The eight first-degree convictions in the Banca Cis case have reignited political tensions in San Marino.
But the Foreign Affairs Committee’s agenda on Monday, 9 November, also included pressing new threats to the Republic’s security — starting with cyberattacks — and a compensation claim of roughly €150 million filed by Bulgarian investors.
These were sensitive matters that fuelled debate between the majority and opposition, all against the backdrop of San Marino’s ongoing path toward the European Union.
It was Gian Matteo Zeppa (Rete) who brought renewed attention to the Banca Cis affair, pointing to what he described as the silence of certain political forces following the Tribunal’s ruling.
According to the commissioner, the eight convictions demand a reckoning with political and institutional responsibilities from the period between 2016 and 2019.
“Some silences speak far louder than words,” Zeppa charged, recalling the heavy toll the affair took on San Marino’s economic and financial system.
The Rete commissioner broadened his argument to the future of the banking sector, voicing concern over tensions surrounding the Central Bank and the handling of non-performing loans. These issues, he argued, must be addressed in the appropriate institutional settings, starting with the Finance Committee.
Nicola Renzi (Repubblica Futura) was quick to respond, defending the battles his party fought during the banking sector’s darkest years.
Renzi, however, urged a clear distinction between political and criminal responsibility, noting that the Banca Cis ruling is still only a first-degree verdict and that further judicial developments must be awaited.
“We believe in the presumption of innocence, and we always have,” he insisted, adding that he was willing to acknowledge any political missteps.
Matteo Rossi (PSD) echoed the call to respect the judiciary’s work. The commissioner recalled the efforts made to restore the Tribunal’s credibility, urging politicians not to take sides as if the matter were a contest between opposing factions. “We are the legislative power — we must not become cheerleaders for any faction,” he observed.
From banking affairs, the discussion shifted to national security and cyber threats. The issue was raised by Fabio Righi (D-ML), who expressed concern over the deteriorating international landscape, bomb threats, and cyberattacks capable of disabling critical infrastructure and services.
“A cyber threat doesn’t care how small a state is,” Righi warned. His message was clear: being a small, neutral republic does not automatically guarantee safety. He asked what measures had been put in place to protect San Marino from potential attacks.
Renzi shared these concerns, proposing that a future Committee session — possibly held behind closed doors — be dedicated entirely to examining national security risks.
Lorenzo Bugli (PDCS) also called for swift action, pointing out that a cyberattack could strike healthcare facilities and other essential services.
“We cannot treat cybersecurity merely as a matter of computers, data, or the economy,” he stressed.
Another hot topic was the dispute with Bulgarian investors, who have filed a compensation claim worth roughly €150 million against the Republic of San Marino.
Given the heavy burden such a sum would place on public finances, Righi pressed the Government for clarification.
Specifically, he asked whether negotiations were underway, what contacts had taken place between the parties, and whether any settlement was being considered.
Foreign Affairs Secretary of State Luca Beccari responded, explaining that the dispute remains in the preliminary stage set out under the investment protection agreement between San Marino and Bulgaria. He clarified that the six-month minimum period required by the procedure does not mean arbitration has already begun, nor that any agreement has been reached.
“There are no negotiations of that kind underway,” Beccari assured, denying any talks over tens of millions of euros in compensation. He confirmed that the legal teams of both parties are in contact, but stressed that the Government has made no commitments and put forward no proposals. He reaffirmed his willingness to keep the Council’s groups informed as the matter develops.
The session also returned to the case of the Wine Trader, the San Marino-flagged tanker struck by three drone attacks on 15 October while sailing in Romanian territorial waters at the mouth of the Danube.
Zeppa asked for an update. Beccari confirmed that five crew members had been rescued, while seven others remain missing. Alongside the Romanian authorities’ investigation, San Marino’s Maritime Navigation Authority has launched its own inquiry to reconstruct what happened.
The Foreign Affairs Secretary highlighted the dangers of navigating the Black Sea region, not ruling out further action in line with international law.
On the security front, Beccari announced that hybrid threats will feature among the topics at the upcoming European Political Community summit in Ireland, which he will attend. Cyberattacks, disinformation and foreign interference, he reiterated, are risks from which not even San Marino can consider itself immune.
This context also frames the change of command at the Gendarmerie, with Faraone handing over to Zuccarelli. Beccari pointed to the new commander’s experience in combating international organised crime and terrorism, indicating that strengthening prevention and international cooperation remains the way forward.
The Committee, which on the same day also addressed the association agreement with the European Union and amendments to the Monetary Convention, went on to continue its work in a closed session dealing with residency and permit matters, concluding the meeting around 3 pm.
