The sovereign nations of the Silver Millennium and the Golden Elysium Empire are trying to share a solar system that is entirely too small for all of the personalities and egos involved. Treaties, embargoes, trade relations, and a whole lot of marriageable heirs make up daily life.
Imagine life in a feudal court -- and now multiply that exponentially. There are many individual courts under both Imperial banners, and all are trying to maintain their own national identities, curry favor, and wield their political clout. Now the Empires are joining forces under a mutual peace treaty -- regardless of who agrees or disagrees with this tack.
With that being said, what's important isn't how serious the politics can be in-character, but how much deliciously over-the-top fun can be had out-of-character. Think of Joan Collins in deliciously fabulous gold suits and fur hats, think of Errol Flynn swashbuckling, think of James Bond espionage. The focus is on what's hilarious and interesting, not necessarily what's realistic.