Europe is preparing a plan to bypass a possible Hungarian veto on extending sanctions against Russia, the Financial Times reports, citing five sources. The European Commission is considering alternative measures that would not require unanimous approval by all 27 EU countries, but only the consent of a majority.
According to the FT’s sources, the options that the European Commission is considering in the event of a Hungarian veto include capital controls (a measure intended to prevent the inflow of funds into Russia) and duties.
According to the publication, bilateral measures at the national level were previously discussed. For example, Belgium, where a significant portion of the frozen assets of the Central Bank of Russia is stored, could prohibit their repatriation. “The main plan is to extend the sanctions, but we are working out the legal basis for alternatives,” one of the officials noted.
The EU is preparing a 17th package of sanctions against Russia, which is expected to be approved on May 14. Hungary did not raise any serious objections to the new restrictions at a meeting of EU ambassadors on May 12, according to three sources.
The EU sanctions against Russia, imposed after the full-scale invasion began in 2022, are extended every six months and require the consent of all member states. Hungary has repeatedly threatened to block the extension, seeking concessions from Brussels, but has always supported the sanctions. The next extension is scheduled for the end of July.
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