British News Agency

Last week, the United States imposed sanctions on Russia’s two largest oil companies, Rosneft and Lukoil, with Lukoil also blacklisted by the EU.

Speaking to the Italian newspaper La Repubblica during a visit to Rome, Orban said: “We are discussing how to build a sustainable system for my country’s economy, because Hungary is heavily dependent on Russian oil and gas. Without them, energy prices will soar and we will face supply shortages.”

Asked whether Trump erred by targeting Russia’s energy sector, Orban said he had gone too far and that Hungary would find an “exit route” from the sanctions.

Landlocked Hungary continues to import most of its fossil fuels from Russia, despite repeated calls from the United States and the European Union to end dependence on energy from Moscow — a persistent point of tension.

Foreign Minister Peter Szijjarto said the government is examining the possible effects of the sanctions, adding that the United States has said the measures will remain in place until President Vladimir Putin shows a genuine willingness to enter ceasefire talks in Ukraine.

At a press conference in Budapest on Monday, Szijjarto said: “As for the American sanctions, since their entry into force still takes some time, these measures have not yet led to any losses or difficulties for our energy imports from Russia.”

The European Commission also said the U.S. sanctions do not pose an immediate threat to Europe’s supply security, since member states are required to hold 90 days of oil reserves.

European Commission spokesperson Anna-Kaisa Itkonen told reporters: “Last week’s decision may of course have an impact, and we want our member states to be prepared, to have plans, and to know that we are here to support them.”