Hungary Proposes Embargo On Maritime Shipments Of Russian Oil - Foreign Minister
Umer Jamshaid Published May 24, 2022 | 07:00 AM
MOSCOW (UrduPoint News / Sputnik - 24th May, 2022) Hungary is proposing to impose an embargo on maritime deliveries of Russian oil instead of onshore deliveries, Foreign Minister Peter Szijjarto said.
"If the European Union... would like to punish Russia on the oil side, then introduce an embargo on maritime deliveries of oil, because that represents by far the biggest part of Russian oil deliveries to Europe, because pipeline deliveries are in a minority, and if you give an exemption to pipeline deliveries, then our economies can continue to operate, and then the European Union would reach its goal as well," Szijjarto told Fox news on Friday.
The top diplomat emphadized that the Hungarian economy does not have alternatives to Russian oil.
"If we are cut off from Russian oil, physically it's impossible to buy enough oil from any other sources in order to operate our country, our economy. So, our economy will be killed without Russian gas, not to speak about the fact that in order to technologically transform the refinery of ours in order to be able to refine other types of gas and oil than Russian, then we will need another 550-million-Euro investment," Szijjarto said.
He specified that the total amount of investment that would be needed in order to reorient Hungary's refinery network would be close to $1 billion.
According to the Hungarian foreign minister, 65 percent of his country's oil supply has come from Russia.
Earlier this month, European Commission President Ursula von der Leyen presented the sixth package of sanctions against Russia. Among other points, it proposes banning Russian oil imports. The package needs to be unanimously approved by all member states to take effect.
Member states have still not reached an agreement on the sixth package of sanctions due to objections from Hungary and Slovakia. Hungarian Prime Minister Viktor Orban earlier described the potential embargo of Russian oil by the European Union as "tantamount to atomic bomb" for Budapest and that Hungary needs five years to diversify its energy supplies.
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