Netanyahu Receives Warning from Panel Probing Submarine Purchase 

Israeli Prime Minister Benjamin Netanyahu speaks during a state memorial ceremony at Nachalat Yitzhak cemetery in Tel Aviv on June 18, 2024. (AFP)
Israeli Prime Minister Benjamin Netanyahu speaks during a state memorial ceremony at Nachalat Yitzhak cemetery in Tel Aviv on June 18, 2024. (AFP)
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Netanyahu Receives Warning from Panel Probing Submarine Purchase 

Israeli Prime Minister Benjamin Netanyahu speaks during a state memorial ceremony at Nachalat Yitzhak cemetery in Tel Aviv on June 18, 2024. (AFP)
Israeli Prime Minister Benjamin Netanyahu speaks during a state memorial ceremony at Nachalat Yitzhak cemetery in Tel Aviv on June 18, 2024. (AFP)

An Israeli commission investigating suspected wrongdoing in government purchases of submarines and missile boats from Germany issued a warning to Prime Minister Benjamin Netanyahu on Monday.

The panel notified Netanyahu that based on evidence gathered thus far, it could ultimately determine that he had used his position as prime minister between 2009 and 2016 to greenlight the purchases without due process.

"By doing so, he (Netanyahu) endangered the security of the state and harmed the state of Israel's foreign relations and economic interests," said the panel in its written decision, made public on Monday.

Netanyahu in response said that the submarines were central to Israel's security "in ensuring its existence against Iran, which is trying to destroy us".

"History will prove that Prime Minister Netanyahu was right on this issue as well and made the right decisions for the security of Israel," the statement from his office said.

The commission, established under the previous government in 2022, said that it will soon publish unclassified parts of the evidence collected during the probe into the deal, worth hundreds of millions of dollars.

Netanyahu has struggled to salvage his security credentials since the Oct. 7 attack by Hamas-led fighters, who killed 1,200 people and took more than 250 hostages to Gaza according to Israeli tallies, the worst attack on Jews since the Holocaust.

In the Israeli assault on Gaza that followed, more than 37,000 people have been killed according to Gaza health authorities.



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.