Italy Warns the European Union of Repeated Maneuvers

The Governor of the Italian Central Bank, Fabio Panetta, warned of "serious consequences" from the European Union's efforts to seize Russian assets, stressing that using currency as a weapon diminishes its appeal and encourages alternatives to emerge. The Governor pointed out that "international relations are part of the 'repeated maneuvers'," and that weaponizing currency will inevitably reduce its attractiveness and promote alternatives, noting that "the Chinese yuan has already surpassed the euro as a global currency." It is noted that European diplomacy chief Josep Borrell announced that "Brussels expects to reach a final agreement regarding the use of revenues from frozen Russian assets before the meeting of foreign ministers of member states in mid-February." The Kremlin stated that making such decisions "would be another step in violating all rules and norms of international law."