Hungary was exempted from the obligation to comply with the price ceiling for Russian oil. Hungarian Foreign Minister Peter Szijjarto announced this on his Facebook page.
“The European Union introduces a cap on oil prices. It is high time for Brussels to realize that such measures hurt the European economy the most. It is necessary to increase the amount of energy carriers, as this will reduce prices. During the negotiations on the oil price ceiling, we fought for the interests of Hungary for a long time and in the end we succeeded: Hungary was exempted from compliance with the oil price ceiling,” he said, stressing that Hungary had protected the security of its energy supply.
The Council of Europe agreed on a price ceiling for Russian oil at $60 per barrel. The agreed mechanism, according to Bloomberg, assumes that the ceiling will be reviewed every two months and, with any change, will remain at least 5% below the average market rates. In the meantime, Russia is preparing a decree prohibiting Russian companies from selling oil to countries involved in the introduction of a price ceiling.