France to target Russian oligarchs luxury items over Ukraine invasion

France is drawing up a list of property owned by Russian oligarchs including luxury cars and yachts that can be seized under EU sanctions imposed following Russia's invasion of Ukraine. 

A yacht cruising in near the Côde d'Azur flickr

The French Riviera has long been a playground for ultra-wealthy Russians, with many spending their summers on yachts or in their luxury villas on the Mediterranean coast.

"At the request of the president, we are continuing a full survey of the financial assets, real estate, yachts and luxury vehicles (in France) which belong to Russian personalities targeted by European sanctions," Economy Minister Bruno Le Maire said Monday.

J’ai demandé à la DGFIP et à TRACFIN d’identifier tous les comptes bancaires, biens immobilier ou bateaux des proches du pouvoir et oligarques russes sous sanctions afin de les priver de l’usage de ces biens. pic.twitter.com/zjQCgrL113

— Bruno Le Maire (@BrunoLeMaire) February 26, 2022

He added that France was also working on identifying the property of other Russians who might hit by further rounds of sanctions "because of their proximity with the Russian government."

Foreign Minister Jean-Yves Le Drian, speaking beside Le Maire at the presidential palace in Paris, said measures would be taken "in a very short space of time" against "Russian propaganda organs" which were responsible for "disinformation" in Europe.

Ban on state media

EU chief Ursula von der Leyen announced on Sunday that the European Union would ban Russian state media Russia Today -- known as RT -- and Sputnik.

French President Emmanuel Macron spearheaded diplomatic efforts to prevent a war in Ukraine and held more than six hours of talks with Russian leader Vladimir Putin in Moscow on 7 February.

After Putin informed him of his decision to officially recognise two Russian-backed separatist provinces in eastern Ukraine last week, a prelude to his invasion, Macron warned him of the reaction, the Journal du Dimanche newspaper reported on Sunday.

"You know there will be very severe consequences," the French president reportedly said. "You shouldn't underestimate them."

(With AFP)