OffMarco Galluso
Interest game on frozen Russian assets. Broken front: The (failed) attempt to convince Orban for a common vote in the European Council
The cold rain On arrival at Palazzo Sigi and the offices of the European Commission US Treasury Formally reported as participating in a debt of more than 50 billion, it was with great difficulty (and some uncertainty) that Italian diplomacy and the whole The G7 promised Ukraine in black and whiteDuring the summit in Puglia last June, it was required Very strong guarantees Of those presented so far.
There is a jumping hazard One of the symbolic decisions of the G7 Italian presidency is one of the objectives that Meloni has focused on the most. It was together A tight negotiation And lasting several weeks, continuing into the summer, the White House made it clear to other governments that its Treasury demands were non-negotiable: a minimum of three years of legal certainty, complete with a vote of the European Council, a freeze on the profits they produce (now renewed every six months). Russian funds seized from EU banks. Profit to guarantee G7 loan to Kiev.
At that time, between Brussels and Rome, van der Leyen’s office and the direct dedication of Giorgia Meloni, a Victor Orban’s last and most compelling effortThe Hungarian Prime Minister, Putin’s best friend, and above all the one who owns it Vote for the Council of the European Union (In this case it is necessary Consensus) Washington could spend asking back to sender.
The European Union’s number one has not only reaffirmed its role, but also our organizational structure at the highest levelPolitical pressure action Other areas of political power in Budapest were also spent relentlessly. However, Orban was unyielding. No changes to current EU rules Sanctions on Russia.
At this point, an operation that seemed difficult from the start can be dangerous, including from a legal point of view. Even now Closer to US electionsand with Political uncertainty Investing every possible US dollar toward Kiev with timely political controversy. A few days ago Ursula van der Leyen All provided Zelensky with a centralized mechanism EU fundsIt will reach 35 billion euros.
But now It is unclear whether G7 activity has already essentially collapsed Or hanging by very thin threads: without the aegis of a truly seven-party format, with an activity profile coordinated by the EU and henceforth even by the G7 Presidency, there is a risk. Japan, Canada and Great Britain Take a step back, as these are three states that have nothing to do with the European banking system. In everything All three states pledgedUnofficially, to come together up to 10 billion. We don’t know if Georgia Meloney had a chance to talk to the Americans on this document during her days in New York for the UN, but there are still some. High-level exchanges between the two statesand the triangle between Washington, Roma e Brussels A solution to terrorism still stands. The U.S. Treasury has also asked for a direct guarantee from the European budget, unless there can be a Council vote on its share of profit-forfeiture provisions.
In short, with Election on 5th November American taxpayers are no longer being asked at the gates. But this request also went unanswered: Even more complicated, perhaps, than convincing Orbán.
“Basically the Americans told us something like the following: Because Russian money is in your banking system Manage the document yourself» says a government source. With all due respect, one of the symbolic results of the Italian G7, at least for now. But even for the authority of the famous international format, it can be tarnished. Once upon a time The EU can demonstrate greater geopolitical autonomy.
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