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Poland Lends Hungary Support on Ban

OIL

It will be hard for Hungary to move away from Russian oil if EU recovery funds remain blocked according to Polish President Andrzej Duda at a news conference today with Hungarian counterpart Katalin Novak.

  • Hungary says they require hundreds of millions of euros in refinery upgrades to be able to move away from Russian oil while total modernisation would likely cost billions.
  • Hungary is the main opposition to the EU’s sixth sanctions package against Russia. The bloc needs unanimous support to pass the sanctions. Germany has said this week they will self-sanction Russian oil regardless of European commitment.
  • "It's in Hungary's best interest to have many energy sources, we need that for our sovereignty," Novak told a joint news conference with Duda. "For that we need the EU funds and we ask president Duda to support us."
Energy BulletsCommodities
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