Hungary Opposes Further Sanctions on Russia's Energy Sector, While Russia's Medvedev Calls Energy Cooperation with EU Pointless

Hungary's Foreign Minister, Peter Szijjarto, stated that Hungary will not support the next round of sanctions on Russia if it includes measures against Russia's energy sector [1c53ac53]. Szijjarto believes that the current sanctions policy is not effective and causes more harm to the European economy than to Russia [1c53ac53]. He emphasized Hungary's reliance on Russian natural gas and nuclear fuel, and expressed willingness to discuss alternatives if Ukraine decides not to extend its transit contract with Russia [1c53ac53]. Hungary has also opposed EU sanctions on organizations and enterprises linked to Russia's nuclear energy industry [1c53ac53]. The European Commission is currently finalizing its 12th sanctions package against Russia, which may include restrictions on Russia's nuclear industry and liquefied natural gas exports [1c53ac53].

Russia's former President, Dmitry Medvedev, stated that cooperation with Europe in energy matters is frozen or pointless due to Europe's poor growth prospects [3c48da77]. Medvedev believes that energy cooperation between Russia and the EU is no longer beneficial due to Europe's stagnant economy [3c48da77]. This statement comes as Hungary opposes further sanctions on Russia's energy sector, highlighting the complex dynamics between Russia, Hungary, and the EU in the energy sector [3c48da77].

Slovakia supported Hungary's proposal to lift sanctions on several Russians, including Russian-Uzbek oligarch Alisher Usmanov, at the meeting of EU foreign ministers in February [9f0e90d0]. The issue of lifting sanctions against Usmanov was the subject of negotiations between Slovak Prime Minister Robert Fico and Foreign Minister Juraj Blanár with their Hungarian counterparts in December 2023 [9f0e90d0]. The Slovak authorities requested Hungary's support for the exclusion from the EU sanctions list of businessman Jozef Hambálek, who was included due to his ties with the Night Wolves Russian biker organization close to Putin [9f0e90d0]. In exchange for supporting the removal of Hambálek from the sanctions list, Hungary asked Slovakia to support the exclusion of several other Russians, including Arkady Volozh, Sergei Mndoiants, Nikita Mazepin, and Viatcheslav Kantor [9f0e90d0]. While Volozh and Mndoiants were reportedly removed from the sanctions list, objections were raised within the EU regarding Usmanov, Mazepin, and Kantor, and EU sanctions against them remained in place [9f0e90d0].

As the Russian invasion of Ukraine enters its third year, tens of thousands of Ukrainians have been killed or displaced. Russia's war continues without an apparent end. The international community has provided billions in aid to Ukraine and imposed sanctions on Russia, resulting in a decline in Russia's GDP and the freezing of assets of Russian politicians and oligarchs. However, loopholes in sanctions have allowed Russia to profit from its energy market, with Russian crude oil being blended with other crudes and sold to countries like the United States and the United Kingdom. To further pressure Russia, the international community should ban the import of Russian oil, prohibit the loading and transportation of Russian oil by vessels, and implement price regulations on Russian energy exports. Critics argue that these policies may lead to higher oil and gas prices, but the cost is worth it to accelerate the end of Russia's war in Ukraine. [96863361]