Hungary faces a serious fuel and energy crisis due to the halt of transit of Lukoil oil through Ukraine, Politico reports on July 21.
According to the publication, due to the disruption of oil transit through Ukraine, Hungarians may face sky-high energy prices and power outages in the coming weeks.
According to the editors, 70% of Hungary’s oil imports come from Russian suppliers, half of this volume from Lukoil. Experts point out that stopping supplies will force oil refineries to use reserves that will only last 90 days. According to Victor Katona, senior oil analyst at Kpler, Hungary will have to find a diplomatic solution to the problem.
Recall that on July 17, Hungarian Foreign Minister Peter Szijjártó announced the blocking of Lukoil oil supplies to Hungary due to the “legal situation” in Ukraine. Following this, Slovakia also stopped receiving oil from the Russian company, against which kyiv imposed new sanctions in June.
Hungary and Slovakia receive Russian oil via the Druzhba pipeline, which is divided into northern and southern branches. In December 2022, the EU banned the transport of Russian oil by sea, making an exception for Druzhba. However, in June last year, the European Union banned the transport of oil along the northern branch of the pipeline as part of sanctions against Russia.
Source: Rossa Primavera
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