Hungary again opposed the embargo on Russian oil

Hungarian Foreign Minister Peter Szijjarto said that the sanctions proposed by the European Union, involving the imposition of an embargo on Russian oil, are still unacceptable for Hungary. The country's authorities fear that the ban on imports from Russia will lead to extremely destructive consequences for the Hungarian economy.

Szijjarto also noted that the EU has not yet offered any solutions to the problems that will arise in Hungary in the case of such restrictive measures. 

The Minister stressed that Budapest will be ready to approve EU sanctions against Russian oil only if they do not concern oil pipelines. However, in their current form, they are still unacceptable for Hungary.

Recall that on May 4, the EU announced plans to ban the import of Russian oil and petroleum products by member states for six months. Hungary rejected the proposal, while the Czech Republic and Slovakia demanded a longer transition period. It is worth noting that for the embargo to come into force, the unanimous approval of all countries of the European alliance is required. In case of a decision on the embargo, oil transportation via the Druzhba oil pipeline will stop, including to Poland and Germany (about 500 thousand barrels per day).

On May 8, the G7 countries (Canada, Italy, France, Germany, Japan, the United Kingdom, the United States) also announced their decision to ban the import of Russian oil and petroleum products, while the timing was not specified.