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Israel has suffered an estimated $12 billion in direct losses from its 12-day war of aggression against Iran, with total losses potentially rising to $20 billion, according to Israeli media and economic reports.

The losses encompass military expenditures, missile strike damages, payouts to affected individuals and businesses, and infrastructure repairs.

Experts warn the final tally may reach $20 billion once indirect economic impacts and civilian compensation claims are fully calculated.

According to Israeli newspaper Yedioth Ahronoth, the regime’s treasury has already sustained 22 billion shekels ($6.46 billion) in damages.

The Israeli military is now seeking an extra 40 billion shekels ($11.7 billion) to restock arms supplies, purchase additional interceptors and offensive weapons, and maintain reserve units, following pre-war requests of 10 billion and later 30 billion shekels.

Israel’s budget deficit is expected to rise to approximately 6 percent amid challenges to finance war expenses, building on deficits already accumulated during the Gaza war.

The move coincides with forecasts of at least a 0.2 percent economic slowdown, which would further reduce tax revenues.

Massive military spending

Israeli business daily Calcalist reported that the regime’s cabinet had spent roughly $5 billion, around $725 million per day, on offensive operations against Iran and defensive measures to intercept Tehran’s missile and drone barrages

Compensation alone is expected to cost at least five billion shekels ($1.5 billion).

TheMarker confirmed on Monday that physical damage from Iranian missile attacks has already surpassed 5 billion shekels ($1.5 billion).

Economic analysts had cautioned that prolonging the war could have pushed Israel's embattled economy to the brink of collapse.

According to property tax estimates, approximately 15,000 Israeli settlers were forced to evacuate their units due to damages caused by Iranian retaliatory operations, with many relocating to hotels across the occupied territories.

The cost of their hotel accommodation is currently estimated at around 100 million shekels ($29 million. The regime will have to pay rent for an unknown period of time to hundreds or thousands of families, some of them long-term, until the collapsed buildings are rebuilt - a process that could take years.”

So far, more than 41,000 claims have been submitted to the regime’s compensation fund, with many more expected, according to data published by the right-wing newspaper Israel Hayom.

Of these, approximately 33,000 claims were for damage to buildings, while over 8,000 related to damage to vehicles, property, and equipment. The majority of claims - around 26,000 - were submitted by residents of Tel Aviv.

Before October 7, 2023, around 6,000 settlers were receiving permanent compensation from the regime. That number rose sharply to 25,000 following the Hamas-led operation inside southern settlements.

According to TheMarker, this figure is expected to increase further in the aftermath of the war on Iran.

Calls for US support

According to a report, citing a finance ministry insider, Israel is considering asking Washington for additional financial backing, whether as aid or guaranteed loans, to mitigate war costs and fund pressing military priorities.

On June 13, Israel launched an unprovoked aggression against Iran, targeting nuclear facilities and assassinating senior military commanders and scientists along with ordinary civilians.

In response, Iran launched hundreds of ballistic missiles and drones that struck multiple sensitive and strategic Israeli locations, as confirmed by Israeli media outlets.

The Israeli health ministry confirmed 29 fatalities and 3,238 injuries from the Iranian retaliatory attacks, though observers say the figure is likely to be much higher due to Israel's history of censoring casualty statistics.

The Marker characterized the missile strikes as creating “apocalyptic'” devastation, with preliminary damage assessments reaching at least 5 billion shekels ($1.4 billion).

Israel was forced to unilaterally accept a US-proposed ceasefire after incurring heavy losses and failing to destroy Iran’s nuclear infrastructure.

After the ceasefire went into effect on Tuesday, Israel’s extremist finance minister Bezalel Smotrich was quoted as saying “There is no doubt that this morning leaves a bitter taste.”

Hyderabad, July 30: At least six workers were feared killed and 20 others injured in a massive reactor blast at an industrial unit at Pashamailaram near Hyderabad on Monday.

The incident occurred at a chemical factory in the industrial area in Sangareddy district around 9 a.m.

The explosion triggered a huge fire, which engulfed the premises of Sigachi Chemicals. Firefighters rushed to the spot to douse the fire. Eleven fire engines were pressed into service to control the fire.

Police, fire services and other personnel launched rescue and relief operations. Ambulances were also seen at the spot to shift the injured to hospitals.

The injured were admitted to government and private hospitals. The condition of some of the injured is stated to be critical.

Six of the workers were feared killed on the spot while an injured worker reportedly succumbed at a hospital. Officials have not yet confirmed deaths.

According to eye-witnesses, such was the impact of the explosion that workers were tossed in the air and fell several meters away. The manufacturing unit in the factory collapsed under the impact of the blast, while fire spread to the adjoining building within the factory premises.

Several workers were working near the reactor when it exploded. Migrant workers from Odisha, Uttar Pradesh and other states were employed in the industrial unit.

The explosion and fire sent panic among the employees in the chemical unit and the adjoining factories. They ran out of the premises.

The rescue workers were also using earthmovers to remove the debris of the demolished structure, as there are apprehensions that some workers may be trapped under it.

Sangareddy District Collector P. Pravinya and Superintendent of Police Paritosh Pankaj also rushed to the spot and were supervising rescue and relief operations.

Personnel from various industrial units and staff of different departments also joined the rescue operation.

Moscow, July 4: Russia has officially recognized the Taliban government as Afghanistan's rightful government, the first country to do so nearly four years since the extremists took power. The action is a diplomatic victory for the Taliban and underscores Russia's increasing influence in Central Asia and South Asia, the New York Times reported.

In a statement on X, Afghanistan's Foreign Ministry confirmed that Russian Ambassador Dmitry Zhirnov conveyed the Kremlin's acknowledgement during a meeting in Kabul with Taliban foreign minister Amir Khan Muttaqi. The Russian Foreign Ministry declared the move would provide "impetus to the development of productive bilateral cooperation" in trade, energy, and infrastructure.

A diplomatic win for the Taliban

The formal acknowledgment is a major victory for the Taliban. In spite of repeated attempts at rapprochement, the movement had not managed to gain legitimacy, since Western and most Islamic countries had maintained diplomatic ties at a bare minimum.

However, with time, attitudes have changed globally. With the Taliban firmly in place and with no sign of internal collapse, different countries have begun exploring pragmatic contacts, albeit short of recognition. The Russian step is a continuation of those steps, following China's infrastructure overtures, India's resumption of visa grants, and low-key diplomatic moves by Germany and others.

"Such acknowledgment by Russia provides not only diplomatic legitimacy but also bargaining power for the Taliban to demand more action from unwilling countries," according to Tom Ramage, Brussels-based foreign policy analyst.

The designation is the culmination of heightened ties between Moscow and Kabul over the past few years. In April, Russia's supreme court removed the Taliban from its official list of terrorist organizations, a designation that had been in place more than two decades previously. That move set the stage for more collaboration on security, notably against the Islamic State affiliate ISIS-K, which has become a common threat to both regimes.

ISIS-K launched a vicious attack in March 2024 against a Moscow-region concert hall that killed over 130. The group also targeted the Russian Embassy in Kabul in the past, giving Moscow all the more impetus to assist the Taliban in counterterrorism and intelligence efforts.

Russia's Foreign Ministry emphasized that enhanced cooperation would include energy, agriculture, and transport infrastructure. Moscow is keen on better access to Afghan mineral wealth and trade routes linking Central Asia with South Asia and beyond.

A change in the international landscape

While Russia's move is singular in that it was the only complete recognition, it is one aspect of a broader rebalancing of foreign relations towards Afghanistan. China has pledged to extend its Belt and Road infrastructure projects into the country, and the United Arab Emirates and Iran remain two of Afghanistan's largest trade partners.

Germany, in turn, is considering a deal with the Taliban to deport Afghan nationals residing illegally in Germany. Though not an official recognition, it does acknowledge the de facto rule of the Taliban over the state machinery.

The United States is also firmly opposed to recognition, pointing to the continued oppression of women by the Taliban, such as banning girls from schooling beyond sixth grade and restricting the employment of women. US officials have also rejected any effort to release Afghan central bank funds unless there are concrete human rights guarantees.

A complicated history

Russia's move has a historic significance. The Soviet Union had invaded Afghanistan in 1979 and engaged in a long, harsh conflict with US-supported mujahedeen fighters for a decade, killing almost 15,000 Soviet troops. Now, Moscow is seeking influence in the area through diplomacy, not military might, trying to fill a void left by the United States after it withdrew from the country in 2021.

Foreign Minister Muttaqi welcomed the recognition as "an opportunity for other countries to follow." The Taliban hopes it will lead to greater economic investment and increased legitimacy, though obstacles remain. While Russia welcomed the Taliban, most of the world still denies it legitimacy in its form of government, and aid only comes in under tight controls.

As Moscow makes a comeback as an international player and Kabul looks for partners willing to ignore its human rights abuses, Thursday's statement marks a turning point in the geopolitics of post-US Afghanistan.