BUDAPEST, March 17. /TASS/. The European Union should cancel the ban on Russian oil supplies and return it to Europe in the environment of feedstock shortage on the global market, Foreign Affairs and Trade Minister Peter Szijjarto said.

The situation around Iran caused the threat of "the historically most serious crisis in the sphere of oil supplies," Szijjarto said at the conference of the Hungarian Chamber of Commerce and Industry in Budapest. At the same time, "Europe, where wrong political decisions were made, found itself to be cut from the most important Eurasian oil sources," the minister stressed. "Europe cut itself from Russian oil by its political decision and was cut from Arab oil due to the current security situation, due to war" in the Middle East, Szijjarto noted.

"We cannot control how the war in the Middle East will go but the European Union can decide on the return of Russian oil to the European market," he stressed.