EU to tighten sanctions enforcement, Hungary among the targets
The European Commission is getting frustrated with member states, such as Hungary because they enforce the sanctions against Russia superficially. The EU could force Hungary and other countries to report how they act against Russian businessmen.
Even the European Commission is getting fed up with the bloc’s lukewarm enforcement of certain sanctions against Russia, portfolio.hu reports. The European Commission plans to monitor certain countries, such as Hungary more strictly with new regulations regarding transparency.
Since the start of the war, the European Union has adopted 10 sanction packages against Russia. Alongside the import ban on Russian raw materials and export bans on technology, the EU also seized assets from various individuals, state and private companies in Russia.
Countries insist on keeping information confidential
According to the latest available data, the EU sanctioned 1,473 individuals and 205 organisations with business connections to Russia. In response to a question from Portfolio, the European Commission stated that the total amount of assets frozen in the EU as of mid-March was about EUR 21 billion.
Portfolio writes that the European Commission wanted to map the size and location of Russia’s frozen assets, including the nearly USD 300 billion in Russian foreign currency reserves frozen in G7 and EU countries in the bloc.
But this option was rejected, not only by Hungary but by 12 other EU member states. At the same time, Portfolio reports that the Hungarian authorities’ lukewarm disclosure and action, along with that of other member states, might be what has caught the eye not only of Brussels but of some member states as well.
EU officials told Portfolio that similar situations reveal what appears to be weak management in some member states. Countries can see “exactly” when another is passive in certain cases.
“What is clear is that the Hungarian, Maltese or even Danish subsidiaries of a sanctioned individual’s Luxembourg company do not enforce asset freezing despite a clear link” – a source from Brussels told Portfolio.
Nudging countries to act
Hungary, Malta, and Greece reported just a couple of thousands of euros of frozen assets in the last months. There may be problems with data reporting, as every country said that they have frozen larger assets. But the fact remains that many countries have not begun to sanction private assets.
To make it easier for countries to find a legal basis to freeze assets connected to Russian people under sanctions and to enforce legally binding action from the so far reluctant EU member states, Anders Ahnlid Swedish diplomat told AFP that the EU would get “creative”.
According to Portfolio, this could mean a new EU procedure, that will validate enforcement obligations, with new penalties built into the system.
Read also:
- Ukraine taking revenge on Hungary? This decision will hurt
- Eternal friendship: Hungary and Poland go against the EU together
Source: portfolio.hu, AFP
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5 Comments
Veiling – its broadsheet use, accompanied by PROPANDA- that has no HONESTY nor FACTUALITY of Truth attached associated with it.
This is the DOGMA – embedded in the CREED – of Victor Orban and his Government – known by the European Union, Great Britain & Ireland, the United States of America and Globally – by country’s that GOVERN under DEMOCRACY.
Isn’t it just fantastic to replace the jackboot on your throat of one foreign power (U.S.S.R.) with the jackboot of another (E.U.)!?!
EU is nothing but a bully comprised of Germany, France, Holland, Belgium and Luxemburg. Is it not interesting that there are no sanctions on gold and diamonds mined in Russia, Belgium needs both gold and diamond. The same applies to the needs of Germany, France, etc..
Hope that Hungary has reorganized its economy to allow Hungary to leave free itself from foreign dictatorship.
That’s right, we don’t need foreign “dictators” when we have our very own home-grown one, who is doing a “superb” (hit)job on our economy and rising inflation, in particular rising food prices, and then blames everything, everyone else for his “Government’s” failures.
Where have the plans been to bring a end to the killing. Russia is not going anywhere and the sanctions have made it stronger especially with it new alliances – there is a big difference in Russia today than the USSR but it treated like it’s the same enemy. l don’t think it ever been reported it here, China has done more than the EU and the US. to bring peace.
I’m surprised they are no calling for sanctions on SaudiArabia- Iran- Turkey and China. Isn’t it interesting the Swiss are the most successful Country in Europe.
The sad thing about Brexit is the the UK goverment is just as bad as the EU, atleast they are not paying 2/3 of money. The brexit folks never gained control of the UK.