Home TRENDING Italy’s police has seized “Lady M Yacht” – a €65m yacht belonging...

Italy’s police has seized “Lady M Yacht” – a €65m yacht belonging to Russian oligarch

Italy said on Friday that it seized the yacht of a Russian oligarch who is seen as close to President Vladimir Putin and is subject to EU sanctions.”Italy’s police have just seized ‘Lady M Yacht’, a 65 million euros ($70 million) vessel belonging to Alexey Alexandrovits Mordaschov located in Imperia (Liguria) — in compliance with the recent EU sanctions,” Ferdinando Giugliano, a media adviser to Italy’s prime minister, said in a tweet.

Mordashov, the owner of the Severstal steel firm, is one of the ultra-rich and powerful Russians blacklisted by Brussels due to their apparent ties to the Kremlin. The EU has sought to freeze the assets of associated oligarchs and prevent them from entering the bloc since Russia’s invasion of Ukraine began on February 24. Mordashov distanced himself from Putin’s assault in Ukraine in a statement released Monday. “I have nothing to do with the current geopolitical issues, and I’m baffled as to why the EU has sanctioned me,” he stated.
Another yacht, the Lena, owned by Gennady Timchenko, the billionaire co-founder of commodities trader Gunvor, has been confiscated in Sanremo, according to Italian media. The Amore Vero, kidnapped Thursday in the French port of La Ciotat, was the first boat confiscated as a result of EU sanctions. The mega-yacht is owned by a corporation connected to the Russian oil giant Rosneft’s CEO. Western sanctions are targeting Russia’s elite’s offshore assets, including yachts, which are symbols of their immense riches. More than 500 Russian individuals or organizations are targeted by EU sanctions, with their assets to be traced and frozen.
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