Eritrean National Airline Makes First Flight in Decades to Ethiopia

Eritrea's President Isaias Afwerki (R) and Ethiopia's PM Abiy Ahmed (L) raise Eritrea's flag marking the reopening of the Eritrean embassy in Addis Ababa, Ethiopia, July 16, 2018. (Reuters)
Eritrea's President Isaias Afwerki (R) and Ethiopia's PM Abiy Ahmed (L) raise Eritrea's flag marking the reopening of the Eritrean embassy in Addis Ababa, Ethiopia, July 16, 2018. (Reuters)
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Eritrean National Airline Makes First Flight in Decades to Ethiopia

Eritrea's President Isaias Afwerki (R) and Ethiopia's PM Abiy Ahmed (L) raise Eritrea's flag marking the reopening of the Eritrean embassy in Addis Ababa, Ethiopia, July 16, 2018. (Reuters)
Eritrea's President Isaias Afwerki (R) and Ethiopia's PM Abiy Ahmed (L) raise Eritrea's flag marking the reopening of the Eritrean embassy in Addis Ababa, Ethiopia, July 16, 2018. (Reuters)

For the first time in 20 years, Eritrea’s national airline made its first commercial flight to Ethiopia on Saturday as the two neighbors continued their peace process, ending years of conflict.

An Eritrean Airlines plane carrying the country's transport and tourism ministers landed at the Addis Ababa Bole International Airport, where it was welcomed by senior Ethiopian officials.

Already last month, the Ethiopia's own flag carrier, Ethiopian Airlines, had made its first commercial flight in the other direction, landing in Asmara International Airport on July 18.

Once a province of Ethiopia, Eritrea seceded in 1993 after a long independence struggle. A row over the demarcation of the shared border triggered a brutal 1998-2000 conflict which left 80,000 people dead before evolving into a bitter cold war.

But in a surprise move in June, Ethiopia's new reformist Prime Minister Abiy Ahmed announced he would finally accept a 2002 United Nations-backed border demarcation, paving the way for peace between the two nations.

He then paid a historic visit to Eritrea, during which he and President Isaias Afwerki declared an official end to the war. Afwerki reciprocated with a state visit to Ethiopia just days later.

Embassies have since been reopened and phone lines between the two countries have also been restored.

Eritrean Airlines currently has only one leased airplane.

"The new route will expand existing regional flights of the airline to Cairo, Khartoum, Jeddah and Dubai," Eritrea's information minister Yemane Gebre Meskel said on Twitter.

Last month, Ethiopian Airlines chief executive Tewolde GebreMariam revealed his state-owned company was in talks to buy a stake in Eritrean Airlines as part of efforts to boost commercial ties between the two countries, who were once each others' biggest trading partners.

Ethiopia's flag carrier is the most profitable in Africa and in recent years has been has been buying shares in other African airlines.



Italy Has Frozen Russian Oligarchs' Assets Worth over $2.6 Billion

Representation photo: The seized yatch 'Tango', which belongs to Renova Group head Viktor Vekselberg, moors in the port of Palma de Mallorca, Spain, 04 April 2022. EPA/CATI CLADERA
Representation photo: The seized yatch 'Tango', which belongs to Renova Group head Viktor Vekselberg, moors in the port of Palma de Mallorca, Spain, 04 April 2022. EPA/CATI CLADERA
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Italy Has Frozen Russian Oligarchs' Assets Worth over $2.6 Billion

Representation photo: The seized yatch 'Tango', which belongs to Renova Group head Viktor Vekselberg, moors in the port of Palma de Mallorca, Spain, 04 April 2022. EPA/CATI CLADERA
Representation photo: The seized yatch 'Tango', which belongs to Renova Group head Viktor Vekselberg, moors in the port of Palma de Mallorca, Spain, 04 April 2022. EPA/CATI CLADERA

Italy has frozen Russian oligarchs' assets valued at around 2.3 billion euros ($2.64 billion) since the invasion of Ukraine in 2022, data provided by Italian authorities show, with the most recent seizures occurring at the beginning of the month.

Italy seized assets - including bank accounts, luxury villas, yachts and cars - as part of the European Union's sanctions against the Kremlin and its backers.

The Bank of Italy had said that at the end of June 2023 their value amounted to 2.5 billion dollars, said Reuters.

This month it did not update the total amount, but said that the funds frozen due to sanctions against Russia totaled almost 280 million euros up to December 2024 — a 44 million euro increase from the previous year.

Separately, the tax police seized in early June an Iranian company based in Milan, Irital Shipping Lines, and two of its properties worth a total of more than 1 million euros, due to "Iran's military support for Russia's war of aggression against Ukraine".

The company has not yet responded to a request for comment emailed by Reuters.

MAINTENANCE COSTS

Italy's State Property Agency holds all non-liquid assets frozen due to EU sanctions and the Italian government bears the costs of managing these assets during the freezing period.

According to the latest official data available, the costs incurred by the State for their maintenance amounted to 31.7 million euros up to February 2024.

When asked about the level of maintenance cost incurred by Italian taxpayers so far, the agency said it could not provide the information because it "is covered by official secrecy." Reuters calculation suggests that costs may have increased by around 15 million euros to more than 45 million euros to date.

The fate of these assets rests with the European Union.

If the EU decides to make the freezes permanent, the state must initiate proceedings to convert them into confiscations.

If Brussels decides to unfreeze them, the assets can be returned to their owners, provided that they pay Italy the maintenance costs incurred.