Hungary rejects new EU sanctions on Russian energy supplies

Hungary has announced it will not support the European Union's proposed new sanctions against Russia targeting energy supplies.

The statement came from Hungarian Foreign Minister Péter Szijjártó after a meeting with EU counterparts in Luxembourg, Caliber.Az reports via foreign media. 

The meeting centred on the 17th package of sanctions against Russia, which Ukraine’s Foreign Minister Andrii Sybiha, who participated via video link, urged to include measures against Russian energy exports and the nuclear industry.

Szijjártó remarked that several EU members supported Sybiha's call, but Hungary made it clear that it would not back such measures.

"We have made it clear that we will not support this in any way," he said in an interview with Hungarian journalists, broadcast on M1 television.

To recall, EU has implemented extensive sanctions targeting Russia's energy sector in response to its invasion of Ukraine. These measures include an import ban on Russian seaborne crude oil and refined petroleum products, a price cap of $60 per barrel on crude oil, and restrictions on liquefied natural gas (LNG) imports and coal. Additionally, the EU has prohibited the use of its ports for Russian LNG transshipment and banned investments in Russian energy projects.​

Despite these efforts, Russia has managed to redirect its energy exports to countries like China, India, and Türkiye, mitigating the impact of EU sanctions. Furthermore, the emergence of a "shadow fleet" of tankers not covered by EU sanctions has enabled Russia to circumvent the price cap, diminishing its effectiveness .​

While EU sanctions have reduced Russia's energy revenues, challenges remain in fully curbing its fossil fuel exports.

By Aghakazim Guliyev