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EU Oil Ban Hits Hungary Harder
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.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.