Hungary Gets Exemption From Price Cap on Russian Crude

Energy Trade

Hungary has won an exemption from a price cap on Russian crude, Minister of Foreign Affairs and Trade Péter Szijjártó said in a post on Facebook on Saturday. 

"We fought hard for Hungarian interests at the negotiations [...] and were finally successful: Hungary got an exemption from the application of the oil price cap," Szijjártó said. 

"Now is the time for Brussels to see that this and similar measures are [more] painful for the European economy," he added. 

On Friday, in line with a unanimous decision by European Union member states, the G7 and Australia reached a consensus on capping the price of Russian seaborne crude at USD 60 per barrel. Hungary, a landlocked country, gets its Russian oil via pipeline.

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