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By Zemeghub Editorial | November 3, 2025

In the quiet corridors of Brussels, a storm is brewing — and Italy is standing firm at its eye.

As the European Union debates whether to redirect frozen Russian assets to fund Ukraine’s reconstruction, Italy, alongside France and Belgium, has voiced strong reservations. The proposal, backed by several northern and eastern member states, aims to seize billions in immobilized Russian central bank reserves and funnel them toward Kyiv’s war recovery efforts.

But Rome isn’t convinced.

 Legal Lines and Financial Fallout

Italian officials argue that such a move, while morally compelling, could set a dangerous legal precedent. “We must not compromise the integrity of international financial law,” one senior diplomat told Zemeghub. “Today it’s Russia. Tomorrow, it could be anyone.”

The concern isn’t just theoretical. Italy’s financial institutions — particularly those with global exposure — worry that weaponizing sovereign assets could erode trust in the eurozone’s banking system. There’s also fear of retaliatory measures from Moscow, which has already threatened to nationalize European holdings in Russia.

🇪🇺 A Divided Europe

The debate has exposed deep fissures within the EU. Baltic and Nordic countries, still haunted by Soviet shadows, are pushing for swift action. Germany remains cautiously supportive, while France and Belgium echo Italy’s call for restraint and legal clarity.

Behind closed doors, some diplomats admit the issue is as much about principle as it is about precedent. “If we cross this line,” one EU legal advisor warned, “we may never uncross it.”

 Italy’s Balancing Act

Prime Minister Giorgia Meloni’s government has walked a tightrope since the war began — supporting Ukraine diplomatically and militarily, while urging caution on escalatory economic measures. This latest stance reflects that same balancing act: solidarity without surrendering sovereignty.

For now, the EU has postponed a final vote, hoping to build consensus. But as winter approaches and Ukraine’s needs grow, pressure is mounting.