Following the Russian invasion of Ukraine, the French justice system has ordered the seizure of luxurious goods belonging to the family and associates of Russian President Vladimir Putin in France. The Paris prosecutor’s office has confirmed that two new assets have been added to the list.
One of these seized assets is the Villa Souzanna in Anglet, Pyrénées-Atlantiques, which was vandalized with anti-Putin graffiti following the invasion of Ukraine in February 2022. The Villa is officially in the name of a real estate company controlled by Artur Ocheretny, but is believed to be owned by Lioudmila Putina, Putin’s ex-wife.
Another property, an apartment in Paris owned by Ekaterina Solotsinskaya, was also seized as part of the same investigation. The Ministry of Economy in France has reported that Russian assets worth an estimated 24 billion euros have been frozen in response to the war in Ukraine.
Under French law, asset confiscation is regulated and allows for various legal proceedings. Apart from two ships and a yacht that were seized, most assets have been frozen to prevent their use, resale, or monetization. European Union sanctions have resulted in over a thousand individuals and entities being blacklisted, with their assets frozen and restrictions on financial transactions and travel imposed.
In response to Russia’s invasion of Ukraine, the Council of Europe has unanimously adopted a resolution calling for the frozen Russian assets to be transferred to a fund to rebuild Ukraine and compensate victims of the war. This fund would be used to address damages caused by Russia’s invasion of Ukraine and would be overseen by the Council of Europe. The International Compensation Mechanism would distribute compensation to those affected by the conflict, in line with international standards and procedures.
