Putin Will Not Attend G20 Summit in Bali

Russian President Vladimir Putin. EPA
Russian President Vladimir Putin. EPA
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Putin Will Not Attend G20 Summit in Bali

Russian President Vladimir Putin. EPA
Russian President Vladimir Putin. EPA

Russian President Vladimir Putin will not attend the G20 leaders' summit on the Indonesian resort island of Bali next week, Moscow's embassy in Indonesia told AFP on Thursday.

"I can confirm that (foreign minister) Sergei Lavrov will lead the Russian delegation to the G20. President Putin's program is still being worked out, he could participate virtually," said Yulia Tomskaya, the embassy's chief of protocol.

US President Joe Biden, who has called Putin a "war criminal" and who will be attending the summit, previously said he had no intention of meeting Putin in Bali if he went.

The decision, which follows months of speculation, comes amid Moscow’s military campaign in Ukraine.

Another source with knowledge of Russia's planning for the Bali event on November 15-16 confirmed that Putin would be replaced by Lavrov. The person said it was unclear if the Russian leader would attend virtually.

Moscow's top diplomat walked out of a July G20 foreign ministers' meeting in Bali after officials roundly condemned Russia over its invasion of Ukraine.

Host Indonesia pursues a neutral foreign policy and has rebuffed Western calls to disinvite Russia from the summit. Ukrainian President Volodymyr Zelensky is expected to attend the summit virtually.

Indonesian President Joko Widodo said Putin would be invited to the summit despite the invasion, prompting a flurry of Western criticism. In August, he said Putin had accepted that invitation.

Zelensky had threatened to boycott the summit if Putin attended. Ukraine is not a member of the G20 bloc.



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.