Published by Global Banking and Finance Review
Posted on June 22, 2025
By Gergely Szakacs
BUDAPEST (Reuters) -Hungarian Prime Minister Viktor Orban on Sunday urged the European Union to take a proposed ban on Russian energy off the agenda due to an expected rise in energy prices following the US bombing of Iran.
The European Commission on Tuesday proposed a legally binding ban on EU imports of Russian gas and liquefied natural gas by the end of 2027, using legal measures to ensure the plan cannot be blocked by EU members Hungary and Slovakia.
The proposals set out how the bloc plans to fix into law its vow to end decades-old energy relations with Europe's former top gas supplier after Moscow's 2022 invasion of Ukraine.
"We must contend with a further increase in the price of energy," Orban said in a Facebook video after a meeting of his Defence Council that discussed the possible security and economic implications of the Iran-Israel conflict.
"This is a serious threat. Therefore, we must remove in Brussels the regulations and bans on Russian energy," he said. "We have enough problems given the negative impact of the Iran-Israel war on energy prices."
Earlier on Sunday, Hungarian Foreign Minister Peter Szijjarto held phone calls with the foreign ministers of Israel, Russia, Bahrain and Jordan to discuss the Middle East crisis.
Slovakia and Hungary continue to receive Russian gas and oil and have argued with Ukraine over its decision to halt gas flows from the east through its territory at the end of 2024.
The EU has imposed sanctions on most Russian oil imports but not on gas due to opposition from Slovakia and Hungary, which maintain closer ties with Moscow.
Analysts have said higher oil prices, which have surged since Israel began attacking Iran a week ago, could add to inflationary pressures in the import-reliant central European region.
(Reporting by Gergely Szakacs; editing by Giles Elgood)
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