Italy has frozen Russian oligarchs' assets worth more than $2.6 billion

Italy has frozen Russian oligarchs' assets worth €2.3 billion ($2.6 billion) since the 2022 Ukraine invasion, as part of European Union sanctions, with additional seizures targeting Iranian-linked companies accused of aiding Moscow.

These frozen assets—ranging from bank accounts and luxury villas to yachts and high-end cars—are part of the EU’s broader sanctions against Russia and its associates.

The Bank of Italy reported that as of June 2023, the total value of frozen Russian assets had reached €2.17 billion ($2.5 billion). Although no updated figure was provided this month, the central bank said that funds frozen due to sanctions reached nearly €280 million ($320 million) by the end of 2024, reflecting a €44 million ($50 million) increase compared to the previous year.

In a related move, Italy’s tax police seized the Milan-based Iranian company Irital Shipping Lines and two of its properties, valued at more than €1 million ($1.14 million). Authorities cited the company’s alleged military support for Russia’s war in Ukraine as the reason behind the action.

Read next

05:00

World News

Italian defense minister: NATO must adapt to new global realities

NATO needs to evolve to meet today’s changing world, Italy’s Defense Minister Guido Crosetto said Friday.

03:00

World News

Deals worth $1.4 billion signed at Africa investment summit

The EU Commission signed five major agreements with Africa, securing over €1.2 billion ($1.38 billion) in investments and guarantees, EU President Ursula von der Leyen announced Friday.

14:30

Transport Strike

National transport strike paralyses travel across Italy

A nationwide transport strike on Friday disrupted travel across Italy, with major delays and cancellations reported in rail, air, and public transit services.

18:30

World News

Meloni, Trump discuss Iran-Israel tensions at G7, urge return to negotiations

Italian Prime Minister Giorgia Meloni and US President Donald Trump met on the sidelines of the G7 summit in Canada to call for renewed negotiations over Iran and efforts to de-escalate the worsening Middle East crisis.

02:00

Meloni meets NATO chief

Meloni meets NATO chief before defence summit

Italy’s Prime Minister Giorgia Meloni met with NATO Secretary General Mark Rutte in Rome on Thursday in preparation for the upcoming NATO summit in The Hague later this month, where defence spending will be a key focus.