EU confronts one of its own: See who’s bolstered by Putin’s oil
The European Commission has suggested blocking funds to Hungary. The EU repeatedly criticises Hungarian Prime Minister Viktor Orban for rule violations.
By ET Spotlight Special |
Agencies
Hungary, a part of the European Nations, is given an unusual punishment by the EU for violating several democratic laws of the bloc by trying to engage with Vladimir Putin. Hungary’s Pro-Putin movement made it clear that Orban threatened Hungarian democracy and the EU’s ability to respond to the war.
EU Says Patience Has Worn Out For Hungary
The EU tried to contain Orban for over a decade but was unsuccessful. Orban always had a hostile approach to the bloc, including repeated efforts to undermine EU sanctions on Russia. On Sunday, the EU announced to stop 7.5 billion euros reserved for Hungary until it takes steps to halt deception and corruption.
EU leaders agree to ban 90% of Russian oil by year-end
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European Union leaders agreed Monday to embargo most Russian oil imports into the bloc by year-end as part of new sanctions on Moscow worked out at a summit focused on helping Ukraine with a long-delayed package of new financial support.
European Union leaders agreed Monday to embargo most Russian oil imports into the bloc by year-end as part of new sanctions on Moscow worked out at a summit focused on helping Ukraine with a long-del..
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The embargo covers Russian oil brought in by sea, allowing a temporary exemption for imports delivered by pipeline, a move that was crucial to bring landlocked Hungary on board a decision that required consensus.
The embargo covers Russian oil brought in by sea, allowing a temporary exemption for imports delivered by pipeline, a move that was crucial to bring landlocked Hungary on board a decision that requir..
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EU Council President Charles Michel said the agreement covers more than two-thirds of oil imports from Russia. Ursula Von der Leyen, the head of the EU's executive branch, said the punitive move will “effectively cut around 90% of oil imports from Russia to the EU by the end of the year.”
EU Council President Charles Michel said the agreement covers more than two-thirds of oil imports from Russia. Ursula Von der Leyen, the head of the EU's executive branch, said the punitive move will..
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Michel said leaders also agreed to provide Ukraine with a 9 billion-euro ($9.7 billion) tranche of assistance to support the war-torn country's economy. It was unclear whether the money would come in grants or loans.
Michel said leaders also agreed to provide Ukraine with a 9 billion-euro ($9.7 billion) tranche of assistance to support the war-torn country's economy. It was unclear whether the money would come in..
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The new package of sanctions will also include an asset freeze and travel ban on individuals, while Russia’s biggest bank, Sberbank, will be excluded from SWIFT, the major global system for financial transfers from which the EU previously banned several smaller Russian banks. Three big Russian state-owned broadcasters will be prevented from distributing their content in the EU.
The new package of sanctions will also include an asset freeze and travel ban on individuals, while Russia’s biggest bank, Sberbank, will be excluded from SWIFT, the major global system for financial..
The Russia-Ukraine war has shed light on Orban’s warm relationship with Moscow and forced the EU to talk about what Hungary has been doing for a while now.
Europe is in a dire phase now with energy shortages, which has forced all the 27 EU nations to increase their fragile unity since the invasion of Ukraine by Russia. Most of the EU nations are desperately trying to find a solution to the gas shortage ahead of the coming winter. But Hungary is strengthening its tie with Russia, exploiting the demands from EU sanctions.
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Front, the Hungarian currency that had fallen 9% against other Euros this year, climbed up by 1% on Monday, bolstered by the hope that Brussels and Budapest can agree on disbursing the money.
FAQs
Who are Orban’s allies that pose a threat to the EU? After coming to power in 2010, Orban challenged many democratic foundations of the EU, and due to this, Hungary has plunged to the second lowest rank in the EU.
With the help of the nationalist government in Warsaw, Orban was secured from the EU’s central disciplinary machinery. Mateusz Morawiecki, Poland’s Prime Minister, said Poland would strongly oppose if the EU deprived any of its nations of the deserving fund like the EU is doing with Hungary.
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What did Johannes Hahn say about Hungary? Johannes Hahn, the EU Budget Commissioner, said that Hungary suggested establishing an anti-graft agency last month to diminish the EU executive’s concerns and the right direction in public commitment. However, the EU has yet to sanction Hungary for its pandemic recovery plan of 5.8 billion-euro.