If we have correctly understood the press commentary on the situation arising from our response, Lloyd George is prepared to separate an immediate political peace agreement from the financial and economic arrangements, which are to be referred to the long‑term Commission 124. This would represent the most advantageous outcome and an unequivocal victory; therefore, we recommend: 1) to maintain an uncompromising stance in the economic sphere while agreeing to the establishment of a long‑term commission; 2) to fully support Lloyd George in his pursuit of a political settlement (a guarantee treaty); 3) to strive in every possible way to secure separate agreements with individual states; 4) to make the most of Lloyd George’s raising of the question of Poland’s and Romania’s eastern borders, pointing out that these borders constitute obstacles to the establishment of peace—though this must be done with utmost caution, so as not to risk accusations of deviation from the Riga Treaty 125. We once again urge you to promptly communicate the key provisions for the VTsIK resolution on Ioffe’s report, particularly in light of the Rapallo Treaty—see our telegram No. 3535/с *.
Written on May 14, 1922.

First published here, based on a typewritten copy

* See this volume, p. 185. Ed.