China Says Would Be ‘Serious Mistake’ if Argentina Cuts Ties 

Argentine presidential candidate for the La Libertad Avanza alliance Javier Milei waves to supporters after winning the presidential election runoff at his party headquarters in Buenos Aires on November 19, 2023. (AFP)
Argentine presidential candidate for the La Libertad Avanza alliance Javier Milei waves to supporters after winning the presidential election runoff at his party headquarters in Buenos Aires on November 19, 2023. (AFP)
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China Says Would Be ‘Serious Mistake’ if Argentina Cuts Ties 

Argentine presidential candidate for the La Libertad Avanza alliance Javier Milei waves to supporters after winning the presidential election runoff at his party headquarters in Buenos Aires on November 19, 2023. (AFP)
Argentine presidential candidate for the La Libertad Avanza alliance Javier Milei waves to supporters after winning the presidential election runoff at his party headquarters in Buenos Aires on November 19, 2023. (AFP)

China said on Tuesday it would be a "serious mistake" if Argentina were to cut ties, after the weekend presidential election victory in the South American country of a right-wing libertarian who has said he will not deal with communists.

Argentinian president-elect Javier Milei has criticized China as well as Brazil, which are among his country's most important trading partners. A few months ago, Milei likened the Chinese government to an "assassin" and said the people of China were "not free".

Chinese foreign ministry spokesperson Mao Ning told a regular news briefing that the development of bilateral relations with Argentina had been showing good momentum, and it would be a "serious mistake" for Argentina to cut ties with countries such as China and Brazil.

Diana Mondino, an economist tipped to become foreign minister in the Milei administration, said Argentina would not join the BRICS grouping, that includes China and Russia, Russia's RIA Novosti news agency cited her as saying.

Argentina was among six countries invited to become new members of the BRICS, a bloc whose members also include Brazil, India and South Africa.

Mondino told RIA Novosti that Argentina would "stop interacting" with the governments of China and Brazil, when asked whether Argentina would encourage exports and imports with those countries.

Mao, asked by reporters about Mondino's remarks, said: "The two sides have strong economic complementarity and huge potential for cooperation."

"China is willing to continue to work together with Argentina to promote the stability and long-term development of bilateral relations."

Milei's tough talk on China stands in sharp contrast with a vow of cooperation by the outgoing president, Alberto Fernandez, who visited Beijing last month and hailed China as a "true friend" of Argentina.

Fernandez also pledged coordination with China under frameworks like the G20 and BRICS.

Milei has also said climate change is a "lie of socialism" and Pope Francis is on the side of "bloody dictatorships".



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.