(Finance) – “After the pandemic and a war like the one in Ukraine, to say that things are not as bad as before, that they are not even good, that they are going well, yes. But there is a lot of uncertainty, many situations with a question mark. And they are the ones we are inevitably discussing.” This was stated by the Minister of Economy, Giancarlo Giorgetti answering a question during a meeting with journalists who came to Stresa for the work of the G7 Finance Committee.
On the use of extra profits from the seized Russian assets “very laboriously a compromise was found, a legal basis” which concerns “the use of extra profits, of current interests, of today, those of 2024. The problem – continued the Minister – it’s like transferring this legal basis for future interest and financial income and on this build a sort of guarantee for a loan, which at this point could also be from G7 countries and friends.”
Giorgetti specified that “it is not simple, there are reservations on the part of the central banks. We are working on it, we need to work a lot and also be a little creative. In the end what is needed will be a new regulation at European level, and therefore a decision by 27 European countries. We know that in Europe there are European elections and a forthcoming Commission, so everything yes It’s also complicated for these reasons.”
As for the triangulations to circumvent the sanctions against Russia, they could be addressed at the G7 Finance in Stresa. Minister Giorgetti, answering questions from journalists who arrived in Stresa, explained that “the activity of Italian and European banks, of all financial institutions that work with Russia, is already regulated under the discipline of sanctions. The problem is not simply those who work with Russia, but those who triangulate with Russia and are not directly sanctioned. This is a kind of question we should ask ourselves.”