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5/24, 1:57 PM (Source: TeleTrader)
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Orban will not consider oil sanctions at EU meeting - report

Hungarian President Viktor Orban sent a letter to European Council President Charles Michel stating he will not discuss sanctions on Russian oil at the next Council meeting, the Financial Times reported on Tuesday. The summit will be held on May 30-31 as the European Union seeks unanimity in imposing an oil embargo amid Russia's conflict with Ukraine.

Orban said talking about the sanctions "in the absence of a consensus would be counterproductive" and would only "highlight our internal divisions without offering a realistic chance to resolve differences," according to the report. He also allegedly criticized the EU's plan to reduce reliance on Russian energy, saying that it lacks "the modalities and the timing of the financing for the urgent investment needs related to replacing Russian oil."

Baha Breaking News (BBN) / DJ