Failed oil embargo to devalue all previous sanctions against russia

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oil embargo

The President of the European Council Charles Michel hopes that before the next meeting of the European Council on May 30 it will be possible to agree on new sanctions against russia, first of all – on the oil embargo, writes Ukrainian journalist Vitaly Portnikov for

The only thing holding back this decision is the position of the Hungarian government. “Viktor Orban’s close ties with vladimir putin are no secret, and the question arises: is Orban really thinking about his own economic interests [especially since his country is receiving a long-term reprieve] or is he taking time to help the russian president?” asks Portnikov.

If the EU fails to move forward on the oil embargo, it will devalue all previous sanctions, he adds.

“This will mean that the russian budget will continue to receive billions of dollars, which putin will be happy to spend on militarizing the country and continuing the war against Ukraine. And, by the way – why only against Ukraine?” Portnikov writes.

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