Hungary declares that there is ‘no consensus’ in EU on new Russia sanctions
Date
10/10/2024 8:24:00 AM
(MENAFN) Hungarian Finance Minister Mihaly Varga announced on Tuesday that European Union member states have yet to reach a consensus regarding the next set of sanctions against Russia. Speaking to reporters ahead of an European Union Council meeting in Luxembourg, Varga indicated that discussions surrounding this issue may resume next month.
“At this moment, there is no agreement among member states on the sanctions,” Varga stated, adding that the topic might be revisited in November. He has previously expressed concerns about the efficacy of these sanctions, arguing that they have largely failed and only served to weaken Europe.
Over the past two years, the European Union has implemented 14 rounds of sanctions targeting Russia in response to the ongoing conflict in Ukraine. These measures are intended to pressure Moscow into ceasing its military actions by undermining its economy. The sanctions have included various strategies, such as blacklisting key Russian figures and entities, imposing trade bans and tariff increases, and freezing Russian assets located abroad.
In addition to sanctions directed at Russia, dozens of companies in third countries—such as China and the United Arab Emirates—have also faced scrutiny for their alleged provision of dual-use goods and technologies to Russia. The latest sanctions, enacted in July, specifically targeted the shipping of Russian liquefied natural gas and the country's payment systems.
As the European Union grapples with internal disagreements over these sanctions, the effectiveness and future of such measures remain in question, highlighting the complex dynamics at play within the bloc as it seeks to navigate its response to the ongoing conflict in Ukraine.
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