
Germany: €10 Billion Bailout in the Works for Expropriated Gazprom Unit
Without this multi-billion euro shot in the arm, the firm may be unable to provide the volume of gas that Germany and the EU require.

Without this multi-billion euro shot in the arm, the firm may be unable to provide the volume of gas that Germany and the EU require.

Hungary’s staunch opposition to a blanket ban on Russian oil provided cover for other countries also hesitant to unplug from Russia oil.

The discussion between Ursula von der Leyen and Viktor Orbán on May 9th lasted throughout the afternoon and continued into the evening.

China has refused to condemn the Russian war in Ukraine, but some Chinese tech companies have still opted to withdraw their products from the Russian market. The reason for these withdrawals could be pressure by U.S. suppliers.

Only now, as it becomes clear that Russia is not buckling under the previous sanctions, have countries begun to put the most serious sanctions on the table: those that touch on Russia’s energy empire.

Experts warn that cutting off Russian oil imports will increase the price of gasoline for European consumers. They also caution that delayed onset of the sanctions will only give Russia time to sell its oil elsewhere before losing European business, weakening the effects of the sanctions.

On April 7th, the EU Parliament voted to place an embargo on Russian oil, gas, and nuclear fuel, which was closely followed by a EU Commission ban on its coal exports. Meanwhile, the UN General Assembly suspended the country from its Human Rights Council.

Just last week Switzerland insisted on its role as a neutral country regarding sanctions against Russia. But following international and national pressure, the government stepped in line with the EU on Monday.

“This is the time to be united. This is a war … Russia is condemned by all European leaders, among them Hungary, of course,” Hungarian Prime Minister Viktor Orban said.

Banning Russia from SWIFT may be one of the quickest ways to cripple Russia financially, but some European countries hesitated to enact such a sanction because it makes commerce with the country nearly impossible.