Hungary to Block EU Sanctions, Loans Over Druzhba Standoff

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Hungary plans to block every European Union decision concerning Ukraine, including a new sanctions package against Russia and key loans, until oil starts flowing again through the Druzhba pipeline in western Ukraine.

Hungarian Prime Minister Viktor Orban on Saturday said “no war loan can go to Ukraine until oil deliveries to Hungary restart,” referring to €90 billion ($106 bilion) in loans to Ukraine previously agreed to by the EU. Hungary won’t “stand idly by” as Ukraine blocks oil transit, Orban said, adding that “if oil deliveries restart, normal relations can be restored.”