European Union leaders will turn on Friday from celebration over Ukraine’s start on the road to membership of their bloc. Moneyweb Ukraine Economy
European Union leaders will turn on Friday from celebration over Ukraine’s start on the road to membership of their bloc to consternation over Russia’s squeeze on their gas supplies, soaring prices and sputtering economies. On the second day of a summit in Brussels, the leaders of the 27 nations will place the blame for a spike in inflation and sagging growth across the globe squarely on Russia’s invasion of Ukraine that began four months ago to the day.
The bloc responded with uncharacteristic speed and unity after the launch of the war in Ukraine, which Moscow calls a “special military operation”, imposing a slew of sanctions on Russia even though some – such as an embargo on oil imports later this year – will have repercussions for their economies. However, some member states have resisted deeper sanctions, particularly Hungary, whose prime minister, Viktor Orban, cultivates closer ties with the Kremlin than others in the bloc.
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