Hungary is holding up a €90 billion EU loan to Ukraine until Kyiv resumes Russian oil shipments via the Druzhba pipeline, escalating tensions in a standoff that’s rattling energy markets. 🇭🇺⚡️
Strategic Reserves Tapped Amid Shortage
Hungary’s Foreign Minister Péter Szijjarto accused Ukraine of violating EU agreements by halting oil flows after a January pipeline disruption, calling it 'blackmail.' Budapest released 1.8 million barrels from its strategic reserves this week to address shortages, despite Croatia’s JANAF pipeline operator claiming supplies are 'continuous.' 🚢⛽️
Emergency Measures in Motion
Slovakia also declared an oil emergency, releasing 1.8 million barrels to support its MOL-owned refinery. Hungary’s reserves, which covered 96 days of supply in January, will now prioritize MOL until April. Meanwhile, tankers carrying Saudi, Kazakh, and Russian oil are en route to refineries, with delays expected into March. 📉🛢️
What’s Next?
With both nations scrambling for alternatives, the EU faces a delicate balancing act between supporting Ukraine and addressing member states’ energy needs. Will this stalemate spark wider EU divisions? Stay tuned. 🌍💬
