Growing fears of a global economic slowdown are complicating Western allies’ economic campaign against Russia, as world leaders struggle to craft new punishments for Moscow without compounding inflation and other domestic financial challenges.
from Russia. It included extensions for two countries — Hungary and Slovakia — that remain heavily dependent on imports, according to E.U. diplomats. But in the two weeks since, E.U. countries have not approved the deal, as other countries pressed for extensions and Hungary pushed for more money to upgrade its oil infrastructure.
,” the bloc’s longer-term plan to make Europe independent from Russian fossil fuels “well before 2030.” Diplomats will be watching to see if the plan includes funding that could help convince Hungary to fall in line on the oil phaseout.U.S. and E.U. officials said there is still some optimism that there will be a deal — eventually.
Josep Borrell, the E.U.’s foreign policy chief, acknowledged to reporters on Tuesday that the war could lead to commodity price increases in many countries, but he said Europe would have to adapt to new circumstances.“All our partners consider and feel the direct impact Russia’s war is causing around the world. I said before — on energy prices, on food shortages and inflation,” Borrell said.
In recent days, the bloc also appeared to soften its tone on whether E.U. countries can continue to buy Russian gas without violating sanctions, paving the way for European countries to keep buying despite the bloc’s bellicose rhetoric about the war.
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