Hungary’s foreign minister says Brussels has failed on Russia sanctions
Hungary’s foreign minister strongly criticized the European Union’s sanctions against Russia, arguing they have damaged its members’ economies more than their target’s as well as failing to stop the war in Ukraine.
“If we make an assessment, an analysis, about the impact of sanctions, it’s obvious that they have not fulfilled expectations,” Péter Szijjártó told CNBC’s Geoff Cutmore at the World Economic Forum in Davos.
“Because what was the expectation at the beginning of March, end of February, when we discussed the first package of sanctions? That they will put Russia’s economy on its knees, therefore the war will be stopped soon,” he said.
Sanctions imposed by the EU against Russia include travel bans and asset freezes on a host of high-profile individuals; import and export bans on a range of goods; and an oil price cap in collaboration with the G-7 and other allies. The bloc has also aimed to dramatically cut its natural gas imports from Russia.
Szijjártó continued: “Russia’s economy is not on its knees, definitely. We can have different assessments of how badly they perform but they’re not on their knees, and the war is not coming to its end. And Europe’s economy is suffering more from sanctions than the Russian economy.”
“So if you look at it in a practical way, not in an ideological way, what was the impact of sanctions, you see they are more harmful to Europe than Russia. So we should not more forward with the sanctions because simply they have not fulfilled the expectations and target we have put on them.”
The Russian ruble was the worst-performing emerging market currency last year despite holding up for some time after the invasion of Ukraine, and the International Monetary Fund has forecast its GDP will shrink by 3.4% in 2022 with inflation averaging 13.8%, with a further economic contraction this year.
Recent research from the Centre for Research on Energy and Clean Air, an independent Finnish think tank, estimated the G-7′s price cap had cost Moscow an estimated 160 million euros ($171.8 million) per day.
The war and resultant energy crisis and food supply have also driven up inflation in EU countries and raised the specter of recession, though other factors including the impact of the pandemic on workforces and supply chain issues have also been raised as factors.
Szijjártó said Hungary condemned the war and was standing with Ukraine, but reiterated that he does not believe sanctions are the path to peace.
“At the end of the day, we have to contribute to help reconstruct Ukraine, but if we ruin our own economies we will not be in a position to help Ukraine be reconstructed,” he said.
Asked why Hungary therefore voted in favor of sanctions, he said it had achieved exemptions in areas that were vital to its national interests, such as purchases of oil and gas because it cannot import from other sources due to pipeline infrastructure.
Szijjártó defended Hungary’s decision not to send weapons to Ukraine, as western powers including the U.S. have been doing and which the leaders of Poland, Latvia and Lithuania on Tuesday argued should be increased.
He said it had instead chosen to provide humanitarian assistance to the 1 million Ukrainian refugees that have arrived in the country and would advocate for peace talks, as it did not want the Hungarian community based at the border between the countries to be targeted in the war.
Szijjártó also accused the European Union of withholding money owed to it through European funds tied to bloc-wide economic performance because of, he said “political reasons … because Brussels hates that there is an anti-mainstream, right-wing, patriotic, Christian democratic government in Hungary for more than 12 years now, and it is still successful.”
The European Commission directed CNBC to a comment spokesperson Peter Stano gave regarding Hungary and sanctions on Monday, stating: “All the sanctions decisions in the EU are made by member states in unanimity.”
“Until now the European Union member states have adopted nine wide-ranging packages of sanctions against Russia for its illegal aggression against Ukraine, reflecting on EU policy agreed by the 27 member states that we stand by Ukraine and we stand by them in a number of tracks, economical, financial, military and through putting pressure on Putin’s regime through sanctions and international isolation.”
Stano said these were constantly being reviewed and any future decision would again by in unanimity.
Bojangles, the North Carolina-based chain known for its fried chicken and biscuits, is joining the growing list of fast food chains installing EV chargers in their parking lots.
The restaurant chain is working with Smart Big Box, Alyath EV, and Energy and Environmental Design Services to install turnkey EV charging stations at a “wide range” of its 800 restaurants, which are concentrated heavily in the southeast US. The rollout starts in late 2025, with most chargers expected to be available by sometime in 2026.
Each Bojangles location getting EV chargers will offer at least four ports. The stations will vary between Level 2 and DC fast chargers.
Bojangles CIO Richard Del Valle said, “Working with Alyath and Smart Big Box allows us to introduce a new convenience that aligns with evolving customer needs.”
It’s a smart move. The charging stations will let people plug in and power up, and they’re more likely to dine at Bojangles while they’re doing so. Plus, Bojangles will get a reputation for having charging stations, so EV drivers will be more inclined to head toward the restaurants as a reliable power source.
Cristiane Rosul, CEO of Alyath, said the partnership “not only benefits EV drivers but also positions Bojangles as a leader in the future of quick-service dining.”
Smart Big Box has contracted with Energy and Environmental Design Services as the exclusive installer and maintenance partner for all EV chargers.
Read more: Waffle House is getting DC fast chargers – and it’s a genius move
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Toyota’s electric SUV is now its cheapest vehicle to lease. After slashing lease prices again, the Toyota bZ4X is listed for lease at just $199 per month in some states. That’s even cheaper than a Corolla right now, even though it’s nearly double the price.
Toyota bZ4X is now cheaper to lease than a Corolla
The 2025 Toyota bZ4X already starts at $6,000 cheaper than the previous model year, but with a new promotion this month, it’s even more affordable.
Toyota is at it again, having cut lease prices once more this month following the Fourth of July holiday. The 2025 Toyota bZ4X XLE is now listed at just $199 per month for 36 months. With $3,999 due at signing, you’ll end up paying an effective cost of $310 per month.
The offer is $42 less than before the new promo, or about a 12% price cut. It’s hard enough to find any lease nowadays around $300, but for an electric SUV, it’s a pretty good deal.
According to online auto research firm CarsDirect, it’s even cheaper to lease a bZ4X now in some states than a Toyota Corolla. The 2025 Corolla LE Sedan is available for $229 for 36 months. With $2,999 due at signing, the effective monthly rate is $312, or $2 more than the bZ4X.
Although $2 might not seem like much in the grand scheme of things, it’s pretty significant, given that the bZ4X is $16,000 more expensive.
The 2025 Toyota bZ4X XLE has an MSRP of $38,465, compared to the Corolla LE Sedan, which starts at $22,325. That’s a $16,140 cost difference alone.
Toyota’s electric SUV is slightly longer than a RAV4 at 184.6″ in length, but it has a longer wheelbase, which opens up more interior space.
Toyota is also throwing in a free year of unlimited charging (at EV-go-operated public charging stations) for those who buy or lease a new 2025 bZ4X. You can also add a ChargePoint home charger to the cost.
Although the bZ4X is available for just $199 per month, the 2025 Hyundai IONIQ 5 is listed at $179 nationwide this month. With more range, style, and an NACS port for charging at Tesla Superchargers, the 2025 IONIQ 5 offer is hard to pass up right now.
| 2025 Toyota bZ4X trim | Starting Price (excluding $1,395 DPH fee) |
Price reduction (vs 2024MY) |
Range (mi) |
| XLE FWD | $37,070 | -$6,000 | 252 |
| XLE AWD | $39,150 | -$6,000 | 228 |
| Limited FWD | $41,800 | -$5,380 | 236 |
| Limited AWD | $43,880 | -$5,380 | 222 |
| Nightshade | $40,420 | N/A | 222 |
Like many carmakers, Toyota is currently offering significant incentives on electric vehicles, with the federal tax credit set to expire at the end of September. Accordingly, Toyota’s promotion ends on September 30. Although the bZ4X doesn’t qualify for the credit through purchase, Toyota is passing it on through leasing.
In some areas, like LA, Toyota is currently offering $12,000 off bZ4X leases. With the loss of the tax credit, the savings would drop to just $4,500, which would add over $100 a month to the lease price.
Looking to take advantage of the savings while they are still here? You can use our link to find deals on the 2025 Toyota bZ4X in your area today.
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Transport Canada has finished its investigation into Tesla’s questionable filing of $43 million worth of EV incentives in a single day, finding that the claims did indeed represent cars sold before the deadline to file for incentives – still raising questions about disorganization within Tesla.
To recap, Canada suddenly sunsetted its electric vehicle incentives back in January, as the program ran out of money. It caught a lot of EV dealers by surprise, and there was a sudden rush to sell cars and to file for incentives, given that the end of the program was announced with just three days notice.
One of these dealerships that showed a rush was a single Tesla dealership in Quebec, which recorded 4,000 rebate requests in a single weekend, an impossible number at the relatively small location. Other Tesla locations also filed for suspiciously high numbers of incentive claims on the same weekend.
This raised alarm bells, and other Canadian auto dealers pointed it out to Transport Canada, with Huw WIlliams, head of the Canadian Auto Dealers Association (CADA) claiming that Tesla “gamed the system” to hog an illegitimate number of incentive claims out of the limited money left. The total amount was $43 million, which was more than half of the amount left in the Canadian government’s coffers.
Even accounting for Tesla delivery pushes, and for increased sales as the credit rapidly sunset, these numbers did not seem possible.
This – perhaps combined with Tesla’s unpopular position in Canada at the time given CEO Elon Musk’s participation in a US government which was attacking Canada’s sovereignty at the time – led to Transport Canada announcing an investigation into Tesla’s incentive claims (Canadian Transport Minister Chrystia Freeland even said at the time that future Canadian ZEV incentives should exclude Tesla until the US’ “illegitimate and illegal” tariffs were lifted).
Tesla responded to the investigation in a typically standoffish manner, claiming in a letter that it was “shocked” to hear about the investigation, threatening legal action if payments weren’t resumed, and blaming Transport Canada for causing Tesla’s negative public perception and exposing Tesla’s Canadian employees to harassment (the letter did not, however, mention anything about CEO Musk’s government activities, or his recent actions attempting to spread white supremacy around the globe, and how those are much more responsible for negative public perception of the company).
Well now, the result of that investigation is back, and Freeland said on Friday that Tesla’s claims “were determined to legitimately represent cars sold before January 12.”
Transport Canada also pledged to CADA that all cars delivered before January 12 will have their incentive claims fulfilled, regardless of the program’s budget. CADA estimates it’s owed around $11 million in past-due claims, and Williams still wonders how Tesla knew to file those claims so suddenly.
Electrek’s Take
Questions still remain about this incentive. As pointed out by the Canadian Press, it’s still not clear whether Tesla’s incentive claims were for cars sold on that weekend, or for cars sold prior to that weekend and delivered all in a lump.
Given the physical limitations of the locations involved, it’s likely the latter. Which raises a different kind of alarm bell: that of disorganization within Tesla, as I pointed out as my main concern over this situation in a previous article.
I just don’t see how Tesla Canada can justify leaving tens of millions of dollars on the table for potentially several months, when all it took was the filing of some pieces of paper for them to get it. That’s capital that Tesla could have used to do business, and letting it sit in someone else’s bank account doesn’t benefit Tesla at all.
Now, disorganization is nothing new for Tesla, but businesses usually don’t like leaving money laying around for no reason. And Tesla, with its focus on quarterly results and end-of-quarter pushes, surely would have enjoyed having that extra cash in December, the end of a fiscal quarter/year, rather than the beginning of January when they filed for these incentives.
So regardless of the now proven legitimacy of these claims, this aspect should be cause for some amount of concern. It’s a reflection of a longtime problem in Tesla, where things tend to fall through the cracks until there’s some sort of emergency, and then it’s all-hands-on-deck from whoever happens to be closest to the problem at the time. But this has been an issue within Tesla for so long that it’s hard to see it being fixed at this point – and certainly not under its longtime CEO who seems far more interested in using Tesla to bail out his private companies or turning Twitter into “MechaHitler” than on making actual good decisions for Tesla.
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