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Hungary Threatens to Block EU Sanctions on Russia

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Hungary has vowed to block the European Union’s latest sanctions package against Russia and a proposed 90-billion-euro loan for Ukraine, escalating tensions ahead of the fourth anniversary of Moscow’s full-scale invasion. The dispute centres on the disruption of Russian oil supplies through the Druzhba pipeline, which Budapest and Slovakia say has undermined their energy security. Hungarian Prime Minister Viktor Orban has indicated that Hungary will withhold support for the measures until the issue is resolved.

EU foreign ministers meeting in Brussels urged Hungary to reconsider, warning that unity is crucial as the war drags on. Ukrainian President Volodymyr Zelenskiy, in an interview with the BBC, said Russian leader Vladimir Putin had “already started” World War Three and called for intensified global pressure on Moscow. Meanwhile, U.S.-led diplomatic efforts to broker peace have yet to yield a breakthrough, with recent talks in Geneva failing to produce progress.

The standoff comes as Russian drone strikes killed two people in Ukraine’s southern Odesa region, according to Ukrainian officials, while Kyiv claims it has regained control over parts of the southern frontline. Hungary and Slovakia have also warned they could halt emergency electricity exports to Ukraine if oil flows via Druzhba are not restored. The clash underscores deep divisions within the EU as it seeks to maintain pressure on Russia while managing internal political and energy challenges.

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Swiss Industry Warns of Chaos After Fresh U.S. Tariff Hike

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Switzerland’s leading industry body Swissmem has criticised the latest tariff move by Donald Trump, saying it adds to global uncertainty and dampens investment activity. Over the weekend, Trump raised a temporary U.S. import tariff to 15% from 10%, a decision Swissmem said is exacerbating market chaos and creating fresh challenges for exporters.

Switzerland had already faced some of the highest U.S. tariffs in Europe after Washington imposed a 39% duty on Swiss exports last August. In November, Switzerland secured a preliminary agreement reducing levies to 15%, in line with the European Union. Talks are ongoing to formalise that arrangement by the end of March, and Swissmem has urged the government to continue negotiations to ensure legal certainty for businesses.

Although the new 15% tariff may not be stacked on top of the previously agreed rate, Swissmem noted that when combined with a pre-existing 5% duty on industrial goods, Swiss exports could effectively face tariffs of around 20%. The group warned that this would significantly raise prices for American customers, though it acknowledged that similar tariffs on foreign competitors may offer limited relief. Switzerland, for its part, abolished its own industrial tariffs in 2024.

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EU Not Ready to Set Ukraine Membership Date, Says Kaja Kallas

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European Union foreign policy chief Kaja Kallas said EU governments are not prepared to give Ukraine a concrete date for joining the bloc, despite Kyiv’s push for one as part of future security guarantees. Speaking at the Munich Security Conference, Kallas said member states believe significant work remains before any timeline can be set, underlining that EU accession is a merit-based and lengthy process.

Ukraine, led by President Volodymyr Zelenskiy, has been pressing for a 2027 membership target, with diplomats saying the date was floated in discussions involving the European Union, the United States, and Ukraine as part of a broader peace framework. However, many EU capitals view any fixed date as unrealistic while Ukraine is still aligning its laws and institutions with EU standards amid an ongoing war with Russia.

Latvian President Edgars Rinkevics echoed Kallas’ remarks, saying there was little appetite among EU leaders to commit to a date and expressing scepticism about the prospects of an imminent peace deal. He added that any special arrangement for Ukraine would also need to consider long-standing candidates such as Western Balkans states and Moldova, while noting that opposition from Hungary continues to slow the launch of detailed accession talks.

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EU Blacklists Iran’s Revolutionary Guards Over Protest Crackdown

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The European Union has added Iran’s Islamic Revolutionary Guard Corps (IRGC) to its list of terrorist organisations, citing the group’s central role in a deadly crackdown on anti-government protests. EU foreign policy chief Kaja Kallas said the move was a response to widespread repression, placing the IRGC alongside groups such as al-Qaeda and Islamic State. Iran condemned the decision, calling it a “strategic mistake”, while human rights groups say thousands of protesters were killed during unrest in December and January.

France, which had previously been cautious over the move due to concerns about severing diplomatic ties with Tehran, backed the decision this week, alongside Italy and other EU states. The bloc also imposed new sanctions on six Iranian entities and 15 senior officials accused of involvement in violent repression, including Iran’s interior minister and senior judicial figures. Those listed face travel bans and asset freezes under EU rules.

The decision comes amid rising tensions between Iran and the West, as the US increases its military presence in the region and pushes Tehran to negotiate over its nuclear programme. US President Donald Trump said he hoped to avoid military action but warned Iran to engage in talks, while Iranian officials said their forces were ready to respond to any aggression. Independent groups estimate the death toll from the protests could exceed 20,000, though Iran disputes those figures.

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Six European Economies Push to Advance Stalled EU Projects

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Ministers from six major European economies, including Germany, France, Poland, Spain, Italy, and the Netherlands, pledged to take the lead in advancing projects stalled by the EU’s slow decision-making processes. The virtual meeting followed criticism from the Trump administration over the EU’s lengthy deliberations, with leaders emphasizing the need to strengthen Europe’s competitiveness and defense capabilities amid geopolitical uncertainty. German Finance Minister Lars Klingbeil described the group as a flexible coalition, open to additional countries joining in the future.

While no concrete decisions were made, the ministers agreed to focus on key areas such as creating a capital markets union, enhancing the international role of the euro, coordinating defense investments, and securing critical minerals through joint purchasing and trade partnerships. The discussions underscored the growing emphasis on European sovereignty in light of global challenges from the U.S., Russia, and China. Officials stressed that the initiative would allow faster progress on crucial projects without requiring unanimous agreement from all 27 EU members.

The move reflects a broader push within Europe to adopt a “two-speed” approach, enabling smaller groups of countries to act independently on policy areas where consensus is difficult. German Chancellor Friedrich Merz and French leaders have long advocated for this strategy to accelerate economic and strategic initiatives, including trade deals and energy policies. Polish Finance Minister Andrzej Domański noted that Europe must act faster to respond to ongoing economic and geopolitical changes, signaling a shift toward more agile and pragmatic decision-making within the EU.

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Germany Pushes ‘Two-Speed’ Europe With Core Group of Six Economies

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Germany is advocating a “two-speed” European Union to overcome decision-making gridlock and strengthen the bloc’s economic and strategic autonomy. German Finance Minister Lars Klingbeil said a core group of countries should move faster on key policies, arguing that the EU needs new momentum to respond to growing geopolitical and economic challenges.

Klingbeil has invited finance ministers from France, Poland, Spain, Italy and the Netherlands to form a leading group of six economies, with an initial video meeting planned as a starting point. The proposal aims to boost Europe’s sovereignty, resilience and competitiveness, as EU economies seek to reduce reliance on imported critical raw materials and shield themselves from global trade fragmentation and tariff risks.

According to a letter seen by Reuters, the initiative includes a four-point agenda focusing on advancing the capital markets union, strengthening the international role of the euro, improving coordination on defence investment, and securing supplies of strategic raw materials. Klingbeil said faster progress in these areas is essential to make Europe stronger, more independent and better prepared for an increasingly unpredictable global environment.

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Italy Urges EU to Label Iran’s Revolutionary Guard a Terrorist Group

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Italy will press its European Union partners this week to designate Iran’s Revolutionary Guard (IRGC) as a terrorist organisation, marking a significant shift in Rome’s stance, Foreign Minister Antonio Tajani said. Italy had previously resisted such a move, but Tajani said Iran’s violent crackdown on recent street protests, which reportedly left thousands dead, demanded a firm response. He said the issue would be raised at a meeting of EU foreign ministers in Brussels.

Tajani said the civilian toll from the protests required decisive action, proposing both the inclusion of the IRGC on the EU’s terrorist list and targeted sanctions against those responsible for what he described as “heinous acts.” A terrorist designation would impose far-reaching legal, financial and diplomatic restrictions on the powerful force, which was established after Iran’s 1979 Islamic Revolution and plays a central role in the country’s military, economy, and missile and nuclear programmes.

The proposal could strain EU–Iran relations, as some member states fear such a step could sever diplomatic ties, undermine efforts to revive nuclear negotiations and complicate the release of EU nationals held in Iran. While the IRGC is already subject to EU human rights sanctions, listing it as a terrorist group would require unanimity among member states, and objections from countries such as France could block the move. Tajani said Italy’s top priority remained the safety of its citizens, adding that staff at Italy’s embassy in Tehran would be sharply reduced.

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EU-Mercosur Trade Deal Set for Provisional Start Despite Legal Challenge

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The European Union’s long-awaited free trade agreement with Mercosur countries is likely to be applied provisionally from as early as March, according to an EU diplomat. The move could go ahead once the first Mercosur nation ratifies the pact, with Paraguay expected to do so in the coming weeks, allowing parts of the deal to take effect despite ongoing political and legal hurdles within the EU.

Momentum behind the agreement has been complicated by EU lawmakers referring the deal to the European Court of Justice, a step that could delay full implementation by up to two years. The referral has disappointed several EU governments and businesses, particularly in Germany, where the deal is strongly supported as a driver of growth. German Chancellor Friedrich Merz criticised the move, stressing that the agreement remains essential for Europe’s economic future.

Signed after 25 years of negotiations, the EU-Mercosur pact is the bloc’s largest trade deal to date and is seen by supporters as a way to offset losses from U.S. tariffs and reduce dependence on China. However, opposition remains strong, led by France and farming groups, who warn that increased imports of South American agricultural products could undermine European farmers and disrupt local markets.

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EU Leaders Reassess U.S. Relationship After Trump’s Greenland U-Turn

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European Union leaders are reassessing their relationship with the United States after former President Donald Trump’s recent threats of tariffs and remarks about acquiring Greenland unsettled transatlantic trust. Although Trump later reversed his stance—ruling out military action and stepping back from proposed tariffs—EU diplomats say the episode has highlighted the unpredictability of U.S. policy and prompted calls for a more independent European strategy, particularly in defence and trade.

At an emergency summit in Brussels, EU leaders are expected to discuss reducing their reliance on the United States, especially within NATO, where Europe still depends heavily on U.S. intelligence, defence systems and logistics. The bloc is also economically exposed, as the U.S. remains its largest trading partner, leaving Europe vulnerable to sudden tariff threats. Diplomats stressed the need to define clear “red lines” and prepare responses should Washington again shift course.

Uncertainty also remains over the details of a proposed Greenland framework agreement discussed by Trump and NATO Secretary General Mark Rutte, including plans to increase Western presence in the Arctic. While Trump’s reversal eased immediate tensions, EU officials say the broader challenge persists: balancing efforts to keep the U.S. engaged while strengthening Europe’s own resilience, unity and long-term strategic autonomy.

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Germany’s Finance Minister Urges “European Patriotism” to Safeguard Economy

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Germany’s finance minister Lars Klingbeil has called for a new era of “European patriotism” to protect the continent’s economic interests amid rising global tensions. Speaking at a lecture in Berlin, Klingbeil proposed that companies receiving state aid should be required to keep jobs within Europe and that public procurement policies should prioritise goods produced in the region.

Klingbeil said Europe must fundamentally rethink its economic strategy as traditional alliances weaken and trade becomes increasingly politicised. He argued that the transatlantic relationship is changing, pointing to signs that the United States is turning away from Europe both politically and culturally. At the same time, he warned that trade is being weaponised through subsidies, tariffs, export controls and industrial overcapacity, placing strain on Germany’s export-driven economy.

To address these challenges, Klingbeil outlined a strategy focused on strengthening European unity, diversifying trade ties beyond the United States and shielding European markets from unfair competition. He said Europe must become more sovereign and resilient, cautioning that relying solely on exports is no longer sufficient in a rapidly shifting global economic order.

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