The European Union (EU) will not impose sanctions on Russian gas or oil, Hungarian Prime Minister Viktor Orban said in a video message posted on his Facebook page, Reuters reported.
His statement comes in the background at a two-day informal meeting of EU heads of state and government in Versailles, France, which began yesterday.
“The most important issue for us has been resolved in a favorable way: there will be no sanctions on gas or oil, so Hungary’s energy supplies are secured in the coming period,” Orban added.
Meanwhile, US President Joe Biden is expected to announce today that, along with the European Union and the G7, action will be taken to remove Russia’s “most favored nation” status due to its invasion of Ukraine, the Associated Press reported.
To this end, each country will follow its own national procedures.
Removing this status from Russia would allow the US and its allies to impose duties on Russian imports, further isolating the Russian economy in response to the invasion of Ukraine.