After seizing his $71 million luxury yacht – Italian authorities have seized Russian steel billionaire Alexei Mordashov’s lavish villas in Sardinia worth $116 million

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One of Russia’s richest men, Alexei Mordashov, who comes second probably to Putin himself, pays for his closeness to the Russian ruler. March is certainly not a good month for Mordashov as Italy seized another property, roughly worth $116 million for the second time this month. Reuters reported Mordashov’s building complex is located in Portisco, on the Mediterranean island of Sardinia, and is the second asset to be seized after $71 million, 215-foot yacht, ‘Lady M,’ in early March. The move is part of the European Union’s decision to use these luxurious seized assets to help fund Ukraine’s recovery efforts, as obstinate Vladimir Putin continues to lay siege to several of the country’s major cities.

Alexei Mordashov

Alexei Mordashov is the main shareholder and chairman of Severstal, a Russian conglomerate with interests in metal, energy, and mining companies. According to Forbes, he enjoys a net worth of $14.3 billion. The man is an excellent example of the rags to riches case. From being the son of mill workers, Mordashov rose to become the finance director of a steel mill. He also owns about 30% of TUI Group, one of the world’s biggest travel and tourism companies, as per Forbes.

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Lady M yacht. Via – Moran Yachts.

Business Insider reported, Mordashov told TASS, the Russian news agency, that he didn’t understand how sanctions imposed on him would help promote settlement of Russia’s unprovoked attack in Ukraine. He said: “I have absolutely nothing to do with the emergence of the current geopolitical tension, and I do not understand why the EU has imposed sanctions on me.”

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Lavish interiors of the Lady M yacht. Via – Moran yacht.

While the president of Severgroup takes his time understanding what is going on, Italian officials have done the needful and seized asset no. 2. The Russian steel billionaire’s collection also includes the 464 feet long Nord megayacht. It costs $500 million and flaunts two helipads, a retractable hangar, a cinema, a spa, and even barbeque areas. Will this tuxedo donning warship catch the eye of officials next?

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With over 15 years of experience in luxury journalism, Neha Tandon Sharma is a notable senior writer at Luxurylaunches. Her expertise spans luxury yachts, high-end fashion, and celebrity culture. Beyond writing, her passion for fantasy series is evident. Beginning with articles on women-centric gadgets, she's now a leading voice in luxury, with a fondness for opulent superyachts. To date, her portfolio boasts more than 2 million words, often penned alongside a cappuccino.