EU to Face Fuel Shortage, Price Hike Over February 5 Sanctions — Hungarian Ministry

Due to the sanctions, Europe now must rely on other, more remote sources, such as India, the Middle East and China, the Ministry says

© AP Photo/Paul Sancya

BUDAPEST, February 4. /TASS/. Europe will face a price hike and shortage of oil products because of the EU’s anti-Russian sanctions that have entered into effect on February 5, the Ministry of Energy of Hungary said Saturday, noting that, starting on Sunday, the EU will ban import and re-export of processed oil products of Russian origin, such as petrol and diesel fuel.

"Europe may face a diesel fuel shortage and growing prices for oil products, because half of the EU’s demand for diesel fuel had been covered from Russian sources until now. Due to the sanctions, Europe now must rely on other, more remote sources, such as India, the Middle East and China, which means that it will now receive fuel from more remote regions and for much higher prices, which may lead to disruption of supply security," the Ministry noted.

The Ministry believes that the "expected consequence of the new sanctions on the European market may affect Hungary in the longer-term perspective."

"Hungary requires import in order to ensure sustainable fuel supply; the increase of European fuel prices due to the sanctions may also affect Hungary," the Ministry said.

The Ministry reaffirmed that the Hungarian government opposes further expansion of EU’s energy sanctions against Russian, including in nuclear energy.

"The Hungarian government decisively opposes any further expansion of energy sanctions. The restrictions have not put an end to the war, while European consumers faced a sharp price hike, an energy crisis and a disruption of supplies. The failed sanctions policy plunges Europe into a crisis, and puts additional heavy burden on countries, business and European families," the Ministry said, adding that it believes that the EU should work not on sanctions, but on strengthening of peace.