US Says will 'Enforce’ Sanctions' against Iran amid EU Regret

US Secretary of State Mike Pompeo speaks during a news conference at the ASEAN Foreign Ministers' Meeting in Singapore August 4, 2018. REUTERS/Edgar Su
US Secretary of State Mike Pompeo speaks during a news conference at the ASEAN Foreign Ministers' Meeting in Singapore August 4, 2018. REUTERS/Edgar Su
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US Says will 'Enforce’ Sanctions' against Iran amid EU Regret

US Secretary of State Mike Pompeo speaks during a news conference at the ASEAN Foreign Ministers' Meeting in Singapore August 4, 2018. REUTERS/Edgar Su
US Secretary of State Mike Pompeo speaks during a news conference at the ASEAN Foreign Ministers' Meeting in Singapore August 4, 2018. REUTERS/Edgar Su

US Secretary of State Mike Pompeo has vowed that Washington would "enforce the sanctions" it is reimposing against Iran after President Donald Trump pulled out of the 2015 nuclear pact known as the Joint Comprehensive Plan of Action (JCPOA).

As of 0401 GMT Tuesday, the Iran government can no longer buy US banknotes and broad sanctions will be slapped on Iranian industries, including its rug exports.

Asked on Sunday if Tehran would be able to evade the measures, Pompeo told journalists "the United States is going to enforce the sanctions," speaking en route to Washington after attending a security forum in Singapore.

Pompeo said heaping pressure on Tehran was meant to "push back against Iranian malign activity," saying Iranians "are unhappy with the failure of their own leadership to deliver the economic promises that their leadership promised them." 

"The Iranian people are not happy, not with the Americans but with their own leadership," he said. 

"This is just about Iranians' dissatisfaction with their own government, and the President is pretty clear, we want the Iranian people to have a strong voice in who their leadership will be."

The US walked out of the 2015 nuclear deal in May and is bringing back "maximum pressure" sanctions for most sectors on August 6, and the energy sector on November 4.

But the EU said Monday it “deeply regretted” the US reimposition of sanctions on Iran.

A statement by EU diplomatic chief Federica Mogherini and the foreign ministers of Britain, France and Germany said it would work to keep "effective financial channels" open with Iran.

The EU said it would now swiftly bring in legal cover for firms in the 28-nation bloc to work with Iran, after the Trump administration rejected European calls for an exemption. 

"We are determined to protect European economic operators engaged in legitimate business with Iran," the statement added.



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.