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FX.co ★ EU split on Russian commodity sanctions

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Forex Humor:::2022-04-18T05:54:57

EU split on Russian commodity sanctions

Some Western media have recently reported that five EU states led by Hungary spoke against the embargo on Russian hydrocarbons. They are concerned about the consequences of cutting off Russian gas and oil supplies.

Viktor Orban, the Prime Minister of Hungary, considers the introduction of such an embargo a red line that cannot be crossed because it will do irreparable damage to the EU economy. Notably, he became the first politician who openly spoke against new sanctions. Most of his colleagues, on the contrary, supported tougher sanctions.

Earlier, the media highlighted that Germany also changed its aggressive rhetoric. The country is worried about the full termination of trading relations with Russia. Nowadays, Moscow provides more than one-quarter of Germany's primary energy consumption, namely 40% of its gas.

Austria, Italy, and the Netherlands are reluctant to introduce an embargo as well. These states fear that the imposition of an embargo on Russian gas and oil will significantly hurt their economies, triggering an energy crisis.

Reportedly, the EU issued a resolution, calling on member states to impose an embargo on the supply of gas, oil, coal, and nuclear fuel from Russia. As a result, it was adopted by a majority vote in the European Parliament.

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