Hungary’s Foreign Minister Peter Szijjarto has warned that recent US sanctions on Russian energy could cause a sharp rise in fuel prices.
According to Hungarian Foreign Minister Peter Szijjarto, the new US sanctions targeting Russia’s energy sector, implemented by the outgoing Biden administration, pose significant challenges for Central Europe.
Last week, Washington imposed wide-ranging sanctions on two major Russian oil producers, Gazprom Neft and Surgutneftegaz, along with their subsidiaries, as part of a strategy to curtail Moscow’s revenue.
These sanctions affect companies like Naftna industrija Srbije (NIS), which handles Russian oil deliveries to Serbia and neighboring European countries. The sanctions also target related insurance providers, over 30 oilfield service companies, and more than 180 vessels used in Russian oil transport.
In a Facebook video on Sunday, Szijjarto emphasized that these US sanctions could lead to substantial fuel price increases in Hungary and the surrounding region.
“Increased demand coupled with reduced processing capacity creates a serious risk of price inflation,” he cautioned.
In response to these challenges, the Hungarian government plans to consult with regional partners to mitigate the potential fuel price surge, Szijjarto stated.
He also predicted that with the incoming Trump administration, the US would have a president who views Hungary as a friend, not an enemy.
Biden previously estimated that US fuel prices could rise by three to four cents per gallon due to the Russian oil sanctions.
On Monday, Brent crude prices climbed above $81 per barrel, a four-month high.
The Russian Foreign Ministry accused the Biden administration of prioritizing strategic defeat of Russia over the interests of its European allies and its own citizens. Moscow intends to retaliate against these hostile actions, the ministry declared.