Italy Freezes Assets of Russian Oligarchs Worth $2.5 Billion

Italy has frozen the assets of Russian oligarchs amounting to approximately $2.5 billion following Russia's invasion of Ukraine in February 2022.

As part of the European Union's sanctions against the Kremlin and its supporters, Italy has seized assets including bank accounts, luxury villas, yachts, and cars. The Bank of Italy's anti-money laundering unit (UIF) stated in its annual report that the figure of $2.5 billion has been updated as of the end of June.

UIF Director Enzo Serata added that around €330 million worth of financial assets associated with 80 individuals have been frozen as part of the sanctions.