Home Energy Hungary says it's unattainable for Europe to ban Russian fuel anytime quickly. Putin agrees

Hungary says it's unattainable for Europe to ban Russian fuel anytime quickly. Putin agrees

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Hungary says it's unattainable for Europe to ban Russian fuel anytime quickly. Putin agrees

Hungarian Foreign Minister Peter Szijjarto has dominated out the prospect of a Russian fuel ban within the European Union’s subsequent package deal of sanctions, saying it might be “impossible.”

Landlocked Hungary is overwhelmingly depending on Russian hydrocarbons.

Szijjarto’s feedback come as President Vladimir Putin says he believes the West won’t be able to wean itself off Russian oil and fuel for a number of years.

The EU had sought to impose a complete ban on Russian crude in a bid to cripple Putin’s struggle machine over the Kremlin’s onslaught in Ukraine. The bloc ultimately agreed late final month to a partial oil embargo in its long-delayed sixth package deal of sanctions towards Russia.

The compromise will see a ban on Russian oil introduced into the bloc by sea, with an exemption carved out for imports delivered by pipeline following opposition from Hungary.

Speaking to CNBC’s Charlotte Reed on Thursday on the sidelines of the OECD’s Ministerial Council Meeting in Paris, France, Szijjarto stated: “When we impose sanctions, then we have to make sure that those sanctions are hurting more those against whom we impose the sanctions than ourselves.”

“We have to have a very clear position on the war, which we do have, we condemn Russia for this military aggression. We stand with Ukraine. But we have to take into consideration reality as well,” he added.

Szijjarto spoke of his frustration that Hungary had been portrayed as a rustic reluctant to punish Russia’s struggle in Ukraine, pointing to the truth that Russia presently provides 65% of Hungary’s oil and 85% of its fuel provides.

Hungary’s overseas minister says Russia presently provides 65% of the nation’s oil demand and 85% of its fuel provides.

Bloomberg | Bloomberg | Getty Images

He added {that a} lack of different infrastructure meant it was not doable for the nation to swiftly scale back its reliance on Russian power sources.

Shortly after the EU agreed to its sixth package deal of sanctions final month, Estonia’s Prime Minister Kaja Kallas referred to as for the bloc to go even additional and focus on the prospect of a Russian fuel embargo in its seventh spherical of measures.

Austria’s Chancellor Karl Nehammer abruptly rejected this concept, nevertheless, saying it is not going to be a subject for dialogue.

When Hungary’s Szijjarto was requested in regards to the prospect of the EU focusing on Russian fuel exports in its subsequent spherical of sanctions, he replied: “No, it’s impossible.”

“If you’re not able to import gas from Russia, then the country stops, [the] economy stops, we cannot heat the houses, we cannot run the economy. Our question is who can offer a solution?” he added.

Russia will not be concreting over their oil wells

Putin on Thursday stated Russia wouldn’t be “concreting over their oil wells” at a time when the West stays reliant on its power sources, in line with feedback translated by the BBC.

“The volume of oil is decreasing on the world market, prices are rising,” he stated. “Company profits are rising.”

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