July 7, 2022

South Sudan News Agency

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Symbolically – Abroad – Russians are leaving demons because of sanctions

The knife of the Italian authorities may break the situation that has developed in the country as a result of Western sanctions. Such as Bloomberg Fortress-like buildings completely cut off from the outside world suggest that in recent months they have become real haunted castles. Security of property was previously provided by an armed guard. Alizar Usmanov, one of the most famous Russian presidents, attracted the attention of locals with his special habit of flying helicopters even between his villas. Until now.

Over the past two months, the holiday resort known as the Emerald Coast has suffered a real blow with a series of sanctions. The Roman government has so far seized eight villas owned by Russian oligarchs. However, it is not only the millionaires who are affected by these activities, but also the local employees who have to pay the bulk of their income so far for working for oligarchy. Hundreds of people are thought to have lost their jobs overnight due to the restrictions.

In addition to the problems already mentioned, the question is what the Italian government will do with the $ 250 million worth of real estate in the long run.

Part of the truth is that the Emerald Coast is not structured like Ibiza or Mykonos, developed and elevated, but it is very quiet, which is not a negligible feature.

Star surroundings

About 160 kilometers from Rome, the island is not only the favorite resting place of the Russian rich, but also the property of celebrities such as George Clooney or Bill Gates, but also the villa of Italian billionaire politician Silvio Berlusconi. The victim of Western sanctions is probably Russia’s richest businessman. Alexei Mortazov drew attention in March with a surprising trick. Upon learning that some of his shares would be frozen, he sold most of the securities to a foreign company operating in the British Virgin Islands. Mortazov was ranked 51st in 2021 on the Forbes rich list.

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Another wealthy businessman concerned is Dmitry Masebin, chairman of the Russian fertilizer company Uralchem, and his son, Nikita Masebin, recently. Excluded From Formula 1 after Russia invaded Ukraine.

However, among the locals, it is not the latter two, but Alizar Usmanov is very popular. Usmanov is interested in the metal industry, media, telecommunications and sports. For example, its own group operates in Russia, and among other things, the Commersant newspaper and its editorial office are increasingly protesting against the pro-Putin line in 2019. But it also owns MegaFon, the second largest Russian mobile phone operator and co-owner of Mail.Ru Group, one of the largest Internet companies in the Russian-speaking territories, including the Soviet heir states.

One of the few who was quickly accepted and accepted by the local people was an oligarch of Uzbek descent. No wonder Usmanov did things to strengthen the local community.

For example, he purchased several ambulances for the municipality, provided financial assistance to the local football team, but was also involved in funding cultural life.

When he was elected an honorary citizen in Sardinia in 2018, he said the island was very reminiscent of Uzbekistan’s childhood.

The United States recently sought to assuage Usmanov’s frustration by proving that the 56 – year – old man played a key role with his companies in covering the costs of the war against Ukraine.

The oligarchy is forced to say goodbye for a time to the luxury life of Western Europe. It will have to deal not only with sanctions from Italian authorities but also with the actions of other European countries. The other day, French authorities seized two helicopters and the Germans confiscated a large boat in Hamburg.

The fact that none of Umanman’s local awards have been withdrawn so far shows their diligence well.

Seize properly, neatly

The management of the now confiscated and locked property is primarily the responsibility of the Italian authorities. They legally demand that various villas, houses and buildings do their best to ensure that they retain their value until they are returned to their owners. Real estate experts say maintaining all of these can cost Italian taxpayers hundreds of thousands of dollars. Not to mention that finding new employees for the job is not that easy.

The range of things to do around the “average” luxury villa is well illustrated by the property of one of the Italian accountants, who has at least twenty employees in the morning. They maintain a swimming pool or hot tub because these villas function as a real spa hotel, often with their own tennis court, golf course and wine cellar.

In principle, the Italian authorities could use the money locked in the bank accounts of oligarchs to fund the security of the villas. However, experts say this will only be sufficient for a limited period of time because it is more expensive to maintain than money in closed accounts. The lack of common practice in the EU on how to handle confiscated assets complicates matters.

(Cover: March 20, 2022, one of the most valuable villas of the Russian oligarchy Alisher Usmanov on the Emerald Beach in Sardinia. Photo: Contributor / Getty Images)