Hungarian officials estimate it will cost more than $810 million to curb the country's reliance on Russian oil, prompting Western powers to propose workarounds to hit Russia's bottom line amid its invasion of Ukraine.
Representatives from the Hungarian government told the European Union that it would cost 550 million euros, or $579 million, to overhaul the country's refineries to comply with the EU's ban on Russian oil, according to Bloomberg. It would also cost an additional 220 million euros, or $231 million, to establish a pipeline with Croatia.This markup would represent only a small portion of the expected cost to update Hungary's energy practices.
Hungary has also requested that any restrictions on oil focus on seaborne oil and exempt pipelines, according to people familiar with the conversation. EU leadership has given no sign that it is interested in making such a distinction in the expected embargo against Russia.U.S. Treasury officials advocated for tempering the relationship without making moves that could rock markets, suggesting on Tuesday the implementation of tariffs on Russian oil over a total embargo, according to Reuters.
The EU is expected to propose several new investments this week to help countries like Hungary end their reliance on Russia. However, Hungary has been resistant to any attempts to establish oil embargoes and has been accused of"holding the EU hostage." The EU has also offered to help Hungary and Slovakia reach the goal of achieving independence from Russian energy in 2024.
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