"EU Considers Granting Russia Sanction Grace Period to Hungary and Two Other Countries"

Hungarian Prime Minister Viktor Orban [Photo by Reuters]

[Asia Economy Reporter Jeong Hyunjin] The European Union (EU) Commission has proposed the 6th round of sanctions to member states, which includes banning imports of Russian crude oil within six months and petroleum products by the end of this year. Meanwhile, Hungary, Slovakia, and the Czech Republic are reportedly considering a one-year grace period, Bloomberg reported on the 6th (local time).

Bloomberg, citing sources, reported that Hungary, Slovakia, and the Czech Republic proposed to other member states a grace period until the end of 2024. This proposal follows Hungarian Prime Minister Viktor Orban’s statement that he cannot support the EU’s new sanctions against Russia, including the ban on Russian oil imports.

On the same day, Prime Minister Orban appeared on Hungarian state radio and said, "The ban on Russian crude oil imports is like dropping an 'atomic bomb' on Hungary’s economy," adding, "It will take five years to change Hungary’s economic system, which depends 65% on Russian oil, and massive investments in refineries and pipelines are also necessary. One to one and a half years is not enough time to do anything."

He pointed to Ursula von der Leyen, President of the EU Commission, saying, "Whether intentional or not, she attacked European unity," and added, "We have clearly stated from the beginning that there is a 'red line,' and the energy embargo is exactly that red line. They (the EU Commission) have crossed this red line."

Prime Minister Orban is considered one of the EU leaders with a strong pro-Russian stance.