Hungary"s Prime Minister Viktor Orban announced plans to circumvent upcoming U.S. sanctions on Russian oil majors, which are set to take effect in November. In statements made during an interview with state radio Kossuth, Orban emphasized that banning Russian oil and gas would lead to significantly higher energy bills for Hungarian citizens. He stated, "We are still fighting. So, we haven"t lost the battle yet. We need serious maneuvers. We need leadership that will defend this. We are being pressured."
Orban mentioned discussions with MOL Group regarding strategies to navigate the sanctions. His comments come amid reports that Germany is seeking an exemption from U.S. sanctions affecting Rosneft"s operations in Germany. According to Reuters, several German banks have expressed concerns that the sanctions could hinder their ability to engage with the local energy supplier. Rosneft"s German business is controlled by the German government but remains Russian-owned, playing a crucial role in supplying and refining oil for the country.
The Hungarian economy is currently facing challenges, and with parliamentary elections scheduled for 2026, rising fuel prices could impact Orban"s long-standing leadership, potentially allowing the pro-EU opposition to gain power.
For further context on related developments, see recent developments in political oversight.
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