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ABOUT THE AUTHOR

Anna runs a boutique advisory company (J Group SA https://www.jgroup.ch/) providing compliance services. With her longstanding experience in private banking compliance she offers a structured and independent approach. Her expertise lies in Anti-Money-Laundering (AML) and Know-Your-Customer (KYC) topics with a specific focus on CEE, Russia, Ukraine, Kazakhstan and Central Asia. Anna has a legal background (MLaw, lic.iur) analytical and research skills as well as multilingual competence (English, German, French and Russian).

Italy has frozen Russian oligarchs’ assets

by Anna Brouver | Jun 26, 2025 | Legal and Compliance

The case

Italy has frozen Russian oligarchs’ assets worth more than USD 2.6 billion.

Source: Reuters

The commentary

Italy has frozen Russian oligarchs’ assets worth € 2.3 billion (USD 2.6 billion) since the 2022 Ukraine invasion as part of European Union sanctions, also targeting and seizing companies linked to Iran, accusing them of aiding Moscow.

The frozen assets, ranging from bank accounts and luxury villas to yachts and high-end cars, form part of the EU’s broader sanctions against Russia and its associates.

The Bank of Italy reported that as of June 2023, the total value of frozen Russian assets had reached € 2.17 billion (USD 2.5 billion). Although no updated figure has been provided this month, the central bank said that funds frozen due to sanctions had reached nearly € 280 million (USD 320 million) by the end of 2024, reflecting a € 44 million (USD 50 million) increase compared to the previous year.

According to Reuters Italy’s State Property Agency now manages all non‑liquid frozen assets. As of February 2024, annual maintenance costs reached €31.7 million (US$36.5 million), and these may have climbed to over €45 million (US$ 51.85) by today’s estimates. Whether these assets will eventually be permanently confiscated or released—conditional on owners reimbursing maintenance costs—rests on future EU policy decisions.

This publication has been prepared solely for information purposes and is does not constitute a recommendation, a solicitation, or an offer. The information on which this publication is based has been obtained from sources that we believe to be reliable and in good faith, but we have not independently verified such information and no representation or warranty, express or implied, is made as to its accuracy. All expressions of opinion are made as of the date of publication and may be subject to change without notice. k-flash and all related affiliates accepts no liability or responsibility whatsoever for any consequential loss of any kind arising out of the use of this publication or any part of its contents. The use of this publication should not be regarded as a substitute for the exercise by the recipient of his or her own judgment. This publication is not directed to any person in any jurisdictions that prohibit such publication.

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