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According to Szijjarto, Budapest will not obstruct the approval, as all elements of the sanctions package that "harmed Hungarian interests have been removed” and the updated package does not "affect the basic economic interests” of his country.
US President Joe Biden has said that his administration is discussing the possibility of imposing additional sanctions on Russia following the death last week of Russian opposition leader Alexei Navalny.
Ukraine has refused to remove Raiffeisen Bank International from a "sponsors of war" blacklist, challenging the biggest Western bank in Russia to sever its ties to Moscow. In a letter sent to Raiffeisen earlier this month, which was seen by Reuters, Ukrainian officials questioned what the bank was doing to leave Russia, saying much of its plans were vague and incomplete. The correspondence ratchets up pressure on one of Austria's largest banks and adds to tensions between Kyiv and Austria, whose political leaders are also lobbying to have Raiffeisen taken off the list, having earlier secured a temporary suspension.
Hungary has blocked the approval of the European Union’s latest package of sanctions against Russia due to the presence of Chinese companies in the list, the Financial Times (FT) reported on Feb. 15, citing unnamed European officials.
Key developments on Feb. 15: White House: Avdiivka may fall to Russia as Ukraine runs out of shells Stoltenberg: Ukraine to receive 1 million drones from allies in 2024 At least 11 injured, homes, infrastructure damaged in morning Russian missile attack on Ukraine Financial Times: Hungary blocking new EU sanctions package against Russia World Bank: Ukraine's recovery costs rise to $486 billion Avdiivka is at risk of falling to Russian hands, in large part due to a lack of artillery shells on Ukraine's part, U.S. National Security Council spokesperson John Kirby said on Feb. 15. Russian forces escalated attacks against the front-line town not far from occupied Donetsk in October 2023.
Moldova has saved $553 million by buying gas from Russian gas giant Gazprom between November 2021 and November 2022, Vadim Ceban, the head of Moldovan gas company Moldovagaz, said on Tuesday.
A push to replenish depleted oil stocks notably in China, the United States and Europe could buoy demand and prices in coming months, analysts and traders said, as tensions in the Middle East threaten key shipping lanes. Heavily depleted by supply disruptions wrought by sanctions on Russia in the middle of 2022, as well as protracted OPEC+ output cuts, global oil inventories have barely recovered with traders unable to justify the costs for storing oil. Morgan Stanley raised its quarterly outlook for Brent crude prices on Tuesday to an average of $82.50 a barrel in the first and second quarters - compared with $80 and $77.50 previously - suggesting the bank now expects a tight oil market this year.
A group of Nordic and Baltic countries, together with Czechia, have called on the European Commission to prepare a proposal for new sectoral sanctions against Russia and further curtail trade with the aggressor country.
(Bloomberg) -- Some Russian banks appear to have maneuvered around a ban on shipping dollars and euros to the country by trading gold in the United Arab Emirates and Turkey, according to research from a financial-intelligence company.Most Read from BloombergTrump Denied Immunity in DC Election Case by Appeals CourtXi to Discuss China Stocks With Regulators as Rescue Bets BuildWall Street Snubs China for India in a Historic Markets Shift‘Money Dysmorphia’ Traps Millennials and Gen ZersNYCB’s Cred
Major Chinese banks have reportedly strengthened their compliance with Western sanctions after new U.S. restrictions targeting financial institutions that help support Russia's war effort were announced in December 2023.