• Hungary PM Orban: Things are not looking good with respect to oil embargo

Market news

30 May 2022

Hungary PM Orban: Things are not looking good with respect to oil embargo

Hungarian Prime Minister Viktor Orban on Monday said that things are not looking good with respect to the EU's proposed ban on Russian oil imports, reported Reuters. The exemption of oil pipeline shipments would be a good solution, he stated, adding that Hungary also needs some guarantees in case of any potential halt to Russian oil shipments by pipeline. 4

There is no compromise at the moment at all, Orban said, adding that "we" are in a difficult situation given the "irresponsible behaviour of the (European) Commission". The Hungarian position remains that solutions are needed before sanctions, Orban added, noting that now is the time to come up with the solution. 

Orban's remarks come after European Commission President Ursula von der Leyen earlier said that EU 27 nations are not yet there an agreement on a new Russia sanctions package. All issues regarding the sanctions have been solved except the issue of crude oil via pipelines, she added. 

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