Italy's costly dilemma: Maintaining frozen Russian yachts
In Italian ports, seven yachts owned by Russian oligarchs are stationed. These assets have been frozen since the outbreak of the war in Ukraine. They cannot be confiscated, and their maintenance is costly. The Italian government has already spent approximately CAD 44.6 million on this.
Russian yachts stationed in Italian ports are part of the frozen assets. All this in connection with European sanctions imposed on Russia right after the outbreak of the war in Ukraine.
It turns out that the holding and maintenance of these luxury boats is quite expensive. The Italian state treasury foots the bill, and the amounts are in the millions.
The Italian government spent about €32 million (CAD 44.6 million) over two years on the maintenance of the seized yachts of Russian oligarchs. The Italian Ministry of Finance was responsible for all maintenance costs, including docking fees. In total, there are seven such vessels - reports the Nexta agency on the X platform.
Confiscated Russian yachts - the Italian government covers all expenses
Each luxury boat incurs substantial maintenance costs. According to France 24, the Italian government covers all expenses. The docking fee is about CAD 16,800 in winter and CAD 41,800 in summer. In addition, the cost of electricity the port supplies averages CAD 14,000 per month. And there are still fees for insurance and fuel. Every 12 months, the yacht's engines must also be checked and maintained, a one-time cost of up to CAD 70,000.
Confiscation and resale not an option
The Italian government would like to officially confiscate the yachts of Russian oligarchs so that they can be resold. Unfortunately, legally, the status of these boats is clear—they remain the property of their original owners.
We are talking about a temporary freezing. These assets have not been confiscated. Permanently freezing them would be problematic because it would violate basic human rights. One of these is the right to property. No state can arbitrarily take over private property - said Andrea Saccucci, defender of Russian oligarchs.
The Kremlin makes it clear. And threatens legal actions against attempts to seize the assets of their citizens. The Italians and other European nations are in a difficult position.
