Living large from Moscow to Milan: Russian state company executives snap up luxury homes in Italy while funding the war in Ukraine

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Andrey Akimov, Gazprombank: A luxury apartment steps from Juliet’s balcony

Gazprombank CEO Andrey Akimov has a luxury apartment in the historic center of Verona, the setting for Shakespeare’s most famous love story. Akimov has led state-controlled Gazprombank for over 20 years and is considered to be close to Putin’s inner circle. Under Akimov’s leadership, the bank has become an integral cog in the Kremlin machine, financing state projects and providing payroll services for Russian state security forces and the military.

Since 2011, Akimov has also served on the boards of Gazprom and of Rosneftegaz (the latter state company controls a majority stake in Rosneft). In 2014, he became a board member of Rosneft itself.

Gazprombank's influence extends far beyond finance. Through its media holding, Gazprom-Media, it controls some of Russia’s biggest propaganda platforms, including NTV, RuTube, and part of the social media platform VK. In 2023, the U.S., Canada, and Ukraine sanctioned Gazprom-Media, labeling it a “disinformation platform” that plays a key role in supporting Putin’s regime.

As previously reported by the independent investigative outlet Important Stories, Akimov and his relatives own property from Ibiza to Cyprus — and from Vienna to the Caribbean. The Insider and Agents of War can now add to this collection a 168 m² luxury apartment in the heart of Verona, at Piazzetta XIV Novembre, 2/4 (coordinates: 45°26'34.9 N 10°59'47.7 E).

This city of romance, immortalized by Shakespeare, attracts millions of tourists each year — but not everyone comes for Juliet’s balcony and the old city’s charming streets. In 2011, Akimov secured his spot in one of Verona’s most prestigious neighborhoods — just steps from the Maffei Palace, Lamberti Tower, Piazza dei Signori, and, of course, Juliet’s legendary balcony.

Since this district is in Verona’s historic center, where real estate values are high, accurately estimating the price of Akimov’s apartment is difficult. However, property in nearby modern buildings is listed on the real estate website Immobiliare.it — Italy's version of Zillow or Rightmove — at €6,000–€8,000 per square meter, meaning his apartment is worth at least €1 million.

While Akimov’s media empire is actively lobbying for YouTube to be banned in Russia, the very platform he seeks to block for millions of his compatriots is perfectly accessible from his Italian retreat.

Anatoly Cherner and family, Gazprom Neft: A Ligurian coastal retreat

Another idyllic location favored by Russia’s elite is the Ligurian coast. Amid cliffside villages and colorful seafront towns, the family of Gazprom Neft’s Deputy Chairman Anatoly Cherner has settled in luxury.

Cherner’s wife Larisa and daughter Yulia own an impressive estate in the town of Andora on the Italian Riviera in the region of Liguria. Their property includes a 955 m² villa at Strada Delle Patelle, 5 (coordinates: 43°57'12.1 N 8°09'49.7 E), surrounded by over a hectare of land, outbuildings, and garages. Satellite images suggest construction began in 2020 and remains ongoing.

Since 2008, Cherner has been Deputy Chairman of the Board and Deputy CEO for Logistics, Refining and Sales at Gazprom Neft — the oil subsidiary of Gazprom, Russia’s state-controlled natural gas giant. After the full-scale invasion of Ukraine began, Russia introduced a law allowing state-owned firms to conceal information in order to avoid sanctions — and Gazprom Neft swiftly removed its board members' names from its website. However, Cherner was still listed as a Deputy Chairman in February 2023, when he attended the opening of the company's new facilities at the Omsk Oil Refinery.

In March 2022, Gazprom Neft was sanctioned by the U.S., UK, Ukraine, Switzerland, Australia, the EU, New Zealand, and Canada. In 2023, Cherner himself was added to the UK’s sanctions list — which means he is subject to asset freezes, entry bans, restrictions on trust management, and transportation. And yet, under Cherner’s leadership of Gazprom Neft, Russian oil products have continued flowing into Europe, despite international sanctions.

Erkin Norov, VTB Bank: A foot in both Milan and Rome

The family of VTB Bank board member Erkin Norov has established itself in two of Italy’s key cities — Milan, the country’s financial and fashion capital, and Rome, the seat of political power.

Norov has been on the bank’s board since 2009. The Russian government owns 62% of VTB, which manages key Russian defense assets — including the United Shipbuilding Corporation, the largest shipbuilder and maintenance provider for the Russian Navy. VTB also controls RNKB, one of occupied Crimea’s biggest banks.

In April 2021, Norov’s son, Denis, purchased a 152 m² apartment in Milan, located at Via Giacomo Watt, 12 (coordinates: 45°26'39.3 N 9°09'10.9 E). According to Immobiliare.it, real estate in this area costs approximately €6,000 per square meter, suggesting the property is worth €800,000–€900,000. A nameplate on the mailbox reveals that Denis Norov is not the only resident — he appears to share the apartment with a certain Oleg Tsozik, though the latter’s identity remains unclear.

Two years after purchasing an apartment in Milan, in January 2023 Denis Norov acquired another 65 m² property — this one located in Rome at Via Piemonte, 117 (coordinates: 41°54'35.4 N 12°29'35.7 E), directly across from the famous Villa Borghese park. Property prices in this prestigious area start at €7,500 per square meter, putting the value at between €500,000–€600,000.

Notably, Denis Norov did not purchase this apartment himself — it was gifted to him by Olga Shelkova, who is believed to have been an advisor to the First Deputy President and Chairman of VTB Bank.

Could Denis Norov have afforded two high-value properties worth a combined €1.3–€1.5 million without his father’s financial backing? That seems unlikely. His CV reveals the following career path: legal counsel at VTB Bank (2002–2007), VP for Legal Affairs at the now-defunct Technology Development Bank (2007–2010), and Executive Director of the Legal Department at Alliance Oil Company (2010–2016).

His most recent role? Assistant PR and Communications Manager at the Alfa Romeo Museum in Italy. In Europe, the former VP transitioned into the arts sector, earning a master’s degree in arts management — and even becoming a certified sommelier. It is difficult to imagine that a museum employee, sommelier, or even an arts manager could afford such expensive real estate.

Andrey Sharonov, Sovcomflot: A breeze from the Adriatic

Andrey Sharonov is a former high-ranking Russian official and executive who for decades held key positions in government and in major corporations. From 2010-2013, he served as Deputy Mayor of Moscow for Economic Policy, later becoming Rector (2013–2016) and then President (2016–2021) of the Skolkovo Business School.

In 2022, the UK imposed sanctions on Sharonov, banning his entry into the country, freezing his assets, and restricting his access to financial services due to his position on the board of Sovcomflot — Russia’s largest state-owned shipping company, responsible for transporting Russian oil, petroleum products, and liquefied gas. Sovcomflot is 82.8% owned by the Russian government and serves as a major revenue source for the Kremlin — which is why the company has been sanctioned by the U.S., EU, UK, Canada, and Australia, among multiple others.

Beyond Sovcomflot, Sharonov has served — and continues to serve — on the boards of several major Russian corporations, including: PhosAgro (Russia’s largest fertilizer producer), Rosseti (Russia’s state-owned electricity transmission company), NefteTransService (a railway operator transporting oil and petroleum products), metals group En+ Group (which is linked to oligarch Oleg Deripaska and holds a controlling stake in Rusal, one of the world’s largest aluminum producers), as well as the aforementioned VTB Bank.

Despite his deep ties to Russian state institutions, Sharonov prefers to invest in real estate far from Russia. According to Italian property records, he owns a 177 m² apartment and a 22 m² garage in the seaside town of Montesilvano in the Abruzzo region, located at Via Lussemburgo, 2 (coordinates: 42°31'13.0 N 14°09'14.9 E).

This property was inherited by Sharonov and his children from his late wife, Olga Sharonova, who is believed to have passed away in 2012. Montesilvano is a popular resort town on the Adriatic coast, known for its beaches and tranquil lifestyle — an ideal retreat far from the consequences of Moscow’s policies.

Daniil Krainskiy, Rosseti: A Florentine gem

Daniil Krainskiy — Deputy CEO for Legal Affairs at Rosseti since November 2022 — has also chosen Italy as his second home. Since 2013, he has owned a 77 m² apartment in the historic center of Florence, located at Via Ghibellina, 104 (coordinates: 43°46'13.6 N 11°15'38.1 E). His property is just minutes away from Florence’s most iconic landmarks, including the Palazzo Vecchio, Uffizi Gallery, and Santa Croce Cathedral.

Rosseti, Russia’s largest power transmission company, is a state monopoly, with 75% of its shares owned by the Russian government. Since the full-scale war began, Rosseti has been actively involved in “integrating” Ukraine’s Russian-occupied territories, building energy infrastructure and opening new branches on internationally recognized Ukrainian land.

But Rosseti does more than just operate in occupied regions — it has been publicly supporting the war, creating funds to aid Russian soldiers, purchasing armored vehicles, and pledging to ensure energy supply in border zones and in Russia’s so-called “new regions.”