{"id":62592,"date":"2022-05-07T08:24:32","date_gmt":"2022-05-07T13:24:32","guid":{"rendered":"https:\/\/olduvai.ca\/?p=62592"},"modified":"2022-05-07T08:24:46","modified_gmt":"2022-05-07T13:24:46","slug":"an-economic-atomic-bomb-hungary-threatens-eus-latest-sanctions-against-russia-including-oil-embargo","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=62592","title":{"rendered":"An Economic \u2018Atomic Bomb\u2019: Hungary Threatens EU\u2019s Latest Sanctions Against Russia, Including Oil Embargo"},"content":{"rendered":"

An Economic \u2018Atomic Bomb\u2019: Hungary Threatens EU\u2019s Latest Sanctions Against Russia, Including Oil Embargo<\/span><\/a><\/h3>\n
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The European Union\u2019s ban on Russian oil is in jeopardy Friday after Hungary\u2019s Prime Minister Viktor Orban rejected proposals as too costly and too swift for the country to implement, marking a potentially lethal blow to the bloc\u2019s plans to wean itself off Russian energy as diplomatic wrangling drags on over its toughest sanctions against Moscow yet.<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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\"Vladimir<\/div>
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Hungarian Prime Minister Viktor Orban said current energy sanctions proposals against Russia are not\u00a0… [+]<\/span><\/p>\n

GETTY IMAGES<\/small><\/p>\n<\/figcaption><\/figure>\n

KEY FACTS<\/strong><\/p>\n

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Orban, an ally to Putin who was\u00a0reelected<\/a>\u00a0for a fourth term as prime minister in April, told Hungarian state radio on Friday that Hungary could not support proposed EU sanctions against Russia in their current form, according to\u00a0multiple<\/a>\u00a0news<\/a>\u00a0reports<\/a>.<\/p>\n<\/div>\n

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Plans to ban Russian oil are far too costly and would amount to an \u201catomic bomb\u201d being dropped on the Hungarian economy, he said.<\/p>\n<\/div>\n

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Hungary would need at least five years and massive investment on infrastructure in order to manage without Russian oil, Orban said.<\/p>\n<\/div>\n

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He said he is willing to negotiate a sanctions proposal that meets Hungary\u2019s interests and is waiting on a new proposal from the European Commission.<\/p>\n<\/div>\n

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While Orban\u2019s objections are not surprising\u2014Hungary is heavily dependent on Russian oil and has consistently shot down proposed energy sanctions against Moscow since it invaded Ukraine in February\u2014they are a major obstacle for finalizing the bloc\u2019s latest round of sanctions, which require unanimity from all 27 member states.<\/p>\n<\/div>\n<\/div>\n

KEY BACKGROUND<\/strong><\/p>\n

Current plans would see most of the EU phase out Russian oil imports within six months, alongside disconnecting some of Russia\u2019s largest banks from the SWIFT international finance system and banning Russian broadcasters from the region. When outlining the\u00a0sanctions package<\/a> on Wednesday, European Commission President Ursula Von der Leyen said ending the bloc\u2019s \u201cdependency on Russian oil…<\/p>\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n<\/div>\n

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An Economic \u2018Atomic Bomb\u2019: Hungary Threatens EU\u2019s Latest Sanctions Against Russia, Including Oil Embargo The European Union\u2019s ban on Russian oil is in jeopardy Friday after Hungary\u2019s Prime Minister Viktor Orban rejected proposals as too costly and too swift for the country to implement, marking a potentially lethal blow to the bloc\u2019s plans to wean […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,3,5],"tags":[1997,279,284,7921,349,408,588,32873,694],"class_list":["post-62592","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","category-geopolitics","tag-economic-sanctions","tag-eu","tag-european-union","tag-forbes","tag-gas","tag-hungary","tag-oil","tag-robert-hart","tag-russia"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/62592","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=62592"}],"version-history":[{"count":2,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/62592\/revisions"}],"predecessor-version":[{"id":62594,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/62592\/revisions\/62594"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=62592"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=62592"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=62592"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}