Italy freezes assets of Russian citizens for 1.7 billion euros

The Italian Ministry of Finance reported that the competent authorities (Italian Financial Guard) froze the assets of Russian citizens in the amount of 1.7 billion euros as part of the implementation of Western sanctions imposed on Russia.

The Italian Ministry of Finance said in a statement that “since February 23 last year, in connection with the Russian-Ukrainian crisis and the subsequent military escalation, the Financial Guard began economic and property checks of individuals and legal entities included in the lists of restrictive measures imposed by the European Union.”

“As of May 31, 14 properties, including buildings, vehicles, ships, land and company shares, have been subject to freezing measures totaling more than 1.7 billion euros,” the report says.

Earlier, the Italian authorities indicated that the “sanctioned” assets of Russian citizens are frozen and not confiscated, that is, the property cannot be used and disposed of for the duration of the restrictive measures.

Western countries imposed sanctions against Russia after it launched a special operation in Ukraine, and the restrictions affected companies, individuals and sectors of the economy.

Source: RIA Novosti

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