The EU is aiming to get its 13th package of sanctions against the Kremlin over the line by the two-year anniversary of the full-scale invasion of Ukraine, in nine days’ time. It would complement a €50 billion financial support package for Kyiv, and a move to set aside profits from Russia’s immobilised sovereign assets.
Hungary was the sole naysayer at a meeting of EU ambassadors yesterday that otherwise would have signed off on the sanctions package, which targets almost 200 people and entities from Russia, China and other countries who are deemed to be helping Moscow’s war effort.
"The Hungarians did not agree due to Chinese companies,” one of the officials told The Financial Times. Hungary, and its Prime Minister Viktor Orbán, have on multiple occasions slowed down or diluted EU measures aimed at punishing Russia or assisting Ukraine.
Another official briefed on the discussions diplomatically described it as "a very fruitful exchange”, delicately detailing Hungary’s blockage as Budapest’s ambassador "request[ing] a bit more time to analyse the content of the proposals”.
The proposal is not without controversy, given that it calls for sanctions against three Chinese companies and one in India. A similar move last year was blocked by a chorus of member states. If approved, it would be the first time businesses in mainland China and India have been hit by EU sanctions.
Discussions will continue, officials said, and likely be taken up by member state ministers at meetings next week. Supporters of the sanctions package hope to have agreement by next Wednesday, in order to meet the February 24th anniversary deadline.
Meanwhile, at the same meeting, the ambassadors finally agreed on the legal texts necessary to launch the EU’s €50 billion Ukraine support package, which was agreed by leaders two weeks ago following Orbán’s decision to drop his veto.
That then needs to gain approval from the European parliament, with the cash on track to start flowing early next month.
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