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Free AccessHungary Says Russian Oil Ban Will Cost €700 Million
Hungarian Foreign Minister Péter Szijjártó has hinted at a price of €700 million the EU will have to pay for Budapest's signature on a Russian oil ban, in an interview with Spanish newspaper El País.
- Szijjártó says a solution must be provided to cover the costs involved in adapting its supply and infrastructure.
- Szijjártó: 'This Commission proposal creates a huge problem for us. Our refinery is designed for Russian oil. To refine other types of oil, we would have to invest between €500 and €550 million — that would take about four years. To replace the oil pipeline from Russia, we would have to expand the capacity of the Adriatic Sea pipeline, which would mean €200 million, and we don’t know how much time that would take. The price of gas in Hungary would increase by 55 percent.'
- Szijjártó made clear that Hungary will not support the current sanctions package unless Brussels provided a solution. 'What we told the president of the Commission on Monday was that her proposal creates a problem for us. We cannot vote in favor unless we are offered a solution.'
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.