Italy seized a large building complex from the richest man in Russia on Friday as the West continues to penalize oligarchs for their reported ties to Russian President Vladimir Putin amid the invasion of Ukraine.
The $116.2 million complex, owned by sanctioned Russian oligarch Alexei Mordashov, was located in Portisco on Sardinia's Emerald Coast, per the Wall Street Journal. Mordashov, who is considered the richest man in Russia by some estimates, had his $72 million yacht Lady M snatched by Italian officials earlier this month.
"I have absolutely nothing to do with the emergence of the current geopolitical tension, and I do not understand why the EU has imposed sanctions on me," Mordashov told TASS, a Russian state-run news agency, on March 1.
Mordashov, 56, is the chairman and largest shareholder of Severstal, one of the biggest steel and mining companies in Russia. In 2021, he had a $29.1 billion net worth, according to a Forbes estimate that labeled him the richest man in Russia. Bloomberg had a similar estimate of his net worth at the time, but it now pegs his wealth at $21.
Yachts, villas, financial assets, and other holdings of Russia's billionaire elite have become signature targets for the West. So far, one of the most valuable yachts to be seized was Russian billionaire Andrey Igorevich Melnichenko's $578 million superyacht, which was sequestered by Italian officials last week.
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