Hungary Says Expects $18Bln In Investment From EU Over Russian Oil Ban

MOSCOW (Pakistan Point News / Sputnik - 17th May, 2022) Budapest expects a 18 billion euro ($18.8 billion) investment plan from the European Commission that would help mitigate the consequences of the possible embargo on Russian pipeline oil, since the energy restrictions are expected to cause more than double increase in energy prices in the country, Hungarian Foreign and Trade Minister Peter Szijjarto said on Monday.

"Shutdown of Russian pipeline oil delivery will cost Hungary and Croatia about 280 billion forints of investment (nearly $751,000). After that, the price of fuel in Hungary will jump by 55%-60%. This will cause an overall increase in prices. To mitigate this, we expect an investment plan of 15-18 billion Euros from the European Commission," Szijjarto said, as quoted by the 24.hu news portal.

On Monday, EU foreign policy chief Josep Borrell said that the EU foreign ministers failed to agree on the sixth package of sanctions against Russia because of "the same difficulties with unanimity on the oil ban."

Hungary and several other European countries are blocking the decision on the sixth package of sanctions against Russia due to the proposed embargo on oil supplies. Szijjarto said earlier that Budapest cannot support the new package until the EC proposes solutions to the issues posed to the Hungarian economy by the possible ban on oil imports from Russia.