Tehran Insists on Lifting ‘All Arms Sanctions’ Despite Faltering Nuclear Talks

Iranian President Ebrahim Raisi and his Defense Minister Mohammad Reza Ashtiani during a ceremony to unveil the “Mohajer-10” drone last month (Iranian Presidency)
Iranian President Ebrahim Raisi and his Defense Minister Mohammad Reza Ashtiani during a ceremony to unveil the “Mohajer-10” drone last month (Iranian Presidency)
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Tehran Insists on Lifting ‘All Arms Sanctions’ Despite Faltering Nuclear Talks

Iranian President Ebrahim Raisi and his Defense Minister Mohammad Reza Ashtiani during a ceremony to unveil the “Mohajer-10” drone last month (Iranian Presidency)
Iranian President Ebrahim Raisi and his Defense Minister Mohammad Reza Ashtiani during a ceremony to unveil the “Mohajer-10” drone last month (Iranian Presidency)

Iranian Defense Minister Mohammad Reza Ashtiani said on Wednesday that all sanctions on Iranian armaments were set to expire on Oct. 18.

He also expressed his ministry’s readiness to “establish and expand defense and strategic ties with all independent countries..., especially regional neighbors and Muslim nations based on the principle of collective security, mutual respect and consolidation of peace and stability,” Fars Agency reported.

Earlier this week, the commander of the Iranian Army’s Air Defense Force, Alireza Sabahifard, made similar statements, declaring Iran’s readiness for military cooperation with countries in the region.

Press reports last June noted that Tehran had received separate information from the European Union and the three European Troika regarding plans to maintain sanctions on ballistic missiles and drones, some of which expire according to the nuclear agreement’s schedule in October.

The EU decision is based on three factors: Russia’s use of Iranian drones in the Ukraine war, the possibility of Iran transferring ballistic missiles to Russia, and Tehran’s violation of the nuclear deal.

The Financial Times, citing informed sources, reported on Aug. 16 that the United States was exerting pressure on Iran to stop selling armed drones to Russia, as part of discussions on a limited understanding.

Last month, Washington and Tehran concluded a prisoner exchange agreement, which includes the release of Iran’s frozen assets in South Korea. Reports stated that there was a broader “unwritten understanding” between the two sides to ease tension, in return for Tehran reducing in uranium production.

Iran’s stockpile of uranium enriched up to 60 percent is now at 121.6 kilos, which is equivalent to the amount required to develop three bombs. According to experts, the stock may decrease if enrichment is raised to about 90 percent.



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.