Italy seizes $58M in assets from Russian tycoon amid fraud probe
The Italian Financial Guard from Florence has confiscated assets worth $58 million CAD from a Russian entrepreneur, reported the Ansa agency on Monday. This operation was conducted at the request of the Ukrainian prosecutor's office fighting corruption.
Four properties worth $54 million CAD and $4 million CAD in company shares are the result of - as reported by the prosecutor's office in Kyiv - the investment of illegally obtained profits by the Russian.
The businessman is suspected in Ukraine of corrupting government officials, estimated fraud of $81 million CAD against a public company dealing with the trade of agricultural products, and money laundering.
Part of the illegally obtained funds were subsequently invested by the Russian citizen through a Florence-based company, purchasing a luxury property in Tuscany.
Ukraine awaits frozen Russian funds
On May 21, the Council of the European Union approved a plan to allocate profits generated by frozen Russian state assets to support Ukraine. These will be transferred to Kyiv through a specially created Ukraine Relief Fund (URF).
The first instalment of interest from frozen Russian assets will likely reach Ukraine next month.
Russian assets worth approximately $432 billion CAD are to remain frozen until Russia pays for the damages inflicted on Ukraine. According to World Bank estimates, the reconstruction of Ukraine will cost about $716 billion CAD.
