Business Maverick: Draghi starts unpicking decades of Italian ties to Russia

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Less than a week before Russia invaded Ukraine, Italian Prime Minister Mario Draghi was planning a trip to Moscow and discussing a possible increase in gas supplies with Vladimir Putin. His approach is very different now.

As the 74-year-old former central banker prepares to meet U.S. President Joe Biden at the White House Tuesday, he’s pushing for the European Union to ban Russian oil imports and scrambling to end Italy’s reliance on Russian energy. He’s also backed sending heavy weapons to Ukraine despite resistance from large parts of his ruling coalition and the country’s historically strong ties to Russia.

He was also stung by criticism. At a summit in Brussels on the night of the Feb. 24 invasion, Draghi opposed kicking Russia out of the SWIFT international banking payments system. The following morning, former European Council chief Donald Tusk tweeted that Italy was among three countries that had “disgraced themselves” by blocking more forceful sanctions.

He’s remained resolute even as Energy Minister Roberto Cingolani warns that if flows are halted this month Italy will have a hard time getting through next winter, enlisting the help of Energy giant Eni SpA to help with his plan to cut off Russian gas entirely in the next two years. Other party leaders are already jostling for influence, including The League’s Matteo Salvini, who once wore a t-shirt bearing Putin’s image and Five Star former premier Giuseppe Conte, who struck a deal in which Moscow sent military doctors, PPE and ventilators to Italy early in coronavirus pandemic.

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