Hungary Demands Investment Program to Mitigate Impact of Russian Oil Embargo

The Hungarian Minister of Foreign Affairs, Péter Szijjártó, has announced that the country expects the European Commission to initiate an investment program worth €15-18 billion to soften the blow of the embargo on Russian oil, as reported by РИА Новости.

According to him, this funding will be directed towards easing the impact of the cessation of Russian oil supplies. Preliminary estimates suggest that this could lead to price increases of 55-60%.

Earlier, Szijjártó stated that the European Union has yet to make a suitable offer regarding the implementation of an embargo on Russian oil supplies.