Hungary facing fuel crisis as Ukraine turns up heat on Russian oil supplies
Sky-high prices and electricity shortages could hit Hungarians within “weeks” after Kyiv imposed a partial ban on Russian oil passing through its territory.
Hungary is racing against time to avoid power outages and fuel shortages after Ukraine imposed a partial ban on Russian oil passing through its territory.
Kyiv last month imposed sanctions blocking the transit of pipeline crude sold by Moscow’s largest private oil firm, Lukoil, to Central Europe — partially negating an exemption to sanctions set up by the European Union to give Russian-reliant countries extra time to wean off supplies.
Ukraine’s aim is to throttle a key source of revenue for the Kremlin’s war chest more than two years after its full-scale invasion of the country.
But the move is sparking fears of supply shortages in Budapest, which relies on Russia for 70 percent of its oil imports — and Lukoil for half that amount.
