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Hungary, oil prices rise after US sanctions against Russia

2025-01-12 14:53:00, Kosova & Bota CNA

Hungary, oil prices rise after US sanctions against Russia

Hungary plans to hold talks with its allies in the region to cope with higher oil prices as a result of a new round of US sanctions on Russia's oil and gas sector. The announcement was made on Sunday by Hungarian Foreign Minister Peter Szijjarto.

Friday's sanctions were the broadest package of sanctions the United States has imposed so far, targeting Russia's oil and gas revenues, part of measures to give Kiev and the incoming administration of President-elect Donald Trump an advantage in reaching a deal to end the war in Ukraine.

Oil prices hit a three-month high after news of the sanctions broke.

The US Department of the Treasury imposed sanctions on the Russian companies 'Gazprom Neft SIBN.MM' and 'Surgutneftegas', as well as 183 ships that have transported Russian oil, known as Moscow's shadow fleet.

"This package of sanctions has created strong challenges for Central Europe," said Mr. Szijjarto in a video message published on Facebook.

He said the reduction in crude oil supplies would increase demand for refined fuels such as gasoline and diesel, risking "much higher" prices in the region.

Hungary imports most of its crude oil through the Druzhba pipeline, which carries Russian crude to the country via Belarus and Ukraine and also sends it to Slovakia.

Mr. Szijjarto said that Hungary will start talks with regional allies to soften the impact of these prices on the economy. But he did not give details about which country Hungary would talk to./VOA

 





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