Central Europe / News
Russia resumes oil supplies to Slovakia and Hungary but imports to Czechia remain halted
Hungary's MOL group pays for Transneft's transit fee to Ukrtransnafta, ending cut-off caused by 'administrative glitch'.
Russia cuts oil flow via Ukraine's Druzhba pipeline, blaming sanctions for blocking transit payments
Cut-off will hit the Czech Republic, Hungary and Slovakia hardest, as they rely heavily on imports via the Druzhba pipeline.
Czech central bank ends cycle of increasing interest rates
New governor calls halt to interest rate rises after nine hikes.
Row over Babiš' conflicts of interest set to spice up Czech presidential race
Government mulling asking former premier's Agrofert holding to return subsidies that EU has ruled it was ineligible to receive because of his conflicts of interest.
Czech government revises budget deficit up to CZK330bn
Civic Democrats continue to reject tax rises to close deficit swollen by COVID-19 pandemic and Ukraine war.
Drought damage to European grain harvest piles on top of Ukraine war impact
Extreme heat and droughts across several European countries have led to forecasts for this year’s harvests being reduced.
Off-the-scale wildfire devastates Czech Republic’s Bohemian Switzerland National Park
Hundreds of firefighters have for five days battled worst fire in country’s modern history.
Hungarian central bank raises base rate to 14-year high
Focussed on fighting inflation, the MNB raised the base rate by 100bp to 10.75%, its highest level since December 2008.
Viktor Orban blasts EU sanctions in keynote speech marred by racist remarks
Hungarian strongman slams "ineffective" EU sanctions and says new strategies are needed to end the war in Ukraine, as he reaches out to US right wing.
ECB makes first rate hike in 11 years to contain inflation
Rate hike made in response to accelerating inflation after consumer prices in the Eurozone grew by 8.6% y/y in June.
Hungarian foreign minister in Moscow to secure additional gas deliveries
Peter Szijjarto visited Moscow with a government mandate to buy an additional 700mcm of gas from Russia in addition to the 4.5bcm under a long-term agreement with Gazprom.
Firefighters battle wildfires in Southeast Europe as heatwave spreads east
The heatwave that caused havoc in Western Europe is now moving north and east, with temperatures in Southeast Europe expected to peak over the weekend.
Lithuania’s foreign minister faces interpellation over Kaliningrad transit sanctions
Opposition MPs say they want answers about government's handling of EU sanctions on Russian goods transiting via Lithuania to the Russian exclave of Kaliningrad.
Hungarian MPs back resolution calling to scrap elected European Parliament
Lawmakers in parliament dominated by Prime Minister Viktor Orban’s rightwing Fidesz want elected MEPs to be replaced by representatives appointed by the national legislatures of the 27 EU member states.
IEA chief warns Europe its gas efforts won’t be enough even as Brussels inks deal with Azerbaijan
Immediate efforts to cut demand vital, says Fatih Birol, as prospect of EU running out of gas reserves in winter looms.
Poland’s central bank governor reveals rate-setting plans in holiday chat
National Bank of Poland governor Adam Glapinski told a woman he met on holiday to expect at most one more rate hike in current tightening cycle.
Thousands join Hungarian opposition protests against austerity measures
Protest against the government’s tax amendment and utility price increases was the first large gathering of the opposition that is reeling from its worst election loss since 2010.
EC takes Hungary to court over LGBT regulation, launches new infringement procedures
The CJEU said the LGBT regulation, dubbed the child protection law by Hungary, violates internal market rules, the fundamental rights of individuals and EU values.
Hungarian government declares energy state of emergency, tightens utility price cap rules
From August 1, regulated energy prices for households will apply only to electricity and gas consumption up to the national average.
Hungarian central bank hikes base rate by 200bp at non-rate setting meeting
Base rate hits 9.75% but is expected to rise to up to 13% by the end of the year to lower inflationary expectations and defend the forint.
