Hungary's PM Calls for Review of Sanctions against Russia

On Tuesday, Hungary's Prime Minister Viktor Orban called for a review of sanctions against Russia, supporting the statement of his French counterpart Emmanuel Macron that the conflict in Ukraine affects the EU and the US in different ways.

"President Emmanuel Macron is right: the cost of the [Ukrainian conflict] is not the same on both sides of the Atlantic. If we want the European industry to survive, we must address the European energy crisis swiftly. It’s high time to re-evaluate sanctions," Orban tweeted.

On Monday, Macron told US channel CBS News that there was a "de-synchronization" in relations between Europe and Washington due to high energy prices. He highlighted that the EU is a buyer of gas and oil, while the US is a producer.

Thus, Macron noted that industry and households in the EU and Washington buy energy at different prices. He stated that this gap affects the purchasing power and competitiveness of European societies.

The West has been seeking ways to limit Russia's income from oil and gas exports since the country launched a military operation in Ukraine on February 24.

In October, the EU introduced the 8th package of sanctions against Moscow, which included a legislative basis for capping the price of Russian sea oil shipments to third countries.

In addition to the cap on the price of Russian crude oil, the package provides for the introduction of a cap on Russian refined products from February 5, 2023.

Last week, the EU reached an agreement on setting a price on Russian oil at $60 a barrel, which took effect on Monday.

The cap will be revised every two months to remain at 5% below the IEA standard.

The G7 countries and Australia also agreed on the same day to set a ceiling of $60 for the price of oil from Russia.