If Hungary were to import crude not sourced from Russia, fuel prices in the country would rise by 55-60%, which would require a modernisation of Hungary's energy system that would cost 15-18 billion euros, the minister said.Continue reading
A meeting of European Union foreign ministers in Brussels on Monday concluded without a decision being passed regarding a planned embargo of Russian oil, the Hungarian foreign minister said, adding that the Hungarian government maintained stance against the proposal.
“Nobody should expect Hungarian people to pay the price of war in Ukraine,” Péter Szijjártó said.
According to a statement from the foreign ministry, the Hungarian government awaits proposals from the European Commission aimed at preventing difficulties the new package of sanctions would generate for the Hungarian economy.
The sanctions, if passed in their current form, would cause “huge damage” to the Hungarian economy, hobbling investments worth several hundred million euros, as well as provoking a 55-60 percent increase in the price of fuels and higher inflation in general, the statement said.
Talks so far have made it clear that “we are not likely to receive a proposal aimed at eliminating such damage to the entire economy”, the statement quoted Szijjártó as saying.
If the EU is determined to impose sanctions on Russian oil imports, it should make an exemption on pipeline transit shipments, Szijjártó said, adding that most Russian oil was delivered to Europe by sea and the sanctions could remain effective despite such an exemption.
Szijjártó said no new proposals were made on Monday but talks would continue.
Featured photo via Péter Szijjártó’s Facebook page