Brussels is drawing up plans to use trade tariffs and capital controls to maintain financial pressure on Russia, even if Hungary decides to use its veto to block an extension of the European Union’s sanctions regime, which lapses in July of this year.
The European Commission has told ministers that a large part of the EU’s sanctions, which included freezing 200 billion euros ($224bn) of Russian assets, could be adapted to a new legal framework to bypass Budapest’s veto, according to the United Kingdom’s Financial Times newspaper.
