.

A luxury villa belonging to Russian businessman and politician Oleg Savchenko has also reportedly been seized in the Tuscan province of Lucca.

The Villa Lazzareschi property is valued at €3 million according to Il Sole 24 Ore.

All three men whose assets were seized by Italian police have close ties to Russian president Vladimir Putin.

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