Putin oligarch at Tegernsee: work on the Usmanov villa has come to a standstill – are the sanctions now effective?

Created: 05/10/2022 07:21

Alisher Usmanov in front of his unfinished villa at Tegernsee.

© kw/ITAR-TASS/IMAGO (archive image/month)

Alisher Usmanow, one of the most influential Putin oligarchs, prefers to live in Rottach-Egern am Tegernsee.

But the EU sanctions could now hit him hard.

Rottach-Egern

- Are the EU sanctions against Russian oligarchs on Lake Tegernsee already effective?

In any case, work on Alisher Usmanow's new building in Rottach-Egern was stopped.

The construction work in the Forellenstraße should actually be completed by Easter.

At least that's what the planning of the companies that were commissioned with the last trades intended.

But Putin's invasion of Ukraine on February 24 got in the way of both them and the builder.

Just four days later, oligarch Usmanow fled his main residence on Fischerstrasse in Rottach.

As reported, he and his entourage jetted from Munich to Tashkent in his Airbus on February 28.

Usmanow Villa on Lake Tegernsee: Construction work at Putin's oligarchs is at a standstill

What remained was the new building in Rottach-Egern, which was in the process of being built.

The construction companies continued to work on the project, which was worth a good 20 million euros, for a few more weeks.

The property alone cost 6.2 million of them.

The property was acquired through straw men on the Isle of Man tax haven.

Usmanow's other three villas in Rottach-Egern also changed hands via shell companies.

Countless of his villas, whether in Sardinia, in Italy, London and on Lake Tegernsee, were acquired in this way.

These are properties worth several billion euros.

But Usmanow's flow of money for his new building in Rottach-Egern seems to have dried up for a good two weeks, as those affected complain.

For years, the Russian's real estate in Rottach-Egern made good money.

But now disillusionment is spreading.

EU sanctions against Russia also affect oligarchs: construction work on Usmanov villa probably interrupted

The regional companies must have given up on the construction site literally overnight.

On site it is clear that everything is still lying around.

Plates for the large terraces, piles of sand, wooden pallets, hoses.

Even the site electricity was cut off.

The new building in Forellenstraße is currently no longer being worked on.

© kw

Usmanov, who is estimated to be worth around $18 billion, owes the construction companies large sums of money, report company bosses, all of whom wish to remain anonymous.

The 68-year-old oligarch saved nothing for his property on the 2,300 square meter property by the lake.

The entire garden, including terraces and the garage entrance, should be criss-crossed with heating coils.

"Nobody should have to clear snow here," says a connoisseur of the outrageously expensive construction work.

Debts to construction companies: Oligarch Usmanow cannot complete Villa am Tegernsee

But many a company boss had seen the disaster coming and had already submitted their on-account invoices in mid-February.

"They were paid immediately," as one entrepreneur reports.

"With wise foresight, I expected such a disaster," he says.

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Others apparently don't.

A company should still have outstanding debts of 150,000 euros.

That seems bearable, especially since a multiple of the usual amount was said to have already been paid for the trade.

"We too have been waiting for the final payment since the sanctions came into force," says another company boss.

"Until then, the amounts had always come from various foreign banks." Russian banks were not among them.

"But the money always came on time."

EU sanctions against Russia: Usmanov's villa on Tegernsee remains unfinished - companies are withdrawing

In the meantime, “no company would work on Usmanow's construction site if the money stopped coming.

That's clear," says another affected entrepreneur.

Whether the villa will ever be completed is questionable.

Because the Bundestag is supposed to pass a “Sanctions Enforcement Act” before the summer break.

The traffic light coalition wants to expand the competencies of authorities.

You should then be able to secure assets with immediate measures until the ownership situation has been clarified.

So far, the laws have been too lax and not aimed at "hunting down oligarchs," as they say.

With the new law, the government wants to better enforce sanctions against Putin loyalists.

The aim is to be able to freeze their assets like the villas abroad.

You can find more current news from the district of Miesbach and the Tegernsee region at Merkur.de/Tegernsee.