Financial Times: Brussels Has Found A Way To Increase Pressure On Moscow

Orban's veto won't help the Kremlin.

Brussels is preparing for decisive action to maintain economic sanctions against Russia even if Hungary tries to block their extension, writes Financial Times (translated by Charter97.org).

The European Commission is considering imposing capital controls and tariffs to prevent circumvention of the sanctions regime and keep €200 billion worth of frozen Russian assets.

Five sources familiar with the discussions told the Financial Times that some of the restrictions could be put on an "alternative legal basis" to circumvent Budapest's veto. Such a move would require majority support, not unanimity, from all 27 EU member states.

"We are all focused on 'plan A' but we are also discussing the legal basis for alternatives," said one European official.

Hungarian Prime Minister Viktor Orban has previously repeatedly derailed the adoption of sanctions against Moscow. Now he is threatening to block an extension of the restrictions, which expire at the end of July. However, there were no serious objections from Budapest at a meeting of EU ambassadors on Monday, three diplomats report.

The EU is also considering tariffs on enriched uranium and a complete ban on new gas contracts with Russia. However, the European Commission stressed that these measures would not be considered sanctions, thus avoiding legal delays.

The EU has already imposed tariffs on fertilizers from Russia and Belarus earlier in January, an example of translating sanctions measures into trade restrictions.

In the face of diplomatic efforts to force a ceasefire with Russia, the EU is showing unity and ingenuity by maintaining a tough economic stance and adapting its approach to new challenges.

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