Support The Moscow Times!

Italy Seizes Russian Oligarch's Yacht — Government

Mordashov used a statement issued Monday to distance himself from Putin's war in Ukraine. Sergei Konkov / TASS

Italy said Friday that it seized the yacht of a Russian oligarch who is seen as close to President Vladimir Putin and is subject to EU sanctions.

"Italy's police has just seized 'Lady M Yacht', a 65 million euros ($70 million) vessel belonging to Alexey Alexandrovits Mordaschov located in Imperia (Liguria) — in compliance with the recent EU sanctions," Ferdinando Giugliano, a media adviser to Italy's prime minister, said in a tweet.

Steel magnate Mordashov owns Severstal group and is among the ultra-wealthy, influential Russians blacklisted by Brussels for their perceived closeness to the Kremlin.

Since Russia's invasion of Ukraine began on Feb. 24, the EU has moved to freeze the assets of connected oligarchs and bar them from entering the bloc.

Mordashov used a statement issued Monday to distance himself from Putin's war in Ukraine.

"I have absolutely nothing to do with the current geopolitical tensions and I don't understand why the EU has imposed sanctions on me," he said.

Italian media have reported that another yacht, the Lena owned by Gennady Timchenko, the billionaire co-founder of commodities trader Gunvor, has been seized in Sanremo.

The first yacht seized as a result of EU sanctions was the Amore Vero, snatched Thursday in the French port of La Ciotat. 

The mega-yacht belongs to a company linked to the head of Russian oil giant Rosneft. 

Yachts, symbols of the massive wealth accrued by Russia's elite, are among their overseas assets being targeted by Western sanctions. 

The EU sanctions target more than 500 Russian individuals or entities whose assets are to be traced and frozen.

… we have a small favor to ask.

As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just 2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

Continue

Read more