Italy seizes $156 million in oligarch wealth, pressing Putin

European governments are moving against Russian oligarchs to put pressure on Russian President Vladimir Putin to back down on his war in Ukraine, seizing superyachts and other luxury properties from billionaires on sanctions lists

MILAN -- European governments are moving against Russian oligarchs to put pressure on Russian President Vladimir Putin to back down on his war in Ukraine, seizing superyachts and other luxury properties from billionaires on sanctions lists.

Italy since Friday has seized 143 million euros ($156 million) in luxury yachts and villas in some of its most picturesque destinations, including Sardinia, the Ligurian coast and Lake Como.

“We must be able to stop Putin’s attack, bringing him to the table, and he won’t go with niceties," Italian Foreign Minister Luigi Di Maio told Italian state TV on Friday, announcing Italy’s plans to begin the seizures of property belonging to oligarchs close to Putin.

Italian financial police moved quickly seizing the superyacht “Lena" belonging to Gennady Timchenko, an oligarch close to Putin, in the port of San Remo; the 65-meter (215-foot) “Lady M” owned by Alexei Mordashov in nearby Imperia, estimated to be worth 65 million euros; as well as villas in Tuscany and Como.