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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Politico: VdL Russia Sanctions Call With Hungary's Orban Cancelled
Politico's Suzanne Lynch reporting that a video call between European Commission President Ursula von der Leyen and Hungarian Prime Minister Viktor Orban due to take place later today has been cancelled. The cancelled call comes a day after VdL met with Orban in Budapest to discuss his gov'ts objections to the proposed sixth round of EU sanctions on Russia related to the Kremlin's invasion of Ukraine.
- The EU sits in a difficult position vis-a-vis Hungary. Brussels has recently triggered a new mechanism that could see Hungary stripped of structural and COVID relief funding for alleged rule of law violations. However, the bloc remains reliant on Hungary to support the new round of sanctions, which must be approved unanimously.
- Hungary, as a major consumer of Russian oil, is holding out against the sanctions on oil announced in the package due to what it says will be the major economic hit Hungary will take from their imposition.
- Politico reports VdL set to talk to member state leaders close to Hungary later today to try to get them to convince Orban to support sanctions.
- Little prospect that the sanctions will be signed off by EU ambassadors at meetings on Wednesday. Greater but still slim chance they could be approved at Friday meeting.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.