One of Russian president Vladimir Putin’s “favourite oligarchs” with deep ties to Premier league teams who is fighting to regain control of assets seized by European authorities, is being probed for alleged ties to a Bermuda company.

The EU Court of Justice is right now considering whether or not Italian authorities can maintain the freeze on the near $90 million in assets from the Russian billionaire, Alisher Usmanov, one of the world’s richest men.

Italy’s central bank has identified Mr Usmanov among Russian oligarchs who had combined assets of around $2.5 billion seized following the invasion of Ukraine last year.

Some oligarchs targeted by the measures have filed legal appeals, including the Russian-Uzbek metals and telecoms tycoon.

Frozen by Italian police are a villa in Sardinia and six companies holding other properties and luxury cars, according to Reuters.

Three of the main companies involved have appealed to Rome, saying they are controlled by a Bermuda trust, Pauillac Property Ltd., set up by Usmanov, but from which he has been excluded since February 2022, he claims.

Reuters said the administrative court deferred to the Court of Justice in Luxembourg, seeking clarification under European rules, as to whether or not the freezing of assets was valid, considering Usmanov was no longer a beneficiary of the Bermuda trust, and has no authority over the confiscated assets.

Meanwhile, Fortune magazine said his lawyers have told an EU court that it was his client’s fame and fortune rather than links to the Russian president that made him a target for European Union sanctions after the invasion of Ukraine.

Mr Usmanov’s lawyers told the court he was unfairly targeted as “prey” by officials because he was a “visible symbol” known to the public.

He is known, they said, not only for being one of the wealthiest men of Russia, but also as a former major shareholder of the Arsenal Football Club, and for having built the biggest private yacht, Dilbar.

Fortune said the 69-year-old owns 49 per cent of USM, the Russia-based investment group that controls Metalloinvest, Russia’s largest iron ore producer, and a stake in MegaFon, a Moscow-based telecommunications company.

He is Russia’s fifth richest person with a net worth of $18.8 billion, according to the Bloomberg Billionaires Index.

Even here in Bermuda, Usmanov is a listed man, facing sanction under the move by western governments to contain the wealthy Russian elite, at least those seen as allied to the cause of the Russian president and his war against Ukraine.

The Bermuda Monetary Authority’s Financial Sanctions Update, has identified him on the UK consolidated list of financial sanctions targets since March 2022.

The UK government provides a statement of reasons for the oligarch being on the list: “Alisher Usmanov is a prominent Russian businessman and pro-Kremlin oligarch.

“Usmanov is closely associated with high-profile individuals within the government of Russia, both financially through his considerable business links and through relationships with significant individuals, including President Vladimir Putin.

“Therefore, Usmanov is associated with individuals within the government of Russia who are involved in destabilising and threatening the territorial integrity, sovereignty and independence of Ukraine.

“Furthermore, Usmanov – via his holding company USM Holdings – carries on business in sectors of strategic significance to the government of Russia.”

USM Holdings and other Usmanov connected companies are also on the sanctions list, as are his sisters and nephews, according to the UK statement provided by the BMA.

Rumoured at one point to be the owner of Everton Football club, he is known as having been a major sponsor.

Caught up in the investigation by German police and eventually impounded in German waters was the luxury yacht, Dilbar.

The Office of Financial Sanctions Implementation at HM Treasury introduces the Financial Sanctions Notice on Russia under the Sanctions and Anti-Money Laundering Act 2018 and provides for measures, including asset seizures and other financial and investment restrictions, on those involved in destabilising Ukraine or undermining or threatening the territorial integrity, sovereignty or independence of Ukraine; or obtaining a benefit from or supporting the government of Russia.