Austria
A coalition of 11 European Union states led by Denmark wants to accelerate the continent’s green transformation, in order to end the bloc’s dependence on Russian energy. EU governments last year commenced talks on reforms aimed at meeting 2030 emissions reduction goals. Now some countries including Poland want
Bulgaria
The war in Ukraine is set to inflict twice the amount of economic damage that the COVID-19 pandemic did, the World Bank says in its new report that includes detailed outlook analyses for Poland, Bulgaria, Croatia and Romania. According to the Washington-based lender’s ECA Economic Update Spring 2022 report,
Croatia
Russia’s Sberbank has sold its 43% stake in Fortenova to Hungarian-US investment fund Indotek Group, Croatian daily Jutarnji List reported. The deal came as the EU and US unveiled new economic sanctions on Russian banks in response to the country’s invasion of Ukraine. Fortenova is Croatia’s largest
Economy
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,
Economy
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
Featured
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
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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
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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
Czech Republic
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
Featured
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
Bulgaria
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
Czech Republic
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