Oil prices rise as Orbán urges EU to suspend Russia sanctions

Hungarian Prime Minister Viktor Orbán has called on the European Union to suspend sanctions on Russian energy companies. He did so at a time of rising fuel prices and just weeks before parliamentary elections due to be held in Hungary on April 12.

Orbán also convened an extraordinary government meeting to address the impact of rising oil and fuel prices on households. According to him, the combination of the war in the Middle East and the interruption of Russian oil supplies has caused prices to surge.

Hungarian Foreign Minister Péter Szijjártó wrote on Facebook that the EU must take immediate steps to prevent price increases in Europe and lift the ban on Russian energy imports. Otherwise, he said, it would deal an extremely severe blow to the European economy.

On Monday the price of oil rose above $119 per barrel, the highest level since mid-2022. Orbán also said the government wants to introduce measures to protect Hungarian families from significant increases in petrol and diesel prices.

The Hungarian government is also facing political pressure ahead of the elections. Although the cabinet has adopted several measures, including pension supplements, increased family benefits and wage rises, these steps have also increased the budget deficit.

Budapest is also facing problems with oil supplies, as the flow of Russian oil through the Druzhba pipeline has been interrupted since the end of January. Kyiv said the pipeline was damaged by a Russian attack.

(reuters, max)