EGBS: Bunds Supported By Ceasefire Hopes, But Resistance Still Intact

Speaking at a Foreign Affairs Council meeting of EU foreign ministers in Brussels, Hungarian Foreign Minister Peter Szijjarto states that Hungary "will not agree to anything as long as [Ukraine] keeps Druzhba crude shipments shut". Szijjarto's comments echo those of PM Viktor Orban, who said on 22 Feb that his gov't will block any measures regarding sanctions on Russia or financial support for Ukraine until the Druzhba pipeline, supplying Russian crude oil to refineries in Hungary and Slovakia via Ukraine, is back up and running. 

• Szijjarto says "we believe the pipeline is able to operate technically", adding that Ukraine is committing "blackmail" with the closure of the pipeline. Szijjarto says Ukraine "is messing around with us now, we will not tolerate this". Adding that "we do not hate Ukraine", but Kyiv behaves in a "hostile manner" towards Hungary. The minister demands that Ukraine restart crude shipments to Hungary "immediately".
• He claims that EU sanctions policy regarding Russia is a "failure" and that the 20th sanctions package "does not make sense".
• If an agreement cannot be reached among the foreign ministers, a Coreper II meeting of EU ambassadors later in the day could be a last chance for a sanctions package to be agreed before Commission President Ursula von der Leyen and Council President Antonio Costa travel to Kyiv to mark the fourth anniversary of Russia's full-scale invasion of Ukraine on 24 Feb. 

SFIU6 97.25/97.00ps 1x2, bought for -5.75 (receive) in 5k.

Large ESTR vs Euribor spread, suggest the aggressor was the buyer, but selling into the bid now.

• ESTR vs ERU7 was bought for 14 in 29k, but is trading in size selling into the 14 bid, has traded in 47k total.