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Minister Siarto announced the price of Hungary's approval of an embargo on russian oil

In the event of a ban on oil, Hungary's energy system will have to be completely rebuilt.

Minister Siarto announced the price of Hungary's approval of an embargo on russian oil
Photo: EPA/UPG

Hungarian Minister of Foreign Affairs Peter Siarto said how much money his country would need if an embargo on Russian oil was adopted. This was reported by “Politico”, which quoted an interview with Hungarian Minister of Foreign Affairs Peter Siarto to “El Pais”.

"Our refinery is designed for Russian oil. To process other types of oil, we would have to invest between 500 and 550 million euros - and it would take about four years. To replace the oil pipeline from Russia, we would have to expand the capacity of the Adriatic Sea pipeline, which would mean 200 million euros, and we do not know how long it would take. The price of gas in Hungary will increase by 55 percent, "Siarto said.

He stressed that Hungary can not support a new package of sanctions unless Brussels offers a solution.

Siarto once again suggested focusing the embargo on ship deliveries and not banning delivery via oil pipelines. 

Earlier it was reported that some European Union countries deem it necessary to reconsider postponing the ban on russian oil imports in order to unblock implementation of other sanctions from the sixth sanctions package. Hungary's position does not yet allow to approve it with an oil embargo.

Ukrainian Minister of Foreign Affairs Dmytro Kuleba said this week that the sixth sanctions package has not yet been approved solely because of Hungary's position. The minister said that inability to come to a solution in the coming days would mean that Hungary with its intransigence backs up russia in its efforts to preserve the EU's oil market.

The package was presented on May 4, after which the countries began consultations on the proposed restrictions. The sanctions proposals must be considered by the EU Member States at the level of the EU Permanent Representatives Committee and then formally approved by the EU Council. The European Council must either accept the European Commission's sanctions proposal or amend it.

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