Hungary PM: Europe on brink of energy crisis due to sanctions
The Hungarian Prime Minister narrates the reality behind the sanctions against Russia.
Hungarian Prime Minister, Viktor Orban, said Tuesday that Europe is "dancing" on the brink of a global economic crisis because of sanctions against Russia.
Read more: Some EU countries would face major energy crisis: Brussels
"We have enough problems, energy prices are sky-high, inflation is soaring and Europe is dancing on the brink of a global economic crisis because of sanctions," Orban told the M1 broadcaster.
Managing the economy in such a crisis with higher oil prices "would have been tantamount to an atomic bomb," Orban said, adding that the scenario has been prevented.
On Monday night, the EU leaders reached an agreement at a Brussels summit to put an embargo on Russian oil as part of the 6th package of sanctions on Russia. In the meantime, pipeline deliveries will continue normally.
Yesterday, Orban praised the European Union's plan to exclude Russia's pipeline oil supply from the sixth round of sanctions.
According to Orban, "The pipeline solution is not bad. It’s a good approach, but we need a guarantee that in the event of an accident with a pipeline going through Ukraine, we will have to have the right to get Russian oil from other sources. If we get it, it’s fine."
Read more: EU and UK sanctions to exacerbate energy crisis
A long time, forever
On Tuesday, the European Council President, Charles Michel, said that there will be temporary exemptions for landlocked states, such as the Czech Republic and Hungary.
The Italian Prime Minister, Mario Draghi, on his part, said that sanctions against Russian oil and gas will be around for a "very long time," and that trade channels will change for many years, "if not forever."
Draghi, at a press conference in Brussels, said that it was necessary to establish pan-European ties in a number of fields such as budgetary policy, and in areas "which are lacking, in particular, in Russian oil and subsequently in gas."
"Let's not be deceived, these sanctions will last a very, very, very long time. Due to the state of things, tradelines will be changed, and possibly for many years; if not forever," the prime minister told reporters.