European agreement to use proceeds from Russian assets to rebuild Ukraine: what assets are frozen in the Alpes-Maritimes?

Following the invasion of Ukraine on February 24, 2022, unprecedented economic sanctions against Moscow led to the freezing by Western banks of around $350 billion in Russian public assets, currencies and properties belonging to Russian oligarchs.

This Tuesday, January 30, the European Union reached an agreement on the first phase of a plan that aims to allocate the income generated by these frozen Russian assets to the reconstruction of Ukraine, announced Belgium, which holds the semi-annual presidency of the Council of HUH. .

However, the option of confiscating this money and dedicating it directly to Ukraine’s reconstruction efforts is excluded, as it would risk shaking international markets and weakening the euro. The European Commission presented a cautious proposal to the 27 member states, stipulating that deposit managers should first separate the interest or profits generated and lock them in a separate account.

Secondly, and to finally allow Ukraine to benefit from these funds, the Commission will present a new proposal regarding their seizure and use.

Half of French properties are on the Côte d’Azur

From Saint-Jean-Cap-Ferrat to Saint-Tropez, the list of Russian oligarchs’ assets frozen by France continued to grow as the war progressed. According to the Ministry of Economy, 62 luxury villas, chalets and apartments were placed under seizure by the French State, in response to sanctions decided by the European Union in response to the war in Ukraine.

The French Riviera leads the way, with 33 luxury properties. More than half of Vladimir Putin’s relatives’ properties were frozen between the Alpes-Maritimes and the Var. Its sale could therefore potentially yield more than a billion euros for Ukraine. We take stock, commune by commune, on the 6th.

In Saint-Jean-Cap-Ferrat

According to Bercy, 5 exceptional properties were frozen in this small town very popular with the Russian oligarchy. Villas located in the four corners of the city: boulevard Dominique Durandy, chemin de Saint-Hospice, chemin du Roy, or on boulevard du Général de Gaulle where villa Féride and villa Canta Cigalou were targeted.

The village ofAlexander Ponomarenko, which made a fortune from grain exports, is on this list. He bought La Chabane for the good sum of 91 million euros.

Another close relative of the Kremlin master, Arcadio Rotenberg saw his Shoshana villa frozen, also in Saint-Jean-Cap-Ferrat.

Villa Shoshana, in Saint-Jean-Cap-Ferrat, belongs to Arkady Rotenberg, one of Vladimir Putin’s best friends. Photo from Google Earth.

To Villefranche-sur-Mer

A group of three properties were frozen on Avenue Louise-Bordes, in Villefranche-sur-Mer. Between them: the legendary Nellcote village, marked by the passage of the Rolling Stones.

It is now owned by Viktor Rashnikov, one of the largest steel producers in the world.

Villa Nellcote, in Villefranche-sur-Mer. Photo Eric Duliere.

In Nice

Also in Nice, a villa belonging to a Russian oligarch was frozen. Located on the Boulevard Princesse Grace de Monaco, on the Basse Corniche, and offering a stunning view of the port of Villefranche, it belongs to Vadim Moshkovichone of the Russian agri-food giants.

He was also at the table on February 24th, when Vladimir Putin “summoned” oligarchs asking for your support after the start of the war in Ukraine.

To Antibes

It was in Cap d’Antibes that the largest number of properties were frozen. According to data from the Ministry of Economy, eight homes were placed under seizure by the French State. And not less important!

We found it there the Château de la Croé, by the well-known Roman Abramovitch, former owner of the Chelsea football club in London. But also the Altaïr villa (purchased for 16 million euros), the Palm House villa (3.5 million euros), the Les Oliviers villa (2.2 million euros), the Cottage de la Garoupe (10 million euros ) and Tourelle de la Garoupe (8 million euros) which all belong to Andrey Melnichenkocoal magnate and world leader in fertilizer products.

The Château de la Croë, in Antibes. Nice-Matin Photo Archives.

Another media oligarch sanctioned on the billionaire peninsula: Suleiman Kerimov. Nicknamed “Russian Gatsby” notably for his adventures in a Ferrari on the Promenade des Anglais, is the owner of Villa Mediroc and Villa Hier, in Cap d’Antibes. The latter was acquired for 120 million euros, while the value declared to the tax authorities was “only” 35 million euros.

In Cannes

In the Cité des Festivals, two properties located on Avenue Cézanne were frozen. Villa Canne and Villa Adastra belong to Dimitry Konov, former head of SIBUR, the largest petrochemical company.

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