The Japan Times - EU counterparts push Hungary on Russia oil ban

EUR -
AED 4.270297
AFN 76.159699
ALL 92.09226
AMD 423.062623
ANG 2.081119
AOA 1067.429924
ARS 1757.797495
AUD 1.610584
AWG 2.092999
AZN 1.979344
BAM 1.955619
BBD 2.341083
BDT 142.766773
BGN 1.972496
BHD 0.438263
BIF 3477.707704
BMD 1.162777
BND 1.471676
BOB 14.500719
BRL 5.963184
BSD 1.162402
BTN 109.764302
BWP 15.562692
BYN 3.574869
BYR 22790.4345
BZD 2.337683
CAD 1.605342
CDF 2651.132216
CHF 0.940709
CLF 0.027516
CLP 1086.487248
CNY 7.803742
CNH 7.800387
COP 3637.225441
CRC 527.55566
CUC 1.162777
CUP 30.813598
CVE 110.255259
CZK 24.196639
DJF 206.648756
DKK 7.474733
DOP 68.804217
DZD 154.827304
EGP 59.212461
ERN 17.441659
ETB 188.486258
FJD 2.548346
FKP 0.860147
GBP 0.85842
GEL 3.029018
GGP 0.860147
GHS 13.221832
GIP 0.860147
GMD 86.045612
GNF 10217.316991
GTQ 8.873216
GYD 243.178516
HKD 9.11568
HNL 31.186379
HRK 7.533516
HTG 152.007224
HUF 363.327785
IDR 20546.274368
ILS 3.500483
IMP 0.860147
INR 109.873557
IQD 1522.658928
IRR 1598353.635472
ISK 140.393891
JEP 0.860147
JMD 184.594485
JOD 0.824416
JPY 178.849675
KES 150.509703
KGS 101.684914
KHR 4706.604417
KMF 493.017727
KPW 1046.499885
KRW 1558.865803
KWD 0.359019
KYD 0.96861
KZT 527.971084
LAK 26048.370723
LBP 104087.756425
LKR 381.346148
LRD 203.412029
LSL 18.583938
LTL 3.433379
LVL 0.703353
LYD 7.388379
MAD 10.908836
MDL 20.07914
MGA 4977.581642
MKD 61.539939
MMK 2441.529988
MNT 4182.5463
MOP 9.38673
MRU 46.694075
MUR 54.522771
MVR 17.976674
MWK 2015.530598
MXN 19.706637
MYR 4.70471
MZN 74.305795
NAD 18.583378
NGN 1536.633548
NIO 42.77714
NOK 10.77405
NPR 175.623239
NZD 1.976785
OMR 0.447092
PAB 1.162292
PEN 3.899639
PGK 5.164522
PHP 72.778225
PKR 322.814268
PLN 4.30888
PYG 6924.358469
QAR 4.225127
RON 5.250406
RSD 117.328834
RUB 99.938117
RWF 1714.455903
SAR 4.367214
SBD 9.302814
SCR 16.069885
SDG 699.412036
SEK 11.153144
SGD 1.471146
SHP 0.861462
SLE 28.662086
SLL 24382.857073
SOS 664.244171
SRD 43.888443
STD 24067.14186
STN 24.497941
SVC 10.170058
SYP 15118.429961
SZL 18.580438
THB 38.209161
TJS 10.734252
TMT 4.06972
TND 3.3925
TOP 2.799689
TRY 56.349175
TTD 7.890269
TWD 36.650503
TZS 3074.999226
UAH 51.663858
UGX 4393.611831
USD 1.162777
UYU 46.785867
UZS 13703.73037
VES 937.636968
VND 30255.464577
VUV 137.16954
WST 3.160563
XAF 655.901872
XAG 0.017486
XAU 0.000263
XCD 3.142464
XCG 2.094806
XDR 0.822144
XOF 655.901872
XPF 119.331742
YER 275.578522
ZAR 18.592814
ZMK 10466.39706
ZMW 22.287935
ZWL 374.413807
  • CMSC

    -0.1100

    20.81

    -0.53%

  • JRI

    -0.0700

    12.14

    -0.58%

  • BCC

    2.0900

    79.21

    +2.64%

  • RIO

    0.4300

    103.27

    +0.42%

  • BTI

    -0.6200

    55.35

    -1.12%

  • CMSD

    -0.0700

    20.69

    -0.34%

  • BCE

    -0.1400

    23.67

    -0.59%

  • AZN

    -2.0700

    162.7

    -1.27%

  • GSK

    -0.9800

    49.89

    -1.96%

  • RELX

    -1.1400

    35.51

    -3.21%

  • BP

    0.2300

    43.81

    +0.52%

  • VOD

    0.3200

    16.9

    +1.89%

  • RYCEF

    0.1400

    19.92

    +0.7%

  • RBGPF

    0.0000

    70

    0%

  • NGG

    -0.0500

    78.12

    -0.06%

EU counterparts push Hungary on Russia oil ban
EU counterparts push Hungary on Russia oil ban / Photo: ATTILA KISBENEDEK - AFP/File

EU counterparts push Hungary on Russia oil ban

EU foreign ministers pressed Hungary on Monday to drop resistance to a proposed oil embargo to punish Russia for its invasion of Ukraine, as Budapest put a 15 billion euro price tag on making the move.

Text size:

Hungary has been holding up a push by Brussels, backed by most EU member states, to ban Moscow's vital oil exports, the cornerstone of a planned sixth package of sanctions, arguing that it would hammer its own economy.

"The whole union is being held hostage by one member state who cannot help us find the consensus," Lithuanian Foreign Minister Gabrielius Landsbergis declared.

Landsbergis said the European Commission was offering landlocked Hungary until the end of 2024 to ditch Russian oil.

"That's a very, very broad, broad scope," he said. "So I think that everybody expected that this will be enough. And I cannot explain you why it isn't."

Ireland's Foreign Minister Simon Coveney conceded that a ban was a tough prospect for countries that are reliant on Russian oil but insisted that "we need to get on and do this".

"The political message is clear," he said. "The EU wants to do this, and we want to do it as soon as we possibly can."

Brussels is desperate to avoid the appearance of division in the face of the Kremlin's onslaught on Ukraine, and officials are scrambling behind the scenes to patch up a compromise after making the proposal on May 4.

EU foreign policy chief Josep Borrell said the ministers meeting in Brussels would "do our best to de-block the situation".

"I cannot ensure that it is going to happen because the positions are quite strong," Borrell said.

German Foreign Minister Annalena Baerbock said: "There are still a few things that need to be clarified in the final stages. There will be no final clarification here today."

But she added that she was confident that "in the next few days we will come to a joint result."

Portugal’s Foreign Minister Joao Gomes Cravinho estimated that it could take "a couple of weeks" to hammer out agreement on the sanctions -- a timescale that would take the debate up to the next full summit of EU leaders.

Brussels has offered Hungary, the Czech Republic and Slovakia long grace periods to phase out Russian oil imports but that has not yet convinced Budapest to budge.

- Budapest hikes cost -

Hungary's Prime Minister Viktor Orban, often the odd man out in EU decision making, has demanded to be exempted from the embargo for at least four years and wants 800 million euros ($830 million) in EU funds to re-tool a refinery and boost the capacity of a pipeline to Croatia.

And Foreign Minister Peter Szijjarto on Monday appeared to up the price tag for ditching Russian oil by saying it it would cost 15 to 18 billion euros ($16 to $19 billion) to prepare its economy for the move.

"It is legitimate for Hungarians to expect a proposal" from the European Commission to cushion that blow, Szijjarto said in comments broadcast on his Facebook page.

"A complete modernisation of the Hungarian energy infrastructure is needed to the scale of 15 to 18 billion euros."

Ukraine's top diplomat Dmytro Kuleba, in Brussels to meet the EU ministers, urged the bloc to cut off it energy payments to Moscow quickly.

"We're all curious to see how this saga ends," he said.

"Every day European countries continue paying millions of euros to Russia for gas and oil and it's exactly this money that are then being used to finance the Russian war machine."

The EU also plans to cut its reliance on Russian gas by two thirds this year, but it has been reluctant to ban imports as Germany opposes such a move.

Y.Kato--JT