Even among the billionaires who flock to this vacation enclave, the Russian oligarchs stood out. They bought up the choicest villas along the coast, building de facto empires shielded behind clipped hedges and surveillance cameras. Now, they're cutt off.
“We ended up relying fundamentally on one world,” he said. “And once you close the tap, there’s damage.”Four Usmanov-linked villas are clustered on a tiny peninsula, where the properties slope down toward the beach, nestled among cactus paddles and flowers. They are among the most exclusive properties in Sardinia. And the job of attending to them now falls to the Italian government, which is required by law to maintain the value of any asset it freezes.
“When you arrive the first day of the summer, it’s always a disaster,” said Flavio Briatore, an Italian entrepreneur who has a home on the island and who owns a nearby restaurant and dance club called the Billionaire. “Some pump isn’t working, whatever. And then when everything is finally ready to go, it’s time to go back [home].
In theory, Italy can use the oligarchs’ frozen bank accounts to help pay for the upkeep of the frozen villas and yachts. But one person with knowledge of the Russian cases said the maintenance costs will exceed the money in the accounts.Clara Portela, a specialist in international sanctions at the University of Valencia, said E.U. countries have scant experience in handling mega-assets; most of the people previously targeted by E.U.
Italy says it has the option to sell the frozen assets if they become too expensive to manage. But such a move would be likely to draw legal challenges.” to protect his reputation. And there have been successful challenges to European sanctions over the past decade-plus, including on due-process grounds.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Russia-Ukraine war: Zelenskyy warns Russian blockade could lead to food shortageUKRAINE-RUSSIA LATEST: • Russia's blockade of Ukrainian ports is provoking a food crisis, President Zelenskyy says • Mariupol officials warn of humanitarian crisis
Lire la suite »
Some Schools Are Ditching Mother's Day And Father's Day For More Inclusive OptionsSchools across North America are trading in Mother's Day and Father's Day for 'Important Grown-Ups Day' or 'Grown-Ups Who Love Us Day.'
Lire la suite »
Opinion | The Super Immunity of Our Fabulously Wealthy Corporate Dictators'The contrast between the old and new corporate dictators,' writes RalphNader, 'is that the latter use, for free, your personal data for a fantastically profitable sale.'
Lire la suite »
Archaeologists in Sardinia Have Unearthed Two Giant Fragments of Millennia-Old Statues of Boxers | Artnet NewsFound buried near graves containing the bodies of mostly young men, archaeologists are unsure about the sculptures' function.
Lire la suite »
Dear Abby: My sister had everything I never did, and now she wants my best friendThe insecurities of my childhood come roaring back when they’re together.
Lire la suite »