Home World The EU’s eighth round of sanctions against Russia is in the pipeline and is considering abolishing the “veto power” provided by Financial Associated Press

The EU’s eighth round of sanctions against Russia is in the pipeline and is considering abolishing the “veto power” provided by Financial Associated Press

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The EU’s eighth round of sanctions against Russia is in the pipeline and is considering abolishing the “veto power” provided by Financial Associated Press
© Reuters. Eighth round of EU sanctions on Russia in the pipeline

Financial Associated Press, September 24 (Editor Niu Zhanlin) According to media reports, as the conflict between Russia and Ukraine further escalates, a few EU “hawkish” member states are pushing for tougher sanctions against Russia. Currently, the EU is trying to reach an agreement to limit the price of Russian oil.

Poland, Ireland and three Baltic states want the EU to expand energy sanctions on Russia, including a ban on imports of liquefied petroleum gas (LPG) products and restrictions on cooperation on nuclear energy, according to a document seen by people familiar with the matter.

Other proposals include excluding more Russian banks from the SWIFT payment system, tightening restrictions on the export of technology products, sanctioning more Russian propaganda agencies, and banning the import of Russian diamonds. The EU is currently drafting the eighth round of sanctions against Russia following the outbreak of the Russia-Ukraine conflict.

One of the focuses of the sanctions is understood to be the removal of Gazprombank from SWIFT. So far, the Russian bank has been immune to most EU sanctions because European companies use it to pay for gas delivery.

The measures will also target luxury goods as well as Russia’s information technology, cybersecurity and software industries, the report said.

internal disagreement

But officials said it was difficult for the 27 EU member states to reach a consensus. Hungary has said it does not want a new round of sanctions on Russia.

Hungarian Prime Minister Viktor Orban told an internal meeting of the ruling coalition this week that the EU should lift sanctions on Russia. Orban said EU sanctions against Russia were the cause of soaring gas prices and inflation. If sanctions were lifted, gas prices would immediately drop by 50% and inflation would ease.

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Orban said that without sanctions, Europe could regain its strength and avoid a looming recession. Orban also reiterated his earlier stance that sanctions would hurt Europe more than Russia.

Hungarian Foreign Minister Sijardo said on Thursday that Hungary sees no point in seeking a new round of sanctions against Russia. “Our position is very clear. We believe that there is no legitimate reason to seek a new round of sanctions on Russia, especially on energy. For us, this is a red line. We do not want to force the Hungarian people to pay for the war, Hungary Don’t get involved in any way.”

Scijardo stressed that, of course, if there is a plan, we will participate in the discussion, but we will never allow anything that goes against the interests of our people.

Cijardo commented that the European economy is heading for recession, which I think is completely against the interests of Europe and its people. We want peace as soon as possible, and in our interest, work so that everything can be resolved.

If the sanctions mentioned above are implemented, it will have a significant negative impact on the development of Hungary. Currently, Hungary is cooperating with Russia’s State Atomic Energy Corporation to build a nuclear power plant. At the same time, Hungary is also increasing the import of natural gas from Russia. The country recently signed a natural gas supply increase agreement with Gazprom alone.

Consider abolishing veto power against Russia sanctions

EU sources disclosed that in response to Russia’s partial mobilization, the EU is mulling a new round of sanctions against Russia, and at the same time considering removing the veto power of member states when voting on Russia-related measures. This move is mainly aimed at countries like Hungary and Bulgaria.

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The source pointed out that the EU will definitely speed up the decision-making process of the eighth round of sanctions against Russia, add more Russian officials to the sanctions list, and expand the scope of direct strikes on the Russian economy. It is expected that the sanctions plan will be announced on September 28.

“Meanwhile, EU ministers may discuss tonight and in the next few weeks the possibility of removing member states’ veto power when considering sanctions against Russia, so that the sanctions package can be implemented as soon as possible,” the source said. According to the principle of unanimity, each member state has the right to “one-vote veto”.

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