Today: Friday, 19 August 2022 year

Hungary asks EU for billions of euros to support oil embargo

Hungary asks EU for billions of euros to support oil embargo

If the European Union wants Hungary to support sanctions on Russian oil supplies, Brussels must pay billions of euros to the republic. According to Foreign Minister Peter Szijjarte, the European Commission has created problems with its proposal, and it will be fair if Budapest receives compensation.

“The EU must come up with a solution: finance the investment and offset the (resulting) price increase, which will require a complete modernization of Hungary’s energy infrastructure in the amount of 15-18 billion euros,” the minister said.


Another satisfactory solution would be to exclude pipeline oil from the planned embargo.


Earlier, Hungarian Prime Minister Viktor Orban stressed that the EU proposal to ban oil supplies from Russia crosses the red line. He predicted that it would take “years” to rebuild the republic’s energy sector.


The head of the European Commission, Ursula von der Leyen, tried to persuade Budapest to her side. After meeting with her, Orbán was cautious about making little progress, but stressed that Hungary would need much more to change its position.
The Hungarian prime minister said earlier that anti-Russian sanctions are effective only on paper.