Italian trader played polo against Prince William while under US sanctions
Access the Editor’s Digest at no cost.
In this weekly newsletter, Roula Khalaf, the Editor of the Financial Times, shares her top picks of the best stories.
A rich Italian entrepreneur backed two elite polo teams from England and competed against Prince William, all while facing US sanctions due to suspected involvement in trading vast amounts of Venezuelan oil, valued in the hundreds of millions of dollars.
In January 2021, the US Treasury added Alessandro Bazzoni to its sanctions list, labeling him as a key enabler for a group of people and businesses trying to bypass US restrictions aimed at PDVSA, the state-run oil company of Venezuela.
The United States views President Nicolás Maduro's administration as invalid due to accusations of manipulating elections.
Despite being placed on the US sanctions list, Bazzoni persisted in managing what he referred to as a "significant organization" within the English polo scene, serving as the patron for two professional teams. In July 2022, he competed against Prince William, who is now the Prince of Wales, during a charity polo event.
Bazzoni's attorneys argued that the penalties were applied for the wrong reasons and that he is disputing them.
This situation illustrates that an individual facing sanctions in one area can still conduct business legally in allied nations, provided those countries do not share the same sanctions policies.
European nations, along with the UK, have expressed their disapproval of Maduro's administration; however, they have not placed any sanctions on Venezuela.
Tom Keatinge, who leads the Centre for Finance and Security at Rusi, a think tank focused on defense and security, noted, "This story is quite intriguing as it draws attention to the ongoing opportunities for arbitrage in the realm of sanctions."
The US Treasury reported that Bazzoni became the key figure in the operation following the June 2020 arrest of Alex Nain Saab Morán, commonly referred to as Saab. They noted that Bazzoni played a crucial role in organizing the buying and selling of crude oil sourced from Venezuela.
Bazzoni's attorneys stated that he has never been associated with or linked to any shipments of crude oil from Venezuela provided by PDVSA that violate US sanctions. They also mentioned that he has never interacted with Saab, either through conversation or business transactions.
A 2018 evaluation of the polo website Pololine estimated that maintaining a string of 10 to 14 horses—essential for one professional player—costs between £50,000 and £84,000 each year. This figure does not include player fees. Bazzoni’s teams included top players like Argentines Joaquin Pittaluga, Cubi Toccalino, and Juan Gris Zavaleta.
Bazzoni supported Monterosso, a team named after his Italian hometown. A patron is a non-professional player who sets up a team of professionals to compete with them. His wife, Siri Evjemo-Nysveen, often played for another team he organized, called MT Vikings.
In June 2019, he shared with Pololine, "Over the past three years, we've put a significant amount of money into horses."
Bazzoni's attorneys stated that the Financial Times' inquiries implying he likely spent millions of dollars each year on polo were nothing more than "pure speculation."
While placing sanctions on Bazzoni, the US also targeted Elemento Ltd, a company based in Malta. They claimed that Elemento had bought oil from PDVSA and sold it to other parties on Bazzoni's behalf.
According to the US Treasury, from July 2019 to July 2020, Elemento facilitated and arranged the sale of at least five shipments of crude oil originating from Venezuela, provided by PDVSA. The announcement stated that the individuals facing sanctions had collaborated to negotiate sales amounting to “hundreds of millions of dollars” in Venezuelan oil.
Bazzoni's legal team stated that he stopped being a director of Elemento Ltd in August 2016, and the company was sold in 2017, well before any sanctions were put in place. They also mentioned that he had no role in the oil shipments referenced in the US notification.
Being added to the US sanctions list restricts a company or individual from traveling to the US, engaging in trade with American entities, or utilizing US banking services.
Monterosso and MT Vikings kept playing in English polo until last year. Monterosso, with Bazzoni on their team, secured the Prince of Wales’s championship cup in August 2023. However, there has been no indication online that these teams are active this year.
Neither Clarence House, where Prince William resides, nor the Hurlingham Polo Association, which oversees the sport in the UK, provided any comments.
