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.

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