Hungary Says Yet To Receive Acceptable Proposal From EU On Russian Oil Embargo

Hungary has not received any acceptable proposals from the European Commission on the issue of the Russian oil embargo, but one of the possible solutions would be to exclude pipeline oil supplies from sanctions, Hungarian Foreign and Trade Minister Peter Szijjarto said on Monday

MOSCOW (UrduPoint News / Sputnik - 16th May, 2022) Hungary has not received any acceptable proposals from the European Commission on the issue of the Russian oil embargo, but one of the possible solutions would be to exclude pipeline oil supplies from sanctions, Hungarian Foreign and Trade Minister Peter Szijjarto said on Monday.

"The EU Commission has created a problem with its proposal, so Hungary rightly expects... that the EU will offer a solution: financing of investments and compensation... of the subsequent price increase that is necessary for the complete modernization of Hungary's energy infrastructure, requiring 15-18 billion Euros ($15.6 billion - $18.7 billion)," Szijjarto wrote on his social media.

According to the minister, one possible option would be to exclude oil supplies via pipelines from the EU's proposed embargo.

Russia launched its military operation in Ukraine on February 24 after the breakaway Donetsk and Luhansk people's republics applied for help in fending off attacks by Ukrainian army. The United States and the European Union have since been pressuring Russia with economic measures and have rolled out a number of sanctions packages, which include airspace closures and restrictions targeting numerous Russian officials and entities, media, and financial institutions.

Hungary and several other European countries are blocking the decision on the sixth package of sanctions against Russia due to the proposed embargo on oil supplies. Szijjarto said earlier that Budapest cannot support the new package until the EC proposes solutions to the issues posed to the Hungarian economy by the possible ban on oil imports from Russia.