Here's what happens to Russian oligarch yachts after they're seized [View all]
European governments that seized or the yachts and villas of Russian oligarchs now face a more difficult question: what to do with them?
The sanctions against Russian oligarchs imposed by the European Union, the UK, the U.S. and other countries unleashed a wave of asset freezes across Europe. Officials impounded a 213-foot yacht owned by Alexei Mordashov in Imperia, Italy, Igor's Sechin's 280-foot yacht in the French port of La Ciotat and Alisher Usmanov's $18 million resort compound in Sardinia.
President Joe Biden warned the oligarchs in his State of the Union: "We are joining with our European allies to find and seize your yachts, your luxury apartments, your private jets. We are coming for your ill-begotten gains."
Yet sanctions experts say freezing the assets is the simple part. Deciding what to do with them — and who gets the proceeds — is likely to be more challenging and could touch off court battles that drag on for years.
https://www.msn.com/en-us/money/news/heres-what-happens-to-russian-oligarch-yachts-after-theyre-seized/ar-AAUQz2Gb
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