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Italy freezes the assets of Russian oligarchs / They are worth 2 billion euros

2023-07-04 19:14:30, Kosova & Bota CNA

Italy freezes the assets of Russian oligarchs / They are worth 2 billion euros

Italy has frozen assets of Russian oligarchs worth about 2 billion euros since Russia's invasion of Ukraine last year, the country's central bank said on Tuesday.

Italy seized assets, including bank accounts, luxury villas, yachts and cars, as part of European Union sanctions against the Kremlin and its supporters.

In its annual report, the Bank of Italy's anti-money laundering unit, known by the acronym UIF, said the €2bn figure was the latest update, with June this year included.

UIF director Enzo Serata added that financial assets worth around 330 million euros, linked to 80 individuals, had been frozen as part of the sanctions measures imposed on Russia.

Before the start of the war in February 2022, Italy's beaches and ports were a popular destination for wealthy Russians, who bought properties in popular tourist spots such as Lake Como, Sardinia, Tuscany and the Ligurian coast.

The Council of the European Union last month approved the 11th package of sanctions against Russia for its unprovoked invasion of Ukraine.

Through this package, the European Union is trying to prevent other countries and companies from circumventing the previously imposed measures.

The council published the sanctions after their approval on June 23, saying the package will ensure that EU sanctions against Russia "are even better implemented, based on the lessons learned from their implementation over the past year".

The latest sanctions are aimed at closing loopholes that keep goods and technology key to Russia's war effort from reaching Russia through countries that trade with the EU.





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