VIENNA, May 24. /TASS/. Hungary’s government will get emergency powers from Wednesday amid the conflict in Ukraine, which has caused economic turmoil in Europe, the country’s Prime Minister announced on Tuesday.

According to him, the conflict in Ukraine threatens the energy and financial security of the country.

"We see that the war and the sanctions of Brussels have led to huge economic shocks and a sharp rise in prices. The world is on the brink of an economic crisis," he said in a video message on Facebook (owned by the Meta corporation, outlawed in Russia as an extremist organization).The state of emergency will take effect at midnight, he said.

Earlier Orban stressed earlier that the imposition of an embargo on Russian oil imports would cause "serious supply problems" in Hungary, undermine the country's energy security and result in a "price shock" for its population and businesses. He noted that his country opposes ill-considered sanctions against Russia, which, according to him, are comparable to the action of an atomic bomb and lead to famine and unprecedented mass migration. Orban also noted that the European Commission's (EC) plan to phase out Russian fossil fuels by 2027, presented last week, does not include proposals for additional funding for "the most concerned members of the landlocked community."

On February 24, Russian President Vladimir Putin announced a special military operation in Ukraine in response to the appeal of the leaders of the Donbass republics for help. After that, the US, EU, UK, as well as a number of other states announced that they were imposing sanctions against Russian individuals and legal entities.