Hungary's Foreign Minister: Cannot support EU's proposed ban on Russian oil imports

Joel Frank Independent Analyst

Hungary cannot support the EU's proposed ban on Russian oil imports, the country's Foreign Minister said on Wednesday, reported Reuters. European Commission President Ursula von der Leyen proposed the EU's sixth major Russia sanctions package earlier in the day, which included plans to phase out the import of Russian crude oil within six months, phase out refined products by the end of the year and cut major Russian banks from SWIFT.

The proposed ban on Russian oil imports would destroy Hungary's energy security, the Foreign Minister said, noting that Hungary will be seeking an exemption on crude oil imported from Russia via pipelines.

The Czech PM on Wednesday said that his country is in talks for a two-three year transition period for the phaseout of Russian oil imports. Slovakia also reportedly looks primed to get an extended phase-out time period.

Author

Joel Frank

Independent Analyst

Joel Frank is an economics graduate from the University of Birmingham and has worked as a full-time financial market analyst since 2018, specialising in the coverage of how developments in the global economy impact financial asset

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