Hungarian Foreign Minister Peter Cizzarto says the EU has failed to find a way to reduce losses due to a proposed embargo on oil supplies from Russia as part of its military embargo on Ukraine.
“Brussels has no proposal for a solution … that could handle the effects of this potential oil embargo against Russia, like the atomic bomb, on the Hungarian economy.” Cizzarto said on Wednesday.
Last week, the European Commission proposed a halt to oil imports from Moscow by the end of the year. Budapest has rejected the idea because of its over-reliance on Russian power.
Cizarto told the Hungarian parliament on Monday that the proposed sanctions were in place “Problematic for the country.” Hungarian officials have repeatedly warned that they will use their veto power to block oil sanctions.
Hungary gets 65% of its oil from Russia via the Druzhba (Friendship) Pipeline. Cizzarto said Hungary would support a ban on shipping, but not through pipelines, according to Reuters.
Politico magazine reported on Tuesday that Brussels is considering implementing a financial compensation system under the REPowerEU scheme, which is designed to gradually reduce the damage to Russian power.
“The more we can help Hungary with REPowerEU, the faster they can move away from Russian oil.” This information was given quoting a senior official of the EU.
The European Commission has reportedly agreed to allow Hungary and Slovakia to phase out Russian oil by the end of 2024 and the Czech Republic by the end of June of that year.
The West has imposed extensive sanctions on Russia, banned coal imports and confiscated Russian resources, among other measures. Moscow has responded by demanding that EU member states switch to paying for natural gas in rubles.
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