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Hungary Says Russian Oil Ban Will Cost €700 Million

EU-RUSSIA
Political RiskPolitical Risk BulletBulletMarketsFixed IncomeForeign ExchangePolitical Market News

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.'
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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.'