An Italian court has denied attempts to unfreeze billionaire Alexey Mordashov’s yacht, which was seized by police as part of a Western-led campaign to target wealthy Russians following Ukraine’s invasion.
Mordashov’s Lady M yacht, measuring 65 metres (215 feet) and costing 65 million euros ($68 million), was confiscated by Italian authorities in March in the northern town of Imperia.
Lady M’s company, Asmare Enterprises Limited, had sought the administrative court of the Lazio area to overturn the freeze, alleging that the Russian businessman under sanctions was not the formal owner of the yacht.
According to a document seen by Reuters on Friday, the court dismissed the lawsuit, ruling that Mordashov was certainly the ultimate owner of Lady M.
Mordashov, 56, is the son of a mill worker who rose through the ranks to become a steel magnate with a net worth of $29.1 billion. He is said to be Russia’s wealthiest man.