Hungary Calls Condition Under Which It Will Support Embargo On Russian Oil

Hungary is ready to support the embargo on Russian oil supplies to the EU countries, but there are a number of conditions for this.

This was stated by the Minister of Foreign Affairs of the country, Peter Szijjarto, at a briefing on Wednesday, May 11, Korrespondent reports.

He noted that the embargo should apply to offshore oil supplies and some others, but Russian pipeline supplies to Hungary should be exempt from restrictions.

"Hungary will take this position in further negotiations," Szijjarto said.

Besides, Budapest is waiting for proposals not only for the reconstruction of its refineries for hundreds of millions of dollars, not only for increasing the capacity of the oil pipeline to Hungary through Croatia for hundreds of millions of dollars, but also for the future of its economy.

"The oil embargo will require a program to modernize the structure of the Hungarian energy supply, which will cost about several billion euros," Szijjarto said.

The minister stressed that the rejection of Russian oil would cause enormous damage to the Hungarian economy and seriously affect its stable energy supply.

"This proposal is tantamount to an economic atomic bomb. In Hungary, fuel prices will rise by 55-60%. Their increase will lead to an increase in prices for all goods. The country will not withstand this," Szijjarto added and noted that the EU yet has no proposals for solution to this problem.

Recall, the other day, Hungarian Prime Minister Viktor Orban on the radio station Kossuth Radio said that he intends to demand for his country a five-year delay on EU sanctions against Russian oil.

Earlier, European Commission President Ursula von der Leyen revealed the details of the sixth EU sanctions package against Russia.

According to her, the restrictions will include a complete rejection of Russian oil, disconnection of the largest Russian banks from the SWIFT system, as well as a ban on European accountants and consultants to provide services to Russian companies.

However, the European Union was unable to agree on the sixth package of sanctions against Russia because of Hungary.