The EU reads the capital controls and tariffs to safeguard the sanctions of Russia

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Brussels is preparing to use capital controls and rates against Russia in the event that Hungary blocks the extension of EU economic sanctions imposed on Moscow in response to his war in Ukraine.

It European Commission He has told National Capitals that a large part of sanctions, including € 200 million in frozen Russian state assets, could go to a different legal basis to prevent Budapest’s veto, five officials reported on the ongoing debates in The Financial Times.

Preparations occur when the EU has pledged to maintain economic pressure on Moscow in the midst of diplomatic efforts to force Russia to accept a cessation of fire and peace negotiations directed with Ukraine.

But Hungary, Prime Minister Viktor Orbán, has repeatedly maintained EU sanctions against Russia, threatened to veto the extension of economic restrictions that fall in late July, unless all 27 Member States agree to extend -for another six months. Restrictions also include import bans and price caps in sectors such as energy.

The solutions considered only would require most EU countries to extend the sanctions. Capital controls, which would prevent cash from flowing in Russia, and commercial measures such as rates, are two options mentioned by the Commission in recent weeks, according to officials.

The above ideas included bilateral national measures that would allow countries like Belgium, where most 200 million euros in Russia are immobilized. prohibit repatriation of Russian assets.

“We are all focused on the plan A,” said one of the officials. “But there are discussions on the legal basis of alternative options.”

Budapest did not propose serious objections to a new package of sanctions against Moscow discussed at a meeting of the 27 ambassadors Monday, according to three informed diplomats on the discussion. The 17th package of measurements Lead companies in China and other places This is helping Moscow to avoid sanctions, it is expected to be signed on Wednesday and will formally prevail at the beginning of next week.

The EU, in January, imposed tariffs on Russian and Belarusian fertilizer, in a movement that two of the officials said that it was an example of how existing sanctions could be converted to other Russian imports into commercial measures.

The commission has pledged to submit legal proposals next month that would allow him to promulgate a ban on new Russian gas and market contracts this year and a total phase by 2027. He insisted that they would not be sanctions, but refused to provide more details to the Member States.

He also said he would propose tariffs about enriched uranium as part of the effort to reduce EU confidence in Russian fuels.

Some EU diplomats are worried that the ban on Russian gases without sanctions would lead to companies wrapped in long legal battles and have pressured the commission to ensure that new measures would be legally stagnant.

During a meeting last week, the commission said that it surprised the “lack of confidence” of the Member States and that it had the “best people” working in the rules, according to a present person.