Italy has frozen Russian oligarchs' assets valued at around 2 billion euros ($2.5 billion) following the invasion of Ukraine last year.

According to Reuters, the country's central bank has frozen assets, including bank accounts, luxury villas, yachts, and cars, as part of the European Union's sanctions against the Kremlin.

In its annual report, the Bank of Italy's anti-money laundering unit (UIF) said the 2-billion-euro figure had been updated to the end of June.

UIF Director Enzo Serata added that financial holdings worth around 330 million euros, linked to 80 individuals, had been frozen in adherence to the sanctions regime.

Italian beaches and ports used to be popular vacation spots for wealthy Russians who bought properties in prime locations such as Lake Como, Sardinia, Tuscany, and the Ligurian coast.

Some of the oligarchs targeted by these measures have appealed to the courts, including Russian-Uzbek metals and telecommunications tycoon Alisher Usmanov.

In April, an Italian court referred the decision to continue freezing his assets worth over 80 million euros to the EU Court.

Earlier, a bill was introduced to the US Senate that includes a mechanism for confiscating assets belonging to the Russian government and the Central Bank of Russia. There are high hopes for this bill.