The son of Valentina Matvienko, the Chairwoman of the Federation Council of the Russian Federation, Sergey, rents a villa in the Italian city of Pesaro on the Adriatic coast and hides his assets in San Marino. This was reported by the publication Linkiesta, citing 'Glavkom'.
According to journalists, a significant part of Sergey Matvienko's property has been transferred to San Marino, even though he is not engaged in any business activity in Italy and only has an Italian tax number. Investigators believe that the proposed scheme to preserve assets, while legal, is complex and opaque.
Investigators claim that Matvienko, along with a team of lawyers and consultants, has created a formally legal but convoluted and unclear scheme for asset preservation. It is facilitated by the opacity of San Marino's banking system and the slow updating of local legislation.
Sergey Matvienko is under sanctions from the USA, Japan, and Canada, while his mother, Valentina Matvienko, is on the sanctions lists of various countries, including the EU, the UK, and Ukraine. The value of the real estate owned by the Matvienko family in Italy is estimated at about €10 million.
Ukrainians are not surprised by the immunity of elites and their desire to maximize the protection of their assets from sanctions and persecution by their states. Such practices are common; however, they contribute to a lack of transparency and openness in financial matters. Unfortunately, it is difficult to prevent this until legislation and international cooperation in this area are strengthened.