How Putin’s Oil Deal Keeps Hungary’s Economy Afloat Amid EU Pressures | Times Now World

Published: Sep 08, 2024 Duration: 00:04:14 Category: News & Politics

Tags : News Today World News us news international news tn world times world times now world hungary oil deal putin oil strategy russian oil impact viktor orbán energy policy eu energy pressures ukrainian sanctions hungary economy russian oil exemptions energy stability hungary oil prices hungary hungary russia relations russian oil discount putin energy deals orbán oil dependence eu sanctions effect ukrainian oil blockade hungary fuel prices

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hungary's Reliance on Russian oil has been a crucial factor in maintaining its domestic energy Supply and stabilizing fuel prices this relationship has allowed Budapest to reap economic benefits while European sanctions Target moscow's energy exports but now Hungary finds itself in a precarious position as mounting European Union pressures and Ukrainian sanctions are poised to raise costs and potentially disrupt its access to Russian oil hungary's foreign minister Peter Cato recently underscored the country's dependence on Russian oil warning that an interruption in Supply could severely impact the nation's ability to maintain its energy stability while there is no immediate threat of a shortage according to EU officials hungary's prime minister Victor Orban faces a growing challenge the loss of the discounted rates it has enjoyed on Russian crude these discounts have helped Hungary maintain low fuel prices during a time of rising inflation and economic difficulty for the past 2 years Hungary has benefited from exemptions within the EU that allowed it to continue importing Russ Russian oil at a fraction of the market price however that privileged Arrangement has come under threat as Ukraine recently blocked Russia's luk oil from sending oil through its territory to Europe while Hungary has continued to receive oil through other Russian suppliers the potential disruption has signaled the end of an advantageous period for orban's government experts believe that hungary's economic model dependent on cheap Russian energy is beginning to strain the country has relied on the oil discount to keep fuel prices low which has been vital for Orban as his administration grapples with high inflation and sluggish economic growth recent data shows that hungary's Imports of Russian oil have remained relatively stable but the cost of accessing that oil is likely to rise as Budapest must consider alternative routs or pay higher fees Ukraine's decision to block luk oil has exposed hungary's vulnerability and some analysts suggest this is part of a broader strategy to push EU countries like Hungary and Slovakia to diversify their energy [Music] sources so far Hungary has made few concrete efforts to do so and its ties to Russia remains strong Hungary continues to import Russian gas at elevated levels and has signed new energy deals with Moscow further deepening the relationship the situation comes at a critical moment for Orban whose political strength has historically rested on delivering economic stability through lowcost energy and government subsidies yet his popularity is now being tested by a rising opposition movement within his own Camp critics argue that hungary's Reliance on Russian oil has become a political liability especially as orban's Government faces mounting criticism over its handling of inflation and its stance toward Russia

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