Russian seized assets an headache for Italian authorities

Imperia, a port in northern Italy. Hundreds of boats are moored here, but only one has been officially restricted from leaving the port. The luxury yacht Lady M It’s presumed owner, Alexei Mordechoff, is one of the richest men of the Russian Federation since March 22. The yacht is part of the assets that have been frozen by the Italian state in accordance with the EU sanctions on Russia after the invasion of Ukraine. The Lady M has been coming to our Marina for years. It’s one of the biggest yachts here. It’s 63 metres long and worth €65,000,000, but as a frozen asset, its management falls upon the Italian state and consequently the Ministry of Finance has to pay all the maintenance costs, including the port fees. The more in faith, this ship is about €12,000 per month in winter and 13,000 in summer. Then there’s the electricity that’s supplied by the port. On average we’re talking about €10,000 per month for electricity and water. Added to which are the costs of insurance, crew, fuel and maintenance. The motors have to be checked every year. For a yacht of this type, just the standard maintenance can be more than €50,000 a year. Over the last two years, the Italian state has spent nearly €32 million managing frozen Russian assets. Italy would like to officially confiscate them in order to resell them, but they remain the property of their original owners. The lawyer, Andres Acucci, represents a Russian oligarch with frozen assets. We’re talking about a temporary freeze. These assets have not been confiscated. Seizing them permanently would be problematic because that would go against an individual’s fundamental rights, one of which is the rights of ownership. The state cannot appropriate private property arbitrarily. There are currently 7 yachts belonging to Russian oligarchs immobilized in Italian ports. The Kremlin has threatened legal action against any attempt at seizure of these assets in Italy or elsewhere in Europe. Time.