Italy seizes yacht owned by Russian oligarch Mordashov -source


ROME (Reuters) – Italian police have seized a yacht owned by Alexey Mordashov, the richest man in Russia earlier than being blacklisted this week by the European Union following Moscow’s assault on Ukraine, a supply with direct information of the matter mentioned on Friday.

The 65-metre (215-ft) “Lady M” was impounded within the northern Italian port of Imperia, the supply mentioned.

A second yacht owned by Gennady Timchenko, one other billionaire who has shut ties to Russian President Vladimir Putin, can be blocked in Imperia and shall be sequestered shortly, the supply added.

The transfer adopted comparable seizures in France and Germany this week of yachts belonging to different Russian oligarchs, as Western states implement large sanctions, together with asset freezes, to attempt to drive Russia to withdraw from Ukraine.

According to Italian media, Lady M was constructed by U.S. shipbuilders Palmer Johnson in 2013. Forbes journal says it’s price $27 million.

Mordashov constructed his wealth across the Russian metal producer Severstal. Taking into consideration the belongings of his complete household, Forbes estimates that Mordashov had an estimated internet price of $29.1 billion earlier than sanctions hit, making him the richest man in Russia.

Italian media says he owns a villa price some 66 million euros ($72 million) on the coast of the Mediterranean island of Sardinia. It was not instantly clear if that property had but been seized by police.

Timchenko made a fortune in oil buying and selling and has been described by Putin as one in every of his closest associates. Britain mentioned final month that he was a serious shareholder in Bank Rossiya, which performed a job within the destabilisation of Ukraine after Russia’s 2014 annexation of Crimea.

($1 = 0.9156 euros)

(Reporting by Emilio Parodi; Writing by Crispian Balmer; Editing by Marguerita Choy)

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