Potential economic sanctions against Russia due to developments in Ukraine would have the most adverse effects on the Višegrad Four countries (Czech Republic, Hungary, Poland, Slovakia), their foreign affairs ministers concurred at a meeting with German counterpart Frank-Walter Steinmeier in Budapest .
"A second round of sanctions is under consideration: that is personal sanctions, meaning the freezing of accounts and travel bans for individuals. The list of these individuals is being drafted at the moment and set to be approved on Monday. Furthermore, a so-called third stage of sanctions - economic ones - is being discussed, however, talking about its scope or potential date is premature for the time being," said Slovakia’s Foreign Affairs Minister Miroslav Lajčák. His Hungarian counterpart added that in case this third round is applied, than the European Union’s member states must show solidarity with each other as some will be more affected than others. According to analysts, Russian exports of crude oil and natural gas are of vital importance for Europe. "European stockpiles can cover only 45-day interruption at the moment. The interruption in the delivery of Russian gas could mean a grave danger to European as well as world economic development," says the Czech analyst Vit Jedlička.
The chief of German diplomacy has claimed that Russia decided to scoop the Crimean peninsula from Ukraine and has avoided any European attempts to have the situation resolved. "It is futile to expect any change in the situation by next Monday," added Steinmeier, who emphasised that the Crimean referendum, scheduled for Sunday, is internationally unacceptable.
