Italy has continued enforcing penalties against Russian wealth, recording a cumulative freeze of roughly €2 billion, or about $2.5 billion, since the outset of the current military operation. This figure comes from a report by the Bank of Italy as cited by Reuters, reflecting the stance of Italian authorities amid broader EU sanctions on Moscow.
The same briefing notes that Italian authorities moved to seize various assets belonging to Russian businessmen, including bank funds, luxury villas, yachts, and vehicles, as part of the European Union’s sanctions regime targeting Russia. The Bank of Italy’s anti-money laundering agency, the UIF, reported in its annual review that the €2 billion total was updated through the end of June, with around €330 million frozen in the accounts of approximately 80 Russians linked to the oligarch class.
Prior to the sanctions, coastal and lakeside enclaves were popular among Russian investors. Properties in renowned settings such as Lake Como, Sardinia, Tuscany, and Liguria attracted purchases from wealthy individuals connected to Russia, signaling a strong interest in high-end Italian real estate among this group.
A number of oligarchs whose assets were frozen pursued legal avenues to challenge the measures. Notable among them was Alisher Usmanov, who engaged in court proceedings against the asset freezes as part of the EU and Italy’s enforcement actions.
In June, the European Commission disclosed the total value of blocked Russian assets, pegging the figure at about $207 billion. The commission highlighted that this sum includes securities held by the Central Bank of Russia, underscoring the scale of the sanction framework. EC President Ursula von der Leyen also reiterated the call to seize these assets as part of ongoing punitive measures against Moscow.
There remains ongoing debate about the strategy for handling blocked assets, with discussions touching on potential exchanges and settlements with Western institutions. The evolving policy landscape reflects broader market and geopolitical considerations as European authorities balance sanctions with financial stability and compliance imperatives.
Observers note that the asset freezes are part of a multi-layered approach designed to deter financial flows tied to Russian interests while ensuring that enforcement actions align with EU law and international norms. The Bank of Italy and the UIF continue to monitor developments, updating data as sanctions evolve and as new cases are evaluated by courts and regulatory bodies.