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Italy Is Leading the World in Seizing Oligarchs’ Assets

6 81 7
17.08.2022

“Designed by the illustrious Italian design firm Nuvolari Lenard, the Lady M II sports a spectacular Art Deco prow figure in the form of a giant Jaguar,” the website clubyacht.net notes in an article on the roughly $60 million megayacht belonging to Russian oligarch Alexei Mordashov. Or rather, it used to belong to him.

Less than two weeks after Russia’s invasion of Ukraine, Italy’s financial police, the Guardia di Finanza, seized the yacht, which features wave runners, a Jacuzzi, a gym, and a helipad. And lots of Russian oligarchs have encountered a similar fate at the hands of the efficient Guardia di Finanza. Other countries could learn from the unusual police force, which has a military structure but operates under the Ministry of Economy and Finance and investigates all manner of financial ill-doing.

Don’t feel too sorry for Mordashov, the billionaire majority owner of Russian steel giant Severstal. He also owns a much bigger yacht, the 464 feet, six-deck, $500-million Nord. It was completed by German shipbuilder Lürssen only last year, and Mordashov had not been able to enjoy the vessel for very long before Russia invaded Ukraine. Fortunately for Mordashov, his crew then managed to sail Nord from Seychelles to Vladivostok, Russia, from where Mordashov can enjoy the chilly delights of Golden Horn Bay.

“Designed by the illustrious Italian design firm Nuvolari Lenard, the Lady M II sports a spectacular Art Deco prow figure in the form of a giant Jaguar,” the website clubyacht.net notes in an article on the roughly $60 million megayacht belonging to Russian oligarch Alexei Mordashov. Or rather, it used to belong to him.

Less than two weeks after Russia’s invasion of Ukraine, Italy’s financial police, the Guardia di Finanza, seized the yacht, which features wave runners, a Jacuzzi, a gym, and a helipad. And lots of Russian oligarchs have encountered a similar fate at the hands of the efficient Guardia di Finanza. Other countries could learn from the unusual police force, which has a military structure but operates under the Ministry of Economy and Finance and investigates all manner of financial ill-doing.

Don’t feel too sorry for Mordashov, the billionaire majority owner of Russian steel giant Severstal. He also owns a much bigger yacht, the 464 feet, six-deck, $500-million Nord. It was completed by German shipbuilder Lürssen only last year, and Mordashov had not been able to enjoy the vessel for very long before Russia invaded Ukraine. Fortunately for Mordashov, his crew then managed to sail Nord from Seychelles to Vladivostok, Russia, from where Mordashov can enjoy the chilly delights of Golden Horn Bay.

But like many other yachts owned by Russian oligarchs, the Lady M II was docked along Italy’s seductive shores when Russia invaded—and to Mordashov’s surprise, the Guardia di Finanza struck quickly. Barely a week had passed when it seized the Lady M II—which was docked in Imperia, Italy, close to Monaco—and Russian oil and gas billionaire Gennady Timchenko’s superyacht Lena, which was docked in Sanremo, Italy. German authorities........

© Foreign Policy


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