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.
Tesla and Rivian have been embroiled in a lawsuit in which the former accused the latter of having stolen battery technology by poaching Tesla employees.
It sounds like the two automakers are finally about to settle the lawsuit, which has been going on for 4 years.
In 2020, Tesla filed a lawsuit against Rivian over allegedly stealing trade secrets by hiring former Tesla employees and encouraging them to bring documents. Rivian has denied the allegations.
When Tesla filed the lawsuit, it wasn’t clear what trade secrets Tesla was claiming Rivian had stolen. However, we noted that the employees listed in the lawsuits were two recruiters, an EHS manager, and a manager of Tesla’s charging networks.
The automaker claimed that these employees brought “documents consisting of highly sensitive trade secret, confidential, and proprietary engineering information” when they went to work for Rivian.
A year later, Tesla expanded the lawsuit, claiming more specifically that Rivian was “stealing the core technology for its next-generation batteries.”
At first, the companies tried to settle out of court, but it didn’t work out, so the lawsuit was moved to court last year.
Over a year later, we now learn that Tesla had notified the court that it expects to file to get the lawsuit dismissed after reaching a conditional agreement with Rivian. The company didn’t disclose the details of the settlement (via Bloomberg):
Tesla didn’t disclose specifics about the agreement in a court filing, but told a California state judge that it expects to seek dismissal of the case by Dec. 24 upon satisfactory completion of the terms.
Neither Tesla nor Rivian have commented on the reported settlement.
While Tesla has claimed that it somewhat open-sourced its patents, we have previously noted that it’s not exactly the case. Tesla claims to let other companies use its patented technology as long as they themselves don’t sue them over patent rights.
And in this specific case, Tesla alleges that Rivian has specifically hired employees to steal technologies. Again, Rivian has denied the allegation.
Electrek’s Take
The terms are unknown, but in similar cases, it often involves things like some level of access to make sure that no proprietary technology is being used or has been used.
The lawsuit is not exactly clear, but based on the timeline and the allegations of “next-gen batteries”, Tesla could have been talking about its 4680 battery cells, although those are cells. It could also be the structural battery pack.
Rivian is expected to use a taller 4695 battery from LG Energy Solutions for its next-generation vehicles.
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French infrastructure specialists Proviridis have partnered with EVSE manufacturer Kempower to deliver a novel, underground charging solution for electric semi trucks designed to easily integrate into existing truck depots.
By installing its high-powered charging cabinets underground and integrating the charging cables into a solid metal pipe, Kempower and Proviridis have been able to make room for high-powered charging points in an existing truck depot that didn’t have enough space to install either conventional EVSE or overhead “drop lines.”
For the pilot, the metal pipe is painted in a striking yellow color to make it easier to see while maneuvering the lot, and keeping the dispensers themselves more protected than conventional concrete bollards. The 600 kW power cabinet is positioned a few yards away – a typical space-saving Kempower solution – and connected to the charge points by underground cable.
Proviridis believes their solution provides enough of a competitive advantage that fleet buyers looking to electrify will be eager to give it a try.
“The product is durable across a wide spectrum of temperatures and conditions, requires minimal ventilation, and can cater for a wide range of customer needs,” explains Olivier Verdu, Technical Director at Proviridis. “These are features which perfectly place the Kempower solution for this type of charging configuration in a logistics environment.”
Electrek’s Take
While traditional charging equipment can cause up to 20% of an existing truck depot’s parking capacity to be lost, the Kempower products have already gained recognition for the efficient size footprint of its overground Satellites. If this underground version proves to be even better, you can expect to see a lot more Kempower installations near you.
SOURCE | IMAGES: Kempower.
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In honor of Black Friday and Cyber Monday, eBike specialist Buzz Bicycles is offering an exclusive discount for Electrek readers on its Centris Class 2 Folding Bike.
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Buzz Bicycles is back with an exclusive new deal
Buzz Bicycles has been a mainstay on Electrek for a few years now, as we have covered several of its electric bikes, which suit riders of all skill levels and help them “Buzz through life.” Buzz is an omnichannel eBike brand that prioritizes direct-to-consumerism and has found success in its mission to deliver ultimate transportation solutions at an excellent value for its growing base of eBike enthusiasts.
The company strives to deliver riders a “Wow moment,” which is usually brought on as they feel the pedal assist function kick in. This feature delivers all you need to conquer hills and longer rides while enjoying new adventures with friends.
The Buzz team has utilized decades of industry experience into its portfolio of eBikes, all conceived and designed in Dayton, Ohio. The company, which operates under the United Wheels umbrella alongside brands like Huffy Bicycles, Niner Bikes, and Batch Bicycles, has adopted an ethos that the freedom of riding should be fun and accessible for everyone, no matter what adventure lies ahead.
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