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Hungary will not support EU’s cap on Russian gas prices — foreign minister

As Peter Szijjarto explained, imposing a cap on the price of Russian gas "would mean that the amount of gas flowing into Europe would dwindle, and this would create a problem with the security of supplies"

BUDAPEST, October 11. /TASS/. Hungary will not support the European Union’s cap on the price of Russian gas, should it be introduced, because such a step would pose a threat to the country’s national security, Hungary’s Minister for Foreign Affairs and External Economic Relations, Peter Szijjarto, said on Wednesday on the sidelines of a meeting of EU energy ministers in Prague.

"We adhere to our position the introduction of an artificial cap on the price of [Russian] gas will be harmful and dangerous and jeopardize Hungary's energy supply. Therefore, we will not support it by any means," said Szijjarto.

In his video message posted on social networks he also said that no decisions on this score had been made at an informal meeting of the EU energy ministers in Prague.

As Szijjarto explained, imposing a cap on the price of Russian gas "would mean that the amount of gas flowing into Europe would dwindle, and this would create a problem with the security of supplies."

"A shrinkage in the amount of gas on the market will push up prices. The introduction of a price restriction will double the threat to Europe's energy security," he warned.

In his opinion, "the artificial exclusion of Russian gas from the European market will trigger a long-term crisis," given the need to make preparations for the heating season.

"In fact, the biggest problem is not the coming winter, but preparations for the winters that will follow. That will be a real headache," as Europe may experience an acute shortage of fuel, said Szijjarto, who oversees international energy cooperation in the Hungarian government.

He remarked that "the Chinese economy shows signs of recovery and therefore the demand for natural gas in China will grow," while in Europe even completely filled gas storage facilities can provide just over a quarter of its annual consumption.

It should also be borne in mind that Russian gas accounts for 40% of the supply of this type of fuel to Europe.

"The question is how the amount of gas in store in Europe can be restored to around 90% by next winter," he stressed.

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