Italian authorities seize Russian-owned yachts: report

Yachts belonging to two of Russia’s wealthiest oligarchs have been seized in Italy as part of European Union sanctions.

The raid by Italian police took place Friday, according to the BBC.

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Authorities seized a 213-foot yacht worth $ 27 million owned by Alexey Mordashov, in the northern port of Imperia, according to local officials.

Alexey Mordashov, chairman of the board of directors of Severstal. (Reuters / Reuters Photos)

Mordashov is considered a close ally of President Vladimir Putin and Russia’s richest man.

His worth is estimated at $ 29 billion and built his wealth around the Russian steel producer Severstal.

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The other yacht is reportedly owned by Gennady Timchenko, another oligarch with close ties to Putin.

Russian tycoon Gennady Timchenko. (Reuters / Reuters Photos)

Timchenko reportedly has around $ 17 billion in assets and made his fortune in oil trading.

They are among the 680 individuals and 53 entities slapped with sanctions by the EU on Monday.

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These are the latest seizures, joining other raids in France and Germany earlier this week.

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