La Ciotat Shipyards, located in a tranquil area of the French Riviera, is preparing bills for mooring costs for the towering white superyacht Amore Vero but is unsure who to send them to.

Reuters reports that the towering 86-metre (282-foot) yacht according to the France finance ministry belongs to a business owned by Russian President Vladimir Putin's closest allies Igor Sechin, the head of Russian state oil major Rosneft. Sechin is one of the many individuals facing sanctions in lieu of the&nbsp;Russian attack on Ukraine.

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France has legally seized the Amore Vero, according to Finance Minister Bruno Le Maire, a move that grants the state custody of the yacht while leaving the costs to the owner.

According to two companies that service the yacht, authorities have not informed third parties of the vessel's status, leaving it unclear who is responsible for its upkeep. An executive at La Ciotat Shipyards said the company was worried about how it would be paid as debts piled up.

Crew&nbsp;wages, repairs, fuel, food, insurance, berth fees, and onshore utilities can all add up to 10 per cent&nbsp;of the value of the largest superyachts, and it might amount to millions of dollars per month for some vessels.

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The financial riches of oligarchs is mostly unaffected in the European Union, but European states have restricted or seized physical assets, including houses and at least 11 superyachts.

The situation surrounding&nbsp;Amore Vero highlights the challenges authorities encounter as they target the assets of Putin's supporters.

Frozen assets in Italy are handled by a publicly nominated administrator, with the state property agency covering maintenance costs. The owner must reimburse them later, or the state can sell the item to recuperate its costs.

Watch |&nbsp;Russia-Ukrainian Crisis: Kharkiv becomes the worst-affected city in the country

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/russia-ukrainian-crisis-kharkiv-becomes-the-worst-affected-city-in-the-country-468343/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

In France and Spain, the owner is still responsible for the running costs of a 'frozen' or confiscated boat. However, with the sanctions these owners face, they are often unable to make payments due to bank account blocks.

Another concern for governments, according to Giannis Markogiannis, a Greek lawyer specialising in international yachting law, insurance, and taxation, is that yachts may be held wrongfully.

Giannis&nbsp;noted that if the ownership of a confiscated yacht could not be linked to a person on the sanctions list, it had to be released, leaving the state accountable for any deterioration in condition or damage that occurred during its immobilisation. Owners may potentially file a lawsuit for lost charter earnings or suspension of use.

"We're continuing to invoice," said Alice Boisseau, communications officer for La Ciotat Shipyards to Reuters. However, when asked who would pay the bill, she said they didn't know.

(With inputs from agencies)

La Ciotat Shipyards, located in a tranquil area of the French Riviera, is preparing bills for mooring costs for the towering white superyacht Amore Vero but is unsure who to send them to.

La Ciotat Shipyards, located in a tranquil area of the French Riviera, is preparing bills for mooring costs for the towering white superyacht Amore Vero but is unsure who to send them to. Reuters reports that the towering 86-metre (282-foot) yacht according to the France finance ministry belongs to a business owned by Russian President Vladimir Putin's closest allies Igor Sechin, the head of Russian state oil major Rosneft. Sechin is one of the many individuals facing sanctions in lieu of the Russian attack on Ukraine. Also read | Ukraine-Russia conflict: Here are the top Russian oligarchs hit with EU sanctions France has legally seized the Amore Vero, according to Finance Minister Bruno Le Maire, a move that grants the state custody of the yacht while leaving the costs to the owner. According to two companies that service the yacht, authorities have not informed third parties of the vessel's status, leaving it unclear who is responsible for its upkeep. An executive at La Ciotat Shipyards said the company was worried about how it would be paid as debts piled up. Crew wages, repairs, fuel, food, insurance, berth fees, and onshore utilities can all add up to 10 per cent of the value of the largest superyachts, and it might amount to millions of dollars per month for some vessels. Also read | Russia-Ukraine crisis causes Turkish inflation to hit fresh record of 61.1 per cent The financial riches of oligarchs is mostly unaffected in the European Union, but European states have restricted or seized physical assets, including houses and at least 11 superyachts. The situation surrounding Amore Vero highlights the challenges authorities encounter as they target the assets of Putin's supporters. Frozen assets in Italy are handled by a publicly nominated administrator, with the state property agency covering maintenance costs. The owner must reimburse them later, or the state can sell the item to recuperate its costs. Watch | Russia-Ukrainian Crisis: Kharkiv becomes the worst-affected city in the country In France and Spain, the owner is still responsible for the running costs of a 'frozen' or confiscated boat. However, with the sanctions these owners face, they are often unable to make payments due to bank account blocks. Another concern for governments, according to Giannis Markogiannis, a Greek lawyer specialising in international yachting law, insurance, and taxation, is that yachts may be held wrongfully. Giannis noted that if the ownership of a confiscated yacht could not be linked to a person on the sanctions list, it had to be released, leaving the state accountable for any deterioration in condition or damage that occurred during its immobilisation. Owners may potentially file a lawsuit for lost charter earnings or suspension of use. "We're continuing to invoice," said Alice Boisseau, communications officer for La Ciotat Shipyards to Reuters. However, when asked who would pay the bill, she said they didn't know. (With inputs from agencies)

Russia-Ukraine: Upkeep of yachts seized from Putin's allies rack up millions in bills, who will bear the cost?

Italian police have seized villas and yachts worth at least 140 million euros ($153 million) from four high-profile Russians who were placed on an EU sanctions list following Moscow's attack on Ukraine, sources said on Saturday.

A police source said a villa owned by billionaire businessman Alisher Usmanov on the Mediterranean island of Sardinia, and a villa on Lake Como owned by state TV host Vladimir Soloviev, had both been seized.

In addition, sources confirmed that yachts belonging to Russia's richest man, Alexey Mordashov, and Gennady Timchenko, who has close tied with Russian President Vladimir Putin, were impounded overnight in northern Italian ports. [L5N2V75YZ]

Russian oligarchs are believed to have bought numerous villas in choice Italian locations over the past 20 years and sources said more assets were expected to be seized in coming days as Western states implement massive sanctions to try to force Russia to withdraw from Ukraine.

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Italian banks were instructed by the Bank of Italy's financial intelligence division on Friday to urgently let it know of all measures taken to freeze the assets of people and entities placed on the EU list.

Uzbekistan-born metals and telecoms tycoon Usmanov is well known in Italy for owning multiple properties on Sardinia, while Italian media say Mordashov owned a villa worth some 66 million euros ($72 million) on the same island.

Taking into account the assets of his whole family, Forbes magazine estimates that Mordashov had an estimated net worth of $29.1 billion before sanctions hit.

His 65 metre (215 ft) yacht the "Lady M" had a price tag of 65 million euros and was impounded in the northwest port of Imperia, while Timchenko's boat Lena was worth some 50 million euros and was seized in nearby Sanremo, a judicial source said.

Timchenko made a fortune in oil trading and has been described by Putin as one of his closest associates.

Soloviev reportedly complained&nbsp;on Russian television when he found out last month that he risked losing his Italian villa.

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"Suddenly someone makes a decision that this journalist is now on the list of sanctions. And right away it affects your real estate. Wait a minute. But you told us that Europe has sacred property rights," he was quoted saying by The Daily Beast.

While the European Union has moved quickly against individuals seen as close to the Russian government, Britain has moved more slowly.

However British Prime Minister Boris Johnson was quoted as saying on Saturday that amendments to Britain's economic crimes legislation would be presented to parliament on Monday to help the government act with more speed.

Italian police have seized villas and yachts worth at least 140 million euros ($153 million) from four high-profile Russians who were placed on an EU sanctions list following Moscow's attack on Ukraine, sources said on Saturday.

Italian police have seized villas and yachts worth at least 140 million euros ($153 million) from four high-profile Russians who were placed on an EU sanctions list following Moscow's attack on Ukraine, sources said on Saturday. A police source said a villa owned by billionaire businessman Alisher Usmanov on the Mediterranean island of Sardinia, and a villa on Lake Como owned by state TV host Vladimir Soloviev, had both been seized. In addition, sources confirmed that yachts belonging to Russia's richest man, Alexey Mordashov, and Gennady Timchenko, who has close tied with Russian President Vladimir Putin, were impounded overnight in northern Italian ports. [L5N2V75YZ] Russian oligarchs are believed to have bought numerous villas in choice Italian locations over the past 20 years and sources said more assets were expected to be seized in coming days as Western states implement massive sanctions to try to force Russia to withdraw from Ukraine. Also read | Washington State advances landmark deal on gig drivers’ job status Italian banks were instructed by the Bank of Italy's financial intelligence division on Friday to urgently let it know of all measures taken to freeze the assets of people and entities placed on the EU list. Uzbekistan-born metals and telecoms tycoon Usmanov is well known in Italy for owning multiple properties on Sardinia, while Italian media say Mordashov owned a villa worth some 66 million euros ($72 million) on the same island. Taking into account the assets of his whole family, Forbes magazine estimates that Mordashov had an estimated net worth of $29.1 billion before sanctions hit. His 65 metre (215 ft) yacht the "Lady M" had a price tag of 65 million euros and was impounded in the northwest port of Imperia, while Timchenko's boat Lena was worth some 50 million euros and was seized in nearby Sanremo, a judicial source said. Timchenko made a fortune in oil trading and has been described by Putin as one of his closest associates. Soloviev reportedly complained on Russian television when he found out last month that he risked losing his Italian villa. Also read | Japanese scientists to probe origins of mummified mermaid said to grant immortality "Suddenly someone makes a decision that this journalist is now on the list of sanctions. And right away it affects your real estate. Wait a minute. But you told us that Europe has sacred property rights," he was quoted saying by The Daily Beast. While the European Union has moved quickly against individuals seen as close to the Russian government, Britain has moved more slowly. However British Prime Minister Boris Johnson was quoted as saying on Saturday that amendments to Britain's economic crimes legislation would be presented to parliament on Monday to help the government act with more speed.

Italy seizes oligarchs' villas and yachts in initial swoop

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