5/11, 10:22 AM (Source: TeleTrader)
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Hungary wants supply guarantees to accept oil embargo

Hungarian Foreign Minister Peter Szijjarto said on Wednesday that his country will accept introducing a complete embargo on Russian energy only if the European Union can guarantee Budapest gets enough energy supplies from elsewhere.

Szijjarto noted that the EU's proposed package of sanctions on Russian oil and gas would not work for Hungary as it would have to make "huge investments" in infrastructure and deal with a surge in energy prices. He added that Budapest and Brussels achieved some progress in talks this week but that his country needs more assurances in order to accept the sanctions.

Earlier this week, European Union High Representative for Foreign Affairs Josep Borrell stated the bloc will work on convincing Hungary to accept the embargo and expressed hope a deal will be reached soon.

Baha Breaking News (BBN) / NP