Agreement reached on another round of EU sanctions against Russia

EU

Minister of Foreign Affair and Trade Péter Szijjarto said an agreement on another round of sanctions against Russian was reached at a meeting of European Union foreign ministers in Brussels on Monday, according to a report by state news wire MTI.

Szijjártó said the new package of sanctions does not contain any restrictions on the delivery of energy. He added that Hungary had "strongly indicated" that it would not support the inclusion of Gazprombank on the sanctions list.

The latest sanctions include an embargo on Russian gold and a tightening of restrictions on trade of dual-use goods, he said.

Hungary is conducting talks with suppliers in both the west and the east on procuring another 700 million cubic meters of gas in addition to the volume the country is getting in the framework of long-term gas delivery contracts, Szijjártó said.

He added that Hungary has enough gas in storage at present to cover 26.6% of annual consumption, "well over" the EU average, which stands under 15%.

A decision was taken by the ministers on Monday on another EUR 500 mln allocation from the European Peace facility to finance weapons deliveries to Ukraine, he said. Hungary did not block the decision, but stands by its earlier decision not to deliver weapons to Ukraine and not to allow the delivery of weapons through the territory of the country, he added. 

"Peace is the only solution to the current situation," Szijjártó said.

Szijjártó argued that any measure that prolongs the war in Ukraine is against Hungary's interests and could contribute to a global food crisis. He noted that Ukraine and Russia account for 30% of global wheat exports and 80% of sunflower seed exports. Ukraine's wheat exports will fall by about 25 million tonnes this year, he added.

He said Hungary has ensured transshipment of 368,000 tonnes of grain, so far.

Szijjártó said 843,688 refugees from Ukraine have entered Hungary until now.

Watchdog Fines UniCredit Bank Hungary for Regulatory Shortfa... MNB

Watchdog Fines UniCredit Bank Hungary for Regulatory Shortfa...

Gov't Considering Fuel Price Intervention Government

Gov't Considering Fuel Price Intervention

Cordia’s Marina City Project Begins Residential

Cordia’s Marina City Project Begins

Time Out Market to Open in Budapest Next Year Food

Time Out Market to Open in Budapest Next Year

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.