'Hungary' for oil, PM Viktor Orban to sue EU for ban on Russia

BUDAPEST: Hungary will challenge the European Union's (EU's) plan to end Russian energy imports and take the case to an EU court, Prime Minister Viktor Orban said on Friday.

Speaking on state radio, Orban accused the bloc of trying to sidestep his veto power over sanctions on Russian energy by using trade rules instead in its plan to phase out all imports of Russian oil and gas by the end of 2027. "We are turning to the European Court of Justice in this matter," Orban said Friday. "This is a flagrant violation of European law, the rule of law and European cooperation ... They will pay a very high price for this."

Hungary remains heavily dependent on Russian fossil fuels and has sought exemptions and threatened to veto EU sanctions since Moscow's 2022 invasion of Ukraine. During a visit to Washington last week, Orban secured an exemption from U.S. sanctions on two Russian energy companies following a White House meeting with President Donald Trump.


Numerous US officials have said the waiver, which ensures Russian oil and gas will continue to flow to Hungary, will last one year, though Orban has insisted it is indefinite. On Friday, Orban credited his close personal relationship with Trump for receiving the exemption, and said it would remain in place as long as both he and the president remain in office.

Orban has called continued access to Russian energy "vital" for his landlocked country and warned cutting it off would result in an economic collapse, though some critics dispute that claim.

The Hungarian leader on Friday said he was "also exploring other means of a non-legal nature" to avoid falling under the EU's planned Russian energy phase-out, but declined to say what they were.

EU wants to give teeth tO regulatOR FOR oversight of crypto biz
The EU's executive arm is pressing for its markets regulator to get new powers to oversee all crypto businesses operating in the bloc, a move that could upend years of work by national watchdogs and businesses to regulate the industry.

Draft plans circulated by EU officials ahead of an announcement next month propose the European Securities and Markets Authority as the direct supervisor for all cryptoasset service providers. It would also become responsible for authorizing new businesses.

Currently, cryptos are required to gain authorisation in at least one member state, under the EU's 2023 Markets in Cryptoassets rules. Once granted, that permission allows companies to "passport" their services across the bloc.