FORTE DEI MARMI, Italy — In this seaside resort town that is Italy’s version of a Russian Riviera, where furs dangle in shop windows in August and beach clubs keep chilled bottles of vodka, a temblor of anxiety unnerved hoteliers and restaurateurs in March. Usually, the phones would ring with Russians booking rooms, villas, even helicopters. But the phones suddenly went quiet.
It was the silence of sanctions. When the United States and Europe announced the first round of sanctions early this year in response to Russian aggression in Ukraine, the intent was to cripple individuals and institutions close to the Russian president, Vladimir V. Putin. But Russian money is on conspicuous and regular display on this stretch of the Tuscan coast, and the possibility that it might dry up alarmed the town’s business leaders.
Not to worry.
“For a few days, there was a pause, and business looked like it was slowing down,” said Paolo Corchia, owner of the Hotel President, one of the town’s most elegant hotels, and president of the regional hotel association. “But then business went back to normal.”
If normal can be defined as one shop selling violet-colored crocodile-skin loafers for 1,690 euros, or about $2,200. Or simple beach canopies that rent for up to €250 a day just to reserve 10 square feet of shaded sand. Or aviation companies that rent helicopters to take Russian shoppers on day trips to Monte Carlo for €4,450.