Hungarian Foreign Minister Peter Szijjarto speaks to the media at a EU foreign ministers' meeting in Brussels
EU sanctions push stalls ahead of fourth anniversary of Russian invasion
As Europe marks the fourth anniversary of the Russia-Ukraine conflict, EU efforts to tighten sanctions on Moscow have stalled
The EU failed on 23 February to reach agreement on a fresh round of sanctions against Russia after Hungary blocked the package, preventing the bloc from securing the unanimity required for approval, EU officials said. Foreign ministers had been seeking to finalise the sanctions alongside a proposed €90b ($106b) EU-backed loan for Ukraine ahead of the fourth anniversary of Russia’s full-scale invasion of the country, on 24 February, but the talks broke down after Budapest reiterated its opposition. EU foreign policy chief Kaja Kallas said the outcome sent a damaging signal at a sensitive moment for European unity. Hungary, the EU member state most openly critical of sanctions on Moscow, had w
Also in this section
6 March 2026
The March 2026 issue of Petroleum Economist is out now!
6 March 2026
After Europe’s rapid buildout of floating LNG import capacity, Exmar CEO Carl-Antoine Saverys says future growth in floating gas infrastructure will increasingly be driven by developing markets as lower prices, rising energy demand and the need to replace coal unlock new opportunities for unconventional and tailor-made solutions
5 March 2026
Gas is a central pillar of Colombia’s energy system, but declining production poses a significant challenge, and LNG will be increasingly needed as a stopgap. A recent major offshore gas discovery offers hope, but policy improvements are also required, Camilo Morales, secretary general of Naturgas, the Colombian gas association, tells Petroleum Economist
4 March 2026
The continent’s inventories were already depleted before conflict erupted in the Middle East, causing prices to spike ahead of the crucial summer refilling season
