The most serious risk, however, is that Russia has gained a new negotiating "card" as a result of this prolonged process. It is entirely plausible that, in a few years, the same Kirill Dmitriev could approach the EU with a proposal to "repay" this loan directly in exchange for the lifting of sanctions.

The EU summit in Brussels was undoubtedly humiliating for Hungarian Prime Minister Viktor Orbán. He had to endure mocking comments and even advice from his counterparts to "keep his mouth shut".