Italy's Police Seize Yachts Belonging to Russia's Richest Man and Timchenko

Italy's police seized the yachts of two of Russia's richest oligarchs on Friday, a move linked to EU sanctions, BBC reports.

Authorities informed local media that officers confiscated a yacht worth $27 million belonging to Alexey Mordashov, one of Russia's wealthiest individuals and a close associate of President Vladimir Putin.

An additional yacht owned by another oligarch with strong ties to Putin, Gennady Timchenko, was seized in Imperia, officials reported.

Mordashov's net worth is estimated at $29 billion, amassed through the steel manufacturing company Severstal, while Timchenko reportedly has assets worth around $17 billion earned through oil trading.

Both men are among the 680 individuals and 53 entities sanctioned by the EU on Monday.

The source notes that similar yacht seizures belonging to other Russian oligarchs have also occurred this week in France and Germany.