Page 46 - bne IntelliNews magazine February 2025

46 I Eastern Europe bne February 2025
EU leaders brace for emergency summit if Hungary continues to block extension of Russian sanctions
signals opposing the continuation
of sanctions, arguing that they have failed to end the war, or cripple the Russian economy, or secure alternative affordable energy sources for Europe.
Three days before Donald Trump's inauguration, Hungary's strongman said sanctions against Russia should be thrown out of the window describing them as harmful to the EU's competitiveness.
Foreign Minister Peter Szijjarto on Sunday, 26 January said that before he meets EU counterparts in Brussels on Monday, he wants to make clear that Budapest receives "guarantees either from Ukraine or from the EU" on future energy security, reciting the same three conditions cited by Orban.
Hungary has consistently fought against sanctions that could threaten its national security and strategic interests, particularly in gas deliveries and nuclear energy cooperation, Szijjarto said, adding that sanctions did more harm to EU economies than to Russia.
In an interview with broadcaster RTL on Sunday night, taped on Thursday, he said Budapest will consult with the new US administration before making its position on sanctions.
According to Politico, Hungary is unlikely to follow through its veto threats to renew EU sanctions against Russia, especially after Donald Trump signalled new, harsher sanctions aimed at pressuring the Kremlin to negotiate.
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Hungary has withheld its consent to extend EU sanctions against Russia at the meeting of EU ambassadors on January 24. EU Foreign Ministers will gather on Monday, 27 January, to vote on the issue, but if no agreement is reached by the end of the month, Russia could potentially access €210bn of state assets currently frozen in Belgium.
European Council President Antonio Costa is reportedly considering convening an emergency summit for January 31, if Hungary sticks to its stance.
The sanctions imposed on Russia have cost Hungary €19bn over the last three years, the prime minister said in a regular interview with state media
on Friday, 24 January, while accusing Ukraine of "playing tricks" on Hungary and central Europe regarding energy transit routes.
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Orban said he had to "pull the brakes" and urged European leaders to recognise that Hungary cannot continue to bear
a "disproportionate financial burden."
He listed three criteria needed for his support of extending sanctions. He demanded Ukraine to reopen Russian gas imports via the country's transit
“If Orban blocks EU sanctions, it will prove that he is siding with Vladimir Putin, with all the consequences this entails”
pipelines, refrain from "semi-legal
and legal military actions" targeting gas transit infrastructure (TurkStream pipeline) and that Kyiv must pledge not to disrupt oil deliveries in the future.
In the interview, Orban has sent strong
The EU is also considering alternative solutions, such as invoking a 1944 Belgian law to prevent the release
of frozen Russian assets held under Euroclear's supervision. These funds are crucial for financing a planned $50bn loan repayment to Ukraine.