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EU Oil Ban Hits Hungary Harder

OIL

The EU ban on Russian oil imports would hit Hungary harder than Russia according to an interview with the Hungarian Minister of Foreign Affairs Peter Szijjarto this week.

  • "This proposal would hit us much harder than the Russians," Szijjarto said to Spain’s El Pais newspaper on Thursday, "this EC’s proposal creates a huge problem - Hungary has no access to the sea and we depend on Russian oil and gas,"
  • The European Commission President, Ursula von der Leyen announced the sixth package of sanctions against Russia on May 4 but they are yet to find bloc approvement as Hungary in particular seeks further exemptions. Hungary has been offered a delay until the end of 2024 and funding to upgrade their sole domestic refinery to run alternative crude types, but the country still seeks stronger exemptions.
  • Negotiations on a ban are currently set to roll over into next week.
Energy BulletsCommodities
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