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Magnitude 5.9 Earthquake in Iran Kills Three

Debris of a collapsed building following an earthquake in Kermanshah province in 2014 (EPA)
Debris of a collapsed building following an earthquake in Kermanshah province in 2014 (EPA)
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Magnitude 5.9 Earthquake in Iran Kills Three

Debris of a collapsed building following an earthquake in Kermanshah province in 2014 (EPA)
Debris of a collapsed building following an earthquake in Kermanshah province in 2014 (EPA)

At least three people were killed and hundreds were injured as a 5.9 magnitude earthquake struck Iran on Saturday night.

The earthquake hit the city of Khoy, West Azerbaijan province, in northwest Iran, around 9:44 p.m. local time, citing the Iranian Seismological Center in Tehran.

"This incident has left 816 injured and three dead," West Azerbaijan governor Mohammad Sadegh Motamedian was quoted as saying by IRNA news agency, revising up an earlier toll of two dead and 580 injured.

Following the quake, Iran's minister of interior and chief of the Red Crescent Society traveled to Khoy.

Iran sits astride the boundaries of several major tectonic plates and experiences frequent seismic activity.

On January 18, a 5.8 quake near Khoy left hundreds injured.

In February 2020, a 5.7-magnitude earthquake that rattled the western village of Habash-e Olya killed at least nine people over the border in neighboring Türkiye.

Iran’s deadliest recorded quake was a 7.4-magnitude tremor in 1990 that killed 40,000 people in the country’s north, injured 300,000, and left half a million homeless.

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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
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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.