According to the Italian financial police on Monday, Italy has seized properties valued at $114.32 million belonging to Haans Formula 1 driver Nikita Mazepin and his father, Dmitry Mazepin. 

They are on a list of individuals sanctioned by the European Union at the beginning of March after the start of the Ukraine conflict.

The EU described Dmitry as "a member of the closest circle of Vladimir Putin" due to the fact that he was invited in February by Putin to meet with 36 business people to discuss how Western sanctions would affect Russia. 

Read more: US imposes Russia-related sanctions on 18 individuals, several entities: Treasury

The Italian financial police, in a statement, said, "A real estate asset worth approximately 105 million euro has been frozen because the property is attributable to the Russian billionaire Dmitry Arkadievich Mazepin and his son Nikita Dmitrievich Mazepin, until March 5 a Formula 1 driver of the Haas F1 Team."

"The two Mazepins are among the Russians targeted by sanctions by the European Union."

Mazepin's manager refused to comment on the matter when he was contacted by CNN. 

Before the property, located in Sardinia, was seized by the government, Nikita Mazepin said, "I don't agree with being in the sanctions. I've said previously that I intend to fight it. Perhaps, now is not the right time because if you look at the whole situation that's happening against athletes and in the general case, it's cancel culture against my country."