Italy has frozen the assets of Russian oligarchs worth €2.3 billion since 2022.

Source : Reuters

Details : Since Russia's full-scale invasion of Ukraine in 2022, Italy has frozen assets belonging to Russian businessmen worth approximately €2.3 billion (approx. US$2.6 billion). The list of seized property includes bank accounts, yachts, cars and luxury villas.

These actions are part of the European Union's sanctions against the Kremlin and its allies. The Bank of Italy last updated its data in June 2023, when the total value of frozen assets reached US$2.5 billion.

In early June 2025, the Italian tax police sequestered the Iranian company Irital Shipping Lines and seized two properties worth over €1 million for Iran's involvement in supporting Russian aggression against Ukraine.

The property is being held by the Italian State Property Agency. According to official data, the cost incurred to do this had amounted to €31.7 million by February 2024 alone. According to Reuters’ estimates, the amount could exceed €45 million by June 2025.

Background :

• The UK and the EU have been stepping up negotiations on how to confiscate frozen Russian assets in order to increase pressure on Russia ahead of possible peace talks to end the war against Ukraine.
• Ukraine plans to confiscate US$300 billion in frozen Russian assets held in the accounts of international financial institutions.

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