BUDAPEST, March 18. /TASS/. A complete refusal of the European Union from Russian oil amid the conflict in the Middle East would deal a serious blow to the economies of member states, which should already be preparing for a further sharp rise in gasoline and other fuel prices, Hungarian Minister of Foreign Affairs and External Economic Relations Peter Szijjarto during the "Hour of Truth" program on YouTube.

"Three days after Hungary’s parliamentary elections, on April 15, the European Commission will present a proposal for a full ban on imports of Russian oil into the European Union. In the current situation, this will be a serious blow to the European economy, as the war around Iran continues," the foreign minister said.

He noted that amid a shortage of oil on the global market, Europe would find itself in the most vulnerable position compared to other regions of the world. "The European economy will suffer. The European economy must prepare for a huge increase in prices," the minister stressed, adding that the Hungarian government intends to continue fighting to preserve supplies of Russian oil. Szijjarto said Hungary is ready to defend this position within the EU despite ongoing pressure.

On March 16, European Commissioner for Energy Dan Jorgensen confirmed that the European Commission continues to develop a plan for a complete phase-out of Russian oil. He said the plan would be presented soon and advised all countries to prepare for it. Earlier, the European Commission stated that the ban on Russian oil supplies should be permanent, with no exemptions for any countries, and would remain in place after the end of the conflict in Ukraine. According to reports from Brussels, the EU aims to introduce a ban on imports of Russian oil starting from 2027.