The fifteen packages of European sanctions already adopted are wide-ranging. They target some 2,400 Russian people and entities, whose assets are frozen in the EU, where they are banned from staying. They hit sectors of the Russian economy including energy – starting with oil exports – transport, technology, trade, without forgetting finance – nearly 200 billion euros in Central Bank assets. Russian are immobilized in the Union, 90% of which are in the accounts of the company Euroclear in Brussels.
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Trump puts Orban at odds
Viktor Orban continues to criticize these sanctions which, according to him, have not made it possible to put an end to the war and further penalize European economies, in particular because they are weaning themselves off cheap Russian energy. . The Hungarian, who maintains good contacts with Russian President Putin, refused to discuss the extension of sanctions before the inauguration of the new President of the United States Donald Trump – to whom Mr. Orban is also close.
When Orban whispers in the ear of Trump strategists: “Play by your own rules”
-If he hoped that President Trump would soften Washington’s position towards Moscow, the Hungarian seems to be at his expense. The American threatened Russia “new taxes, tariffs and sanctions”if it refuses to quickly conclude an agreement to stop the war. “If Trump threatens Russia with more sanctions, it would be difficult for Hungary to say that it wants to put an end to all this.” comments another European diplomat. “If it were to block the renewal of sanctions, it would be a big internal problem but also a bomb on transatlantic relations. Budapest plays with fire”warns the first city.
What compensation awaits Budapest?
Hungary insisted that the debate be held on Monday after discussion on continued European support for Ukraine. “The minister [hongrois] Szijjarto will certainly speak, then we will see”sighs a third diplomat. Some believe that the Hungarians will not play obstruction. They have never opposed any package of sanctions, nor their biannual renewal. “The question is what Orban wants.”asks one of the sources. The Hungarian Prime Minister has made a habit of monetizing his country’s support for European decisions. This time, he is demanding that the EU put pressure on Ukraine to once again allow Russian gas destined for Central Europe to pass through its territory. This is no longer the case since January 1 and the expiration of the contract which linked kyiv to the Russian Gazprom. Hungary is little affected, however, as it receives most of its Russian gas imports via TurkStream, which passes under the Black Sea.
The EU will, under no circumstances, force Ukraine to restart the transit of Russian gas. Will Hungary seek assurance that its energy needs will be met? “There is no energy security problem and it has nothing to do with Russian aggression.”scathes a European source. And to insist that there is no alternative to the extension of sanctions that is being considered. “We will maintain the sanctions and there will be others.”. The Europeans are currently working on a 16th package that he would like to see come into force at the end of February, the third anniversary of the war.
