According to the authors of the material, the EU's desire to "punish" Russia for the special operation being carried out in Ukraine does not go beyond words and Europe refuses to hit the energy industry.

"The main focus was on Hungary's refusal to support sanctions, but other countries are yielding to Putin's demands for gas payments in rubles," the journalists said.

They drew attention to the emerging split in the EU between Western and Eastern members over the supply of weapons to Kyiv, dialogue with Russian President Vladimir Putin and the conditions that Ukraine will have to print as part of a peace treaty.

"Diplomats and officials are becoming increasingly frustrated that the EU is likely running out of opportunities to deliver a painful economic blow to Russia," Bloomberg added.

On March 23, Russian President Vladimir Putin announced that payments for natural gas supplied by the country "to so-called unfriendly countries" would be made in rubles.

On May 24, the Financial Times reported that Hungarian Prime Minister Viktor Orban found it counterproductive to further discuss the EU's oil embargo on Russia without agreement on alternatives.

According to Bloomberg, the European Commission has proposed to the authorities of the EU member states to postpone the embargo on Russian oil supplies via the Druzhba pipeline.