Legal experts say that generally, the sanctions themselves don’t allow countries to simply take ownership of oligarch’s boats, planes and homes. Under the sanctions announced by the U.S. and Europe, members of the Russian elite who “enriched themselves at the expense of the Russian people” and “aided Putin” in his invasion of Ukraine will have their assets “frozen and their property blocked from use.”
Under U.S. law and most laws in Europe, assets that are frozen remain under the ownership of the oligarch, but they can’t be transferred or sold. Sechin and Mordsahov, for instance, will continue to own their yachts, but they will be secured to the docks by the authorities and prevented from sailing to safer shores.
To actually seize and take ownership of an oligarch’s yacht or villa, government prosecutors have to prove the property was part of a crime. Under U.S. civil forfeiture law, an asset “used to commit a crime” or that “represents the proceeds of illegal activity” may be seized only with a warrant.