Italian authorities seize £35m in russian assets linked to corruption
The Italian Financial Police in Florence have confiscated assets worth £35 million from a Russian entrepreneur, as reported by the Ansa agency on Monday. This operation was conducted at the request of the Ukrainian prosecutor's office fighting corruption.
Four properties worth £32 million and £2.4 million in company shares form part of what, according to the prosecutor's office in Kyiv, are investments in illegally obtained profits by the Russians.
The businessman is suspected in Ukraine of corrupting government officials, committing an estimated fraud of £50 million against a public company dealing with the trade of agricultural products, and money laundering.
The Russian citizen subsequently invested some of the illegally obtained funds through a Florence-based company, purchasing a luxury property in Tuscany.
Ukraine awaits frozen Russian funds
Recall that on May 21, the Council of the European Union approved a plan to allocate profits generated by frozen Russian state assets to support Ukraine. These funds will be transferred to Kyiv through a specially created Ukraine Relief Fund (URF).
The first installment of interest from frozen Russian assets will likely reach Ukraine next month.
Russian assets worth approximately £260 billion are to remain frozen until Russia pays for the damages inflicted on Ukraine. According to World Bank estimates, the reconstruction of Ukraine will cost about £430 billion.
