A collection of 105 posts
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,
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
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
Poland, Latvia, Lithuania and Estonia will this week commence a process of complete isolation from Russia and Belarus, the Ukrainian Deputy Minister of Infrastructure Mustafa Nayem announced on Monday. In a letter sent to the ministries that oversee infrastructure in each of the four countries, the Ukraine government suggested the
Hungarian Prime Minister Viktor Orbán secured his fourth consecutive term with a landslide victory in Hungary’s national elections on Sunday. Orbán’s Fidesz party secured 53% while the United for Hungary six-party opposition alliance received only 35%. The margin of victory was beyond predictions, as the opposition alliance had
Hungary cancelled a scheduled summit of defence ministers from the Visegrad 4 (“V4”) group of EU member states – Czechia, Hungary, Poland and Slovakia – on Tuesday. The defence ministers of both Czechia and Poland signalled they would not attend the gathering, scheduled for 30-31 March, due to Hungary’s stance on
The United States agreed a deal on Friday with the European Union to provide the bloc with an additional 15 billion cubic metres (bcm) of natural gas this year to reduce the proceeds received by the Kremlin from energy exports to Europe. The liquefied natural gas (LNG) shipped from America
Efforts to reduce dependency upon Russian sources of energy within countries in Central and Eastern Europe have taken on a new urgency following Russia’s invasion of Ukraine over three weeks ago. Bulgaria’s Deputy Prime Minister Asen Vassilev says Bulgaria will not renew its contract with Gazprom when the
While the Hungarian forint was hardest hit, all the currencies of the Central and Eastern Europe (CEE) region are suffering adverse effects as a result of the war in Ukraine. Proximity to the war zone, dependence on Russian gas and the impact of EU sanctions combined to commence the CEE
The European Commission said it planned to cut its reliance on fossil fuels from Russia by 2030, reducing dependence on Russian sources of energy by two-thirds by the end of the year. But it turned out there will be no ban on imports of Russian oil and gas imports to
Though united in their commitment to European and NATO positions on the Russian invasion of Ukraine, Central and Eastern European (CEE) countries differ on their potential exposure to Russian gas supplies – a CET analysis. At time of writing, the Russian army is intruding into the heart of Kyiv and residents
The war in Ukraine is a further nail in the coffin of the Pax Americana. Donald Trump began the dismantling of the US-dominated world order and post-WWII security apparatus, and now the job is being completed by Joe Biden. After last year’s withdrawal from Afghanistan, the Western response – or
Global news organisations are reporting that Russia launched a full-scale invasion of Ukraine in the early morning hours of Thursday, 24 February, bombing targets across the country and sending in troops. Ukrainian President Volodymyr Zelenskyy has declared martial law in his country. Promising that the world will hold Russia accountable,
French President Emmanuel Macron’s tenure as EU President is already looking historic for Europe, only two months in. Macron promised that the rule of law mechanism would be introduced during his six-month term, pledging “a presidency that promotes values which define us”, and has been at least partly vindicated
The European Union’s top court ruled that it can reduce funds to member states over rule of law concerns, rejecting a legal challenge from Poland and Hungary, on Wednesday. Hungary called the verdict “an example of how Brussels is abusing its power”, while Poland condemned the Court of Justice