Italy Does Not Object the G7 Imposing New Sanctions on Israel’s Enemies

Italian Foreign Minister Antonio Tajani (Reuters)
Italian Foreign Minister Antonio Tajani (Reuters)
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Italy Does Not Object the G7 Imposing New Sanctions on Israel’s Enemies

Italian Foreign Minister Antonio Tajani (Reuters)
Italian Foreign Minister Antonio Tajani (Reuters)

Italian Foreign Minister Antonio Tajani, said that his country, which currently holds the rotating presidency of the G7, does not mind the group imposing new sanctions on individuals participating in actions against Israel in the wake of the Iranian attack.

Tajani said fresh sanctions would need the backing of all the G7, which includes Italy, France, Germany, Canada, Japan, Britain and the United States. He also suggested that any new measures would be focused on individuals rather than whole nations.

“If we need to have more sanctions for people clearly engaged against Israel, supporting for example terrorism, supporting Hamas, it is possible to do it. But we need to be very serious and to work all together,” he told Reuters.

The Italian foreign minister described the Iranian attack as a “big mistake” for Tehran but “positive” for Israel, as it had revealed the efficiency of its air defenses that shot down most of the drones and missiles with help from the US, Britain, France and Jordan, Reuters reported.

The agency also quoted him as saying in English: “The message coming from Tehran on this, (is) going in the right direction. This is only one attack. Also the reaction of the Israeli government has been positive.”

The Italian minister had a phone call with his Iranian counterpart before the attack to urge caution.

“For us it is important to protect Italian soldiers” working in the area under the auspices of the United Nations, he said, adding that Iran-backed Houthis in Yemen had to stop attacks on ships in the Red Sea, which is vital to world trade.

Reuters reported that Tajani also reiterated that Italy was firmly opposed to any Israeli invasion of the southern Gaza city of Rafah and repeated his call for a ceasefire, while also calling on Hamas to set free all the Israeli hostages it took during the Oct. 7 attack.

He stressed that an Israeli attack on Iran would only create more hurdles to restoring stability in the region. His comments came ahead of a meeting of the G7 foreign ministers on April 17-19 on the Italian island of Capri.

“All together we want to protect Israel, but we want to achieve stability and peace,” he said, quoted by Reuters.



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.