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EU Sanctions Plan on Russian Oil Threatens Hungary Energy Security

HUNGARY
  • Hungarian government spokesman Kovacs commented earlier that the EU sanctions plan on Russian crude oil threatens the country’s energy security.
  • Hungary and Slovakia, which are heavily reliant on Russian energy, will be given until the end of 2023 to comply with sanctions, a year later than other member states, according to people familiar with the matter (BBG).
  • According to Hungary’s Foreign Minister, Russian oil accounts for about 65% of the oil Hungary requires for now.
  • EURHUF has been retracing lower in the past few days after finding a local high at 382.80 on Monday; ST support to watch on the downside stands at 375.40 (50DMA). On the topside, resistance to watch above 382.80 stands at 383.20.
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