Hungarian Ministry of Energy: Europe will face a new round of soaring energy prices and energy shortages

Feb 06, 2023

According to Russian media reports, in response to EU sanctions on Russian energy, the Hungarian Ministry of Energy warned that Europe will face a new round of energy price increases and energy shortages.


The Hungarian Energy Ministry stated that European countries will inevitably face soaring energy prices and energy shortages, because so far about 50% of the EU's energy needs are supplied by Russia.


The Hungarian Ministry of Energy said that Hungary opposes further expansion of energy sanctions against Russia. EU sanctions on Russia have not ended the conflict. European consumers, however, are faced with sharply rising prices and an energy crisis. The failed sanctions policy has plunged Europe into crisis, placing a heavy burden on countries, businesses and many European families.


Hungarian inflation has been high recently. According to official data, Hungary's consumer price index in December 2022 rose 24.5% from the same period in 2021, the highest increase since March 1996. Among them, the prices of electricity, natural gas and other fuels all rose year-on-year. Hungary has clearly opposed sanctions against Russia many times, emphasizing that doing so will backfire the European economy.