Italian authorities seize $43M from Russian tycoon under Ukraine probe
3:51 PM EDT, July 29, 2024
The Italian Financial Guard in Florence confiscated assets worth $43 million from a Russian entrepreneur, reported the ANSA news agency on Monday. This operation was conducted at the request of the Ukrainian prosecutor's office tackling corruption.
According to the prosecutor's office in Kyiv, four properties worth $40 million and $3 million in company shares are the result of the Russian entrepreneur's investment of illegally obtained profits.
The businessman is suspected in Ukraine of corrupting government officials, committing an estimated $60 million fraud against a public company dealing with the agricultural products trade, and laundering money.
The Russian citizen subsequently invested part of the illegally obtained funds through a Florence-based company, which was used to purchase a luxury property in Tuscany.
Ukraine awaits frozen Russian funds
On May 21, the Council of the European Union approved a plan to allocate profits generated by frozen Russian state assets to support Ukraine. The specially created Ukraine Relief Fund (URF) will transfer these funds to Kyiv.
The first installment of interest from frozen Russian assets will likely reach Ukraine next month.
Russian assets worth approximately $320 billion are to remain frozen until Russia pays for the damages inflicted on Ukraine. World Bank estimates that the reconstruction of Ukraine will cost about $530 billion.
