SEIZURE: Russian Oligarch’s Yacht Grabbed

Sanctions on Russia become personal,
as countries start seizing assets owned by Russians with ties to Putin.

The French finance ministry said on Thursday that a boat owned by Russian businessman Igor Sechin had been confiscated.

Sechin is the CEO of Rosneft, a Russian oil company. Sechin was sanctioned by the European Union earlier this week, with Putin hailing him as one of his “most trusted and closest aides, as well as his personal friend.”

In January, the yacht “Amore Vero” — which means “True Love” in Italian — landed in the French Mediterranean port of La Ciotat. On April 1, it was supposed to leave the harbour.

In a tweet, French Finance Minister Bruno Le Maire stated, “Thank you to the French customs officials who are executing the European Union’s sanctions on people linked to the Russian regime.”

From 2008 to 2012, Sechin served as Russia’s deputy prime minister. His ties to Putin are “long and deep,” according to the European Union, with the two men in daily contact.

Le Maire revealed earlier this week that France has formed a task group to compile a list of financial assets and luxury items owned by Russians who are subject to EU sanctions.

On Sunday, BP (BP) announced that it will sell its 19.75 percent interest in Rosneft and relinquish two board seats.

Sanctions on Russia are beginning to crush their economy, and further sanctioning their officials is further cutting off their ability to interact financially with the rest of the world.