December 9, 2022

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Russian oligarchs, what happens to the confiscated yachts and villas? The state pays for the boats, and the nursery goes back to the state’s property

What happens to the assets Russian oligarch frozen? And who will pay the yacht-related expenses that can be huge? The interventions decided by the Financial Security Committee (chaired by the Director General of the Treasury) and carried out by the Guardia di Finanza are based on the 2007 regulation, already applied in other situations where a decision on counter-terrorism measures has been taken at the international level. level, as in the case of Al Qaeda and the Taliban. But it is the management of mega yachts that creates a problem above all, including the costs involved.
Legislative Decree 109 regulates the whole procedure as well as the custody, management and administration of frozen economic resources. The assignment belonging to the State Property Agency, which, on the basis of the report sent by the Guardia di Finanza Special Currency Police Unit (or other available information), decides whether to submit directly or appoint a trustee or official. In both cases it is possible to conduct all the work of the ordinary management, while in exceptional cases it is necessary to seek the opinion of the financial guarantee committee itself.
Regarding expenditures, Article 12 states that “whatever is necessary or useful to maintain and manage the assets shall be borne by the state property agency or the official by taking the sums collected for any reason.” So if the forfeited assets are profitable in any way, then that money will be used. However, if “from the management of the assets subject to the freezing, it is not possible to obtain sufficient funds to pay the expenses”, the state property office or the official will rely on a fund specified in the state budget “with the right to recovery from the owner of the asset in the event of termination of the freezing procedure” .

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yachts
It is not a simple yachting matter, which is the reason for managing yacht export aThe cost of the Russian oligarchy is exorbitant. First of all, the marina, which in a port like Imperia, where the 65-meter boat of Mrs. M is blocked, costs 400-500 euros per day without an escort. The cost of accommodation with electricity and water is more than doubled. But there is also a safety issue, which is why, according to the rules, such large boats must always have a captain on board, who in the case of ships over 500 tons must have a specialization and an average salary of 12. to 15 thousand euros per month, then chief engineer, also qualified for engines over 500 kW, (about 8 thousand euros per month) and four crew members, with an average monthly salary of about 4 thousand euros. It is unlikely that the official appointed by Agenzia del Demanio will be able to utilize these assets and cover the costs. The only premise could be the regulation of luxury pacts. But it won’t be easy.

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