Bloomberg has reported that the European Union will likely sideline attempts to impose a price cap on Russian oil products due to pushback from Hungary and Cyprus.

  • A price cap was expedited by an extraordinary EU Council on the margins of the UNGA in New York last week after Russian President Vladimir Putin ordered a partial mobilisaion and moved to ratify "sham" referenda in occupied territories.
  • EU sanctions packages required unanimity, a procedural hurdle which has repeatedly handed Budapest a veto in measures against Russia.
  • Bloomberg: "Countries may push to have a preliminary deal ahead of an informal gathering of EU leaders in Prague on Oct. 6."
  • Hungary PM Viktor Orban said today that sanctions on Russia have "backfired" and will press ahead with a "national consultation" on sanctions. The move has been described as a propaganda drive with no binding legal relevance but Orban is likely hoping that a domestic mandate to oppose the EU will allow him to obfuscate sanctions.

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EU-RUSSIA: EU To Delay Russian Oil Price Cap

Last updated at:Sep-26 13:21By: Adam Burrowes
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Bloomberg has reported that the European Union will likely sideline attempts to impose a price cap on Russian oil products due to pushback from Hungary and Cyprus.

  • A price cap was expedited by an extraordinary EU Council on the margins of the UNGA in New York last week after Russian President Vladimir Putin ordered a partial mobilisaion and moved to ratify "sham" referenda in occupied territories.
  • EU sanctions packages required unanimity, a procedural hurdle which has repeatedly handed Budapest a veto in measures against Russia.
  • Bloomberg: "Countries may push to have a preliminary deal ahead of an informal gathering of EU leaders in Prague on Oct. 6."
  • Hungary PM Viktor Orban said today that sanctions on Russia have "backfired" and will press ahead with a "national consultation" on sanctions. The move has been described as a propaganda drive with no binding legal relevance but Orban is likely hoping that a domestic mandate to oppose the EU will allow him to obfuscate sanctions.

Related by topic

Energy Bullets
Political Market News
Political Risk Bullets
Global Macro Analysis
Political Risk Coverage
FI Bullets
Homepage Section
FX Bullets