May 17, 2022

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Index – Economy – Violations may be initiated against Hungary for Russian gas imports

The European Union has already barred member states from participating in funding for Russia’s public debt by the end of February. Restricting dollar and euro transactions is important to prevent Russia from artificially strengthening the ruble by creating demand for its own currency: since most commodities and commodities in the world market are denominated in dollars, Russia must always buy or sell foreign currency. You have exported an item.

Hungary is also on the list

Since April 1, Russian President Vladimir Putin has sought to mitigate this effect by instructing state gas company Gazprom not to accept anything other than the ruble for Russian gas supplies from states on the Allied list. Like all EU member states, Switzerland, the United States, the United Kingdom and many of their allies, Hungary is on the list. However, in a resolution issued last week, the European Commission has already recommended that member states not pay in rubles, even if the financial institution opens a foreign currency account at Gazprombank and converts it into another account they open. Keep the ruble. Two EU countries, Bulgaria and Poland, complied, but on Wednesday Gazprom stopped supplying PGNiG Polish and Bulgargaz to Bulgarian customers.

According to the European Commission, by allowing the exchange of Gazprombank ruble with the Russian central bank, it can artificially regulate the exchange rate, which is why the Russian hole system was considered a dangerous solution to sanctions from the beginning. As soon as the two member states are exempted from gas supply, the EU system, as Nabi.Hu Citing Brussels sources, he wanted to introduce a collective ban on ruble pay. Finally, the European Commission announced on Friday

“At the European Commission, we are monitoring whether member states are actually implementing sanctions. If we see that this is not the case, there is a possibility that the European Commission may initiate violations in this regard,” he said. To Euronews Valdis Dombrovsky, Vice-Chairman of the Brussels Board, Commissioner of Commerce.

Currently, throughout the EU, only the Orbán cabinet has indicated its will To pay in rubles For Russian gas. Foreign Minister Peter Cicardo He said Thursday“We will pay for Russian gas to come to Hungary”.

Based on this, at present, Brussels can only initiate illegal actions against the Budapest government.

Due to the war in Ukraine, the European Union wants to reduce existing energy output to Russia: Norway will also contract LNG exports from the United States and Qatar. The consortium is not yet in a simple position: the continent’s gas supply is 40 percent from Russian sources, and the amount of LNG is limited, and the price of liquefied natural gas is high. Europe is about to move gas east-west, that’s all It is difficult to change.

“It is clear that we can not allow this Russian threat. We must secede from Russia. I would say that we have made a strategic decision to withdraw from Russia’s fossil fuels, regardless of today’s developments,” Vice President Dombrovkis explained.

Meanwhile, Brussels has announced favorable free and unrestricted trade measures for Ukraine, allowing exports to the EU market to support its economy. The EU is also implementing a sixth set of sanctions targeting Russian oil imports.

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(Cover: Andrei Rudakov / Bloomberg / Getty Images)