Briefing notes

Oil embargo: No change in the Hungarian position

The proposal would require modernization of the Hungarian energy supply structure requiring billions of euros.

The European Commission has no proposal to deal with the negative effects of a possible Russian oil embargo, so the government will stick to its original position, Péter Szijjártó, Minister of Foreign Affairs and Trade, announced. 

The minister warned that if the Brussels proposal were to enter into force in its current form, it would cause huge damage to Hungary’s energy security, which is currently on a stable footing.

The measure would result in a fuel price increase of around 55-60 percent, with experts calculating a minimum of HUF 700 per liter for petrol and HUF 800 for diesel, and this would be reflected in the price of all other products, he said. 

“We have made it clear to the European Commission that we can only vote in favor of the proposal if Brussels proposes a solution to the problem created by Brussels,” he said.

“We expect such a proposal not only on the hundreds of millions of dollars needed for the restructuring of our oil refineries, not only on the hundreds of millions of dollars of capacity increase needed for the oil pipeline to Hungary via Croatia, but also on the future of the Hungarian economy because the proposal is equivalent to a nuclear bomb,” he added.

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