- Home
- Business
- News
- German, Hungarian Foreign Ministers Argue Over OTP Bank's Possible Russia Ties - Reports
German, Hungarian Foreign Ministers Argue Over OTP Bank's Possible Russia Ties - Reports
Umer Jamshaid Published May 23, 2023 | 06:37 PM
German Foreign Minister Annalena Baerbock and her Hungarian counterpart, Peter Szijjarto, had an argument during a meeting in Brussels over the role Hungary's OTP bank believed to be playing in the Ukraine conflict by allegedly providing credit lines to Russia and recognizing the Donetsk and Luhansk people's republics (DPR, LPR), Politico reported, citing sources
MOSCOW (UrduPoint News / Sputnik - 23rd May, 2023) German Foreign Minister Annalena Baerbock and her Hungarian counterpart, Peter Szijjarto, had an argument during a meeting in Brussels over the role Hungary's OTP bank believed to be playing in the Ukraine conflict by allegedly providing credit lines to Russia and recognizing the Donetsk and Luhansk people's republics (DPR, LPR), Politico reported, citing sources.
The bank has been at the center of officials' discussions in recent days as Hungary has refused to approve more EU military aid for Ukraine until Kiev removes OTP from a list of "war sponsors," with the dispute delaying a new package of Russia sanctions, the report said.
During Monday's meeting in Brussels, Baerbock cited unspecified reports that the OTP had recognized the DPR and LPR and extended credit lines to the Russian military, while Budapest denied the allegations and reiterated that the bank's leadership had publicly expressed its support for Ukraine, the news outlet said.
Last week, EU chief diplomat Josep Borrell said the 11th package of sanctions against Russia would target entities that are suspected of evading sanctions through third parties, while maintaining the principle of not imposing additional territorial sanctions. Borrell noted that preventing sanctions evasion is a "delicate issue" because the EU cannot force third countries to comply with European restrictive measures as attempts to do so could antagonize those states.
Western countries imposed sanctions on Russia in response to its military operation in Ukraine in early 2022. In February 2023, the EU blocked the transit of European goods and dual-use technologies through Russia in the 10th sanctions package to prevent possible sanctions evasion.
Earlier in May, Ukraine's National Agency on Corruption Prevention (NACP) announced that it had placed OTP Bank Group on its list of "international war sponsors" because of the bank's alleged continued cooperation with Russia. Hungary, in turn, blocked a 500 million euro tranche for Ukraine.
Since the beginning of the Ukraine conflict, Hungary has consistently opposed sanctions on Russian energy carriers and weapons supplies to Ukraine. In March 2022, the Hungarian parliament issued a decree banning arms deliveries to Ukraine from Hungarian territory. Szijjarto explained that Budapest was seeking the security of the Zakarpattia region, where ethnic Hungarians live, because supplying arms through its territory would make it a legitimate military target for Russia.
Related Topics
Recent Stories
Bugti assures transporters for addressing their problems
Deputy Prime Minister and Foreign Minister, Mohammad Ishaq Dar meets foreign min ..
3 drug peddlers arrested, hashish recovered
1496,990 children given polio drops in five days: DC
Six terrorists killed, hideout busted in N Waziristan IBO: ISPR
Pakistan, Qatar agree to further expand trade, investment ties
Sindh cabinet approves Rs177.5m to strengthen, mobilize various wings of police
Faisal Karim Kundi takes oath as new KP Governor
Azad Jammu and Kashmir Prime Minister Anwaar ul Haq Chaudhry seeks more vibrant ..
Tahaffuz Manzil Foster Home providing care & support to homeless children
PCB proposes April 7 -May 20 window; tweaks in rules for HBL PSL 2025
Field hospitals now operational across Punjab: Azma Bukhari
More Stories From Business
-
CRD survey unveils 18% Pakistanis quit smoking
12 hours ago -
NTUF granted patent for Innovative Multilayered Natural Fiber Composite Helmet
12 hours ago -
New industrial policy to be announced soon: Rana Tanveer
12 hours ago -
Commissioner orders implementation price control mechanism in toto
12 hours ago -
Jam Kamal holds meeting to tackle border area challenges
16 hours ago -
Speakers in TIIF for improving, corporate governance system in Uzbekistan
15 hours ago
-
Pak-Uzbek business community welcomes KSA’s $20 billion investment in Uzbekistan
17 hours ago -
BF leader calls retaining policy rate highest level ‘unfair
15 hours ago -
Equipping with essential skills vital for economic growth: Ahsan Iqbal
17 hours ago -
Gold rates dip by Rs.1,600 per tola to Rs. 238,000
18 hours ago -
Jam Kamal holds meeting to tackle border area challenges
18 hours ago -
China's fixed-asset transport investment hits 712.5 bln yuan in Q1
19 hours ago