Hungary urges EU to suspend sanctions on Russian oil after US move

The Hungarian foreign minister on Friday called on the EU to suspend sanctions on Russian oil shipments, arguing that the bloc risks higher fuel prices by maintaining restrictions while the US eases its own measures.

Peter Szijjarto said Washington's decision to suspend sanctions on Russian oil transported by sea due to conflict in the Middle East would increase global supply and help lower prices, which traded around $100 per barrel on Friday.

"With today's US decision to suspend sanctions on Russian oil shipments, Russian oil can once again reach global markets by sea, increasing supply and bringing prices down," Szijjarto wrote on the US social media company X.

He argued that European consumers would not benefit from the development because the EU continues to ban Russian oil imports.

"Europe, however, will not see these benefits, as Russian oil is banned from the European market and Brussels continues to make decisions according to the demands of Volodymyr Zelenskyy," he added.

Szijjarto also urged Brussels to reconsider its position and follow the US example by suspending restrictions on Russian oil supplies.

"The EU should follow the American example and suspend sanctions on Russian oil. Allowing these supplies back onto the European market would help curb price increases," he said.

He warned that fuel prices across Europe were rising as gasoline and diesel costs increase, calling on the EU to "waive sanctions on Russian oil."

The US on Thursday announced it had temporarily authorized the purchase of Russian oil already stranded at sea in an effort to stabilize global energy markets.

US Treasury Secretary Scott Bessent described the move as a "narrowly tailored, short-term measure" that applies only to oil already in transit. The Treasury Department's exemption allowing purchases of Russian oil at sea will expire on April 11.

'UNILATERAL DECISION'

The EU, however, has criticized the "unilateral decision." European Council President Antonio Costa said it is "very concerning, as it impacts European security."

In a statement on X, he said: "Increasing economic pressure on Russia is decisive for it to accept a serious negotiation for a just and lasting peace.

"Weakening sanctions increases Russian resources to wage the war of aggression against Ukraine."

Meanwhile, the US Department of Energy said the administration had also decided to release 172 million barrels of oil from the Strategic Petroleum Reserve.

The move followed an agreement by the 32-member International Energy Agency to release around 400 million barrels of oil from strategic reserves, marking the largest coordinated release in the agency's history.