Skip to content
Subscriber Only

Orban Says Russian Oil Ban Would be ‘Nuclear Bomb’ For Economy

Bloomberg business news
WATCH: Hungary's Viktor Orban said the EU is at risk of fracturing its unified front against Moscow.Source: Bloomberg

Hungarian Prime Minister Viktor Orban said he rejected the European Union’s latest proposal to ban Russian oil, saying it was tantamount to a “nuclear bomb” being dropped on his country’s economy.

Orban said in a state radio interview on Friday he wants a five-year exemption -- instead of the one-year delay currently under consideration -- for Hungary to comply with an EU ban on Russian oil. He also said weaning Hungary off of Russian crude requires billions of dollars in investments and access to Hungary’s share of the EU’s pandemic funds to pay for it.