Hungary wants to extend exemption from oil sanctions against Russia

Hungary will apply to the European Union for a one-year extension of the exemption from sanctions against Russia, which allows Slovnaft, a part of MOL, to export Russian oil products to the Czech Republic.

This was stated by Hungarian Foreign Minister Peter Szijjarto, Reuters reports.

Szijjarto said after a meeting with the Slovak Foreign Minister that the Hungarian energy group MOL needs another year to complete investments in its Slovak refinery Slovnaft, which will allow it to switch to non-Russian oil.

"To carry these investments through one more year is needed, therefore we ask the EU to extend by one year the exemption from sanctions that allows MOL and Slovnaft, which is part of the group, to export products refined from Russian oil to the Czech Republic," Sijjarto said.

MOL owns refineries in Hungary and Slovakia, which are landlocked and receive oil from the southern branch of the Druzhba pipeline.

Slovakia receives almost all of its crude oil from Russia via the Druzhba pipeline, but plans to reduce this share this year.

Author – Anastasiya Glotova, 03/07/2023