Hungarian Foreign Minister Peter Szijjarto hinted at a price of 700-750 million euros, which Budapest would like to receive for agreeing to the imposition of an oil embargo against Russia.

He spoke about this, according to European Truth, in an interview with El Pais..

Szijjarto said Hungary is not only landlocked but also dependent on Russian oil and gas due to its historically built infrastructure.. Therefore, according to him, the proposal of the European Commission on the embargo creates a big problem for Hungary..

" To refine other types of oil, we would have to invest between 500 and 550 million euros - this will take about four years. To replace the oil pipeline from Russia, we will have to expand the capacity of the Adriatic Sea pipeline, which would mean 200 million euros, and we do not know how long it will take.

The gas price in Hungary will increase by 55 percent,"

Szijjarto stressed that Hungary cannot support the current package of sanctions if Brussels does not offer a solution.

" We cannot vote for unless we are offered a solution,"

He reiterated Hungary's proposal to release oil pipeline supplies from the embargo and focus the ban on supplies on ships..

EU High Representative for Foreign and Security Policy Josep Borrell expressed his conviction that member states will agree on an oil embargo against Russia despite the current opposition from Hungary.