The oil embargo will require a program to modernize the Hungarian energy supply structure, which will cost on the order of several billion euros, Petr Szijjártó said.
Hungary is ready to support the embargo on Russia’s oil supplies to EU countries, but there are certain conditions for it. This was stated by the country’s Minister of Foreign Affairs, Peter Szijjarto, in a briefing on Wednesday, May 11.
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He noted that the embargo should be applied to offshore oil supplies and some others, but Russia’s pipeline supplies to Hungary should be excluded from the restrictions.
“Hungary will take this position in further negotiations,” Szijjártó said.
In addition, Budapest is awaiting 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. million dollars, but also for the future of its economy.
“The oil embargo will require a program to modernize the Hungarian energy supply structure, which will cost on the order of several billion euros,” Szijjártó said.
The minister stressed that Russia’s oil decline would cause major damage to the Hungarian economy and seriously affect its stable energy supply.
“This measure is equivalent to an economic atomic bomb. In Hungary, fuel prices will increase by 55-60%. Their increase will lead to an increase in prices for all commodities. It will not be tolerated. of the country, ”Szijjarto added and noted that the EU has no proposals for a solution to this problem.
Earlier, the media reported that the European Commission was willing to compensate Hungary for the imposition of an embargo on Russia’s oil supplies of Budapest as part of the sixth package of sanctions against the Russian Federation for its invasion of Ukraine.
Also, European Commission President Ursula von der Leyen announced “progress” in negotiations with Hungarian Prime Minister Viktor Orban on the implementation of sanctions against the Russian Federation.
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Source: korrespondent
