Putin gloats as Hungary and Slovakia derail European sanctions

Hungary and Slovakia have refused to support the European Union’s proposed 18th sanctions package against Russia, dealing a blow to the bloc’s efforts to tighten its economic grip on Moscow.

The two nations, both of which maintain close ties with Russia, blocked the measure as the EU continues to seek ways to cripple the Russian economy after years of Western sanctions.

“We did this because the European Union wants to prohibit member states, including Hungary and Slovakia, from purchasing cheap Russian natural gas and cheap Russian oil as they have done previously,” said Hungary’s Foreign Minister Péter Szijjártó.

Earlier this month, the European Commission submitted a new sanctions package for a vote. The plan aimed to further reduce Russian revenues from oil and gas exports, which account for roughly a third of the country's national budget.

Despite existing sanctions, Russia continues to profit through its so-called “shadow fleet” — a network of tankers that covertly deliver oil to international ports.

Last week, Russia’s Ministry of Economic Development warned that the country could slip into recession if the government fails to make the right policy decisions.

(QG - Source: RBC Ukraine- Picture : © Unsplash)