EU bans Russian ships from Europe's ports

The EU banned Russian seafaring vessels from entering European ports, as it approved its fifth tranche of sanctions against Russia on Friday. The bloc also embargoed Russian coal supplies from August and enforced restrictions on all transactions with four major Russian banks. “We are proposing a fifth package of sanctions,

Orban won by a landslide, but Hungary's economy is sliding too

The Hungarian Ministry of Finance took the unusual step of issuing a public statement aimed at international investors on Friday. After Sunday’s celebrations, Hungarian Prime Minister Viktor Orban woke up to a grim domestic economic reality that includes a plummeting forint, rocketing prices and rule of law disputes that

Russian firms flock to Serbia post-invasion

Nearly 300 Russian companies and nationals have been registered in Serbia since Russia launched its invasion of Ukraine on 24 February, Belgrade-based television channel N1 reported.  According to Serbia’s Business Registers Agency, 288 Russian companies registered in Serbia between 24 February and 6 April, when Ukrainians registered only 6

Nuclear plant expansion is on, Hungary PM says, as FM calls sector sanctions 'a red line'

The EUR 12.5 bn expansion of Hungary’s only nuclear power plant at Paks remains viable, Hungarian Prime Minister Viktor Orban told members of the press on Wednesday afternoon. Russian state nuclear company Rosatom’s addition of two blocks at the facility, can still go ahead, according to the

Hungary's Tungsram needs gov't bailout

The chairman-CEO of one of Hungary’s oldest and best known companies, historic light bulb maker Tungsram, appealed to the government for assistance on Tuesday. Russia’s invasion of Ukraine, the pandemic and difficulties with the global supply chain are endangering the future of the Tungsram group, Jörg Bauer told