Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

EU's Russia oil ban in jeopardy as Hungary rejects sanction as 'atomic bomb' for economy

EU's Russia oil ban in jeopardy as Hungary rejects sanction as 'atomic bomb' for economy

Viktor Orban could veto the bloc's planned oil embargo unless the EU comes back with proposals which recognise Hungary's difficulties, which include an energy infrastructure pointing almost squarely towards Moscow.

Hungary has warned it cannot accept the EU's planned ban on Russian oil as it would amount to an "atomic bomb" for its economy, threatening to scupper the bloc's sixth sanctions package against Moscow.

Prime Minister Viktor Orban - no stranger to disputes with the bloc's executive - told state radio he was ready to negotiate on any proposal that would meet Hungary's interests.

But he declared that what was on the table would prove too costly.

The country sources almost 65% of its oil supplies, including refined products, from Russia.

Ursula von der Leyen, the European Commission president, used a speech to the European Parliament in Strasbourg on Wednesday to declare that the time had come for the bloc to ban Russian oil supplies within six months and refined products by the end of the year.

She said then: "It will not be easy. Some member states are strongly dependent on Russian oil. But we simply have to work on it.

"Putin must pay a price, a high price, for his brutal aggression."

The proposal, part of a new round of measures aimed at punishing Russia for its invasion of Ukraine, follows a similar move announced by Britain and the United States in March.

Hungary and Slovakia, under the embargo plan, have been given an extra year to make alternative arrangements.

The Reuters news agency, citing three EU sources, reported on Friday that further concessions under discussion to win nation states over would include giving Hungary, Slovakia and the Czech Republic more time to adapt to the embargo, and help with upgrading their own oil infrastructure.

Hungary's opposition poses a threat to the embargo as it requires the support of all 27 member states to be approved.

It was only made possible after Germany, Europe's biggest economy, declared that it was now in a position to source the supplies it needed from elsewhere.

In his radio interview Mr Orban, who was re-elected for a fourth term last month and is widely seen as a Putin ally, voiced concern about the EU's backlash against Russia's actions.

Viktor Orban is seen after casting his vote in Hungary's elections last month


He reiterated that Hungary would not send weapons to Ukraine, like some other member states, insisting his country's stance was "for peace".

On the specific energy issue, he argued that Hungary would need five years and make huge investments in its refineries and pipelines to be able to adjust to any Russian oil ban.

"We know exactly what we need, first of all we need five years for this whole process to be completed... one to one-and-a-half years is not enough for anything," Mr Orban said.

He said Hungary was waiting to see a new proposal from the commission.

"I don't want to confront the EU but to cooperate... but this is only possible if they take our interests into account."

Mr Orban also said Hungary would not support the blacklisting of the head of the Kremlin-allied Russian Orthodox Church, Patriarch Kirill, as this was an "issue of religious freedom".

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
JD Vance Warns Europe Faces “Civilizational Suicide” Over Open Borders and Speech Limits
Germany Enters Fiscal Crisis as Cabinet Approves €174 Billion in New Debt
Trump Administration Finalizes Broad Tariff Increases on Global Trade Partners
JD.com Launches €2.2 Billion Bid for German Electronics Retailer Ceconomy
Azerbaijan Proceeds with Plan to Legalise Casinos on Artificial Islands
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
House Republicans Move to Defund OECD Over Global Tax Dispute
France Opens Criminal Investigation into X Over Algorithm Manipulation Allegations
Trump Steamrolls EU in Landmark Trade Win: US–EU Trade Deal Imposes 15% Tariff on European Imports
ChatGPT CEO Sam Altman says people share personal info with ChatGPT but don’t know chats can be used as court evidence in legal cases.
Intel Reports Revenue Beats but Sees 81% Rise in Losses
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
The Podcaster Who Accidentally Revealed He Earns Over $10 Million a Year
UK Government Considers Dropping Demand for Apple Encryption Backdoor
Japanese Man Discovers Family Connection Through DNA Testing After Decades of Separation
Russia Signals Openness to Ukraine Peace Talks Amid Escalating Drone Warfare
Switzerland Implements Ban on Mammography Screening
Pogacar Extends Dominance with Stage Fifteen Triumph at Tour de France
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
CEO Resigns Amid Controversy Over Relationship with HR Executive
NVIDIA Achieves $4 Trillion Valuation Amid AI Demand
Tulsi Gabbard Unveils Evidence Alleging Political Manipulation of Intelligence During Trump Administration
Centrist Criticism of von der Leyen Resurfaces as she Survives EU Confidence Vote
Trump Announces Coca-Cola to Shift to Cane Sugar in U.S. Production
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
Zelensky Reshuffles Cabinet to Win Support at Home and in Washington
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Church of England Removes 1991 Sexuality Guidelines from Clergy Selection
Superman Franchise Achieves Success with Latest Release
Hungary's Viktor Orban Rejects Agreements on Illegal Migration
Air India Pilot’s Mental Health Records Under Scrutiny
Jamie Dimon Warns Europe Is Losing Global Competitiveness and Flags Market Complacency
Moonshot AI Unveils Kimi K2: A New Open-Source AI Model
Martha Wells Says Humanity Still Far from True Artificial Intelligence
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
EU Delays Retaliatory Tariffs Amid New U.S. Threats on Imports
Trump Proposes Supplying Arms to Ukraine Through NATO Allies
US Opens First Rare Earth Mine in Over 70 Years in Wyoming
Bitcoin Reaches New Milestone of $116,000
Severe Heatwave Claims 2,300 Lives Across Europe
Declining Beer Consumption Signals Cultural Shift in Germany
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
Western Europe Records Hottest June on Record
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
China’s Central Bank Consults European Peers on Low-Rate Strategies
France Requests Airlines to Cut Flights at Paris Airports Amid Planned Air Traffic Controller Strike
×