New EU Sanctions Will Impact Hungary’s Trade with Member States
- 6 Feb 2023 12:17 PM
- Hungary Matters
The new European Union sanctions will ban the imports and re-export of Russian oil products from Sunday, but Hungary’s exemption from the former and various alternative resources will ensure the country’s energy security, the energy ministry said.
Thanks to Hungary’s government, pipeline deliveries received exemption when Russian crude imports were restricted in the summer of 2022, the ministry’s statement said.
The ban on the imports of oil products and on the re-export between member states will impact Hungary’s trade with other member states and its purchases from the Bratislava refinery, the statement said.
The country’s energy security continues to be ensured through domestic production and imports through the Friendship and Adria pipelines, as well as other imports, it said.
At the same time, the consequences of the sanctions may result in rising energy prices in Europe and then in Hungary, it said.
Since Russia supplied about half of Europe’s diesel imports, Europe is expected to face diesel shortages and rising prices of oil products, the statement said.
It will probably have to resort to imports from India, the Middle East and China, it said.
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