EU sanctions against Russian oligarchs are leaving hundreds of workers on the Italian island out of work, the report said


Russian billionaire Alisher Usmanov is associated with real estate on the coast of the Italian island of Sardinia.Getty Images.

  • EU sanctions on oligarchs have put hundreds of workers out of work in Italy: The Washington Post.

  • Some of the oligarchs’ employees have been suspended without pay, a union leader told The Post.

  • The oligarchs sometimes tipped workers in the six figures, The Post reported.

Hundreds of employees working for Russian oligarchs on an Italian island have been made redundant after the European Union imposed sanctions on Russia after invading Ukraine, The Washington Post reported.

Sardinia in the Mediterranean is a popular destination for wealthy Russians who have built luxurious beachfront properties and docked their superyachts in its marina.

Since the EU sanctioned Russian oligarchs and froze their assets, some employees of the oligarchs have lost their jobs, while other employees have been suspended without pay, Mirko Idili, a union leader, told The Post.

“Many of these oligarchs are still seen here as magnates, as benefactors,” he said.

The oligarchs sometimes tipped employees in five or six figures, The Post reported.

According to the newspaper, the Italian government has frozen about eight houses in a 10-mile stretch of the Emerald Coast in northeastern Sardinia.

A $114 million Sardinian estate owned by Russian Formula One driver Nikita Mazepin and his oligarch father has been seized by Italian authorities, as has billionaire Alisher Usmanov’s nearly $18 million mansion, Reuters reported.

Mauro Pili, the former governor of Sardinia, told the Post the island relies on Russian wealth, but “as soon as you turn off the tap, there is damage.”

It’s another example of how people working for Russian oligarchs are being hit by sanctions. In March, Usmanov’s crew on his $600 million superyacht were reportedly laid off because sanctions meant they couldn’t be paid.

Workers renovating Usmanov’s mansions in Germany have been unable to get their wages because of sanctions, the New York Times reported.

Since Russia invaded Ukraine in February, the EU has sanctioned Russian oligarchs over their close ties to President Vladimir Putin. The sanctions include freezing of oligarchs’ assets, bans on travel to or from member states and a ban on doing business with the EU.

Read the original article on Business Insider


Comments are closed.