Washington, Jan 12 (FN Agency) The outgoing US administration’s new sanctions against the energy sector of Russia and Serbia put Europe at risk of a serious hike in fuel prices, Hungarian Foreign Minister Peter Szijjarto said on Sunday. “The outgoing US administration, which suffered a serious defeat in the presidential election, has recently introduced a new package of sanctions in the energy sector. This sanctions package once again creates serious challenges for Central Europe… The sanctions of the outgoing US administration could lead to a serious increase in fuel prices in Central Europe,” Szijjarto said in a video message broadcast on his social media.
The inclusion of the Russian-Serbian oil company NIS, where Russian energy giant Gazprom Neft holds 56.15%, will cause a shortage of oil on the European market and, as a consequence, an increase in demand for oil products amid a lack of growth in supply, the minister said. Hungary will work intensively with regional partners to minimize the damage from the US sanctions, Szijjarto also said. “We will hold intensive talks with our regional partners in the coming days and weeks to minimize the impact of US energy sanctions on rising fuel prices,” he said. On Friday, the US imposed sanctions on more than 200 companies and individuals linked to Russia’s energy sector, as well as more than 180 vessels involved in energy transportation. The sanctions are aimed at restricting Moscow’s access to international markets and reducing revenues from oil and gas exports.