Published: March 06 2023
Summary:
The collapse of Russian oil imports into Europe since the start of the Ukraine war has led to a hundred-billion-forint surplus for the Hungarian government. While the average import by EU countries was 9.5 million tonnes per month in 2021, this fell to just a third, 3.3 million tonnes, by December. Most countries have curtailed their imports, but Hungary, Bulgaria and Italy have increased their reliance on Russian oil, with Hungary seeing a 43% increase in the quantity it imports.
Key Points:
- The EU's oil imports from Russia have fallen since the start of the Ukraine war, and are now at around a third of their previous rate.
- Most countries have curtailed their imports, but Hungary, Bulgaria and Italy have increased their reliance on Russian oil.
- The 43% increase in oil imports by Hungary is mostly attributed to the MOL, the Hungarian oil and gas company.
- The surplus for the Hungarian government is expected to rise further due to the impact of oil sanctions.
Source article:
This summary was created using AI, so there may be some inaccuracies. Always check the original linked article to be sure.
