Szijjártó announces Hungary's 'liberation' from oil price ceiling

Szijjarto noted that the current version of the EU restrictions does not say anything about Russian oil coming through the pipeline,what does the security of supplies to Hungary mean

Hungary received an exemption from the EU's proposed cap on oil prices from RUSSIA during talks in Brussels, Foreign Minister Petr Szijjártó said, REUTERS reports.

According to the HEAD of the Hungarian Foreign Ministry, the current version of the EU proposals on the introduction of a ceiling on oil prices does not say anything about supplies through the Druzhba pipeline. “This means that it will not affect Hungary if the proposed limit is accepted,” he noted.

In addition, according to Reuters, EU energy ministers at a meeting in Brussels did not decide to limit gas prices. According to the agency, the discussion will continue in December.

The Hungarian Foreign Ministry announced the resumption of oil supplies via Druzhba Business

After the start of the military operation in Ukraine, the G7 countries agreed to impose a ceiling on oil prices from Russia. The restrictions include "a ban on insurance and financing of tankers carrying Russian oil at a price above the agreed limit." In October, the introduction of this measure was also approved by the European Union, it will come into effect from December 5 for crude oil and from February 5, 2023 for petroleum products. The price ceiling has not yet been agreed upon: initially, a range of $40-60 per barrel was discussed, but later the US Treasury Secretary Janet Yellen proposed setting a cap at $60, as this would reduce Russia's energy revenues, but at the same time ensure profitable production.

On November 22, The Wall Street Journal (WSJ), citing sources, reported that the United States and its allies are considering imposing a cap on Russian oil prices in the range of $60-70 per barrel. 

Read on RBC Pro Why the worst forecasts of economists come true in 2022 - The Economist The Federal Tax Service closely monitors agency agreements.What schemes is she looking for How users and advertisers are fleeing Elon Musk's Twitter How McDonald's and VkusVill were able to build a recognizable image on the market

A day later, the US Treasury published general licenses, in which, among other things, it allowed financial transactions with oil from Russia related to deliveries to landlocked EU countries. The latter include, for example, Hungary, Bulgaria and Croatia. 

See also EU approves price ceiling for Russian oil and other sanctions 00:53

Russian Deputy Prime Minister Alexander Novak previously warned that with any price ceiling, Russia would not supply raw materials to countries that would take this step. President Vladimir Putin spoke about the same . According to him, Russia will not supply energy to countries whose authorities will make political decisions that contradict the terms of contracts for the supply of oil or gas.