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Reuters
Reuters
Business
Krisztina Than and Marek Strzelecki

Hungary says its backing of EU's Russia oil ban hinges on hundreds of millions of dollars

FILE PHOTO: A monitoring instrument seen on the gas distribution pipeline in Beregdaroc, Hungary, one of several points where Russian gas crosses into the European Union, on February 10, 2015. REUTERS/Laszlo Balogh/File Photo

Hungary upped the stakes in talks about European Union oil sanctions on Wednesday, saying a deal was out of reach until Brussels offers a "solution" measured in hundreds of millions of dollars to replace Russian oil in the Hungarian economy.

Foreign Minister Peter Szijjarto said on his Facebook page that there was still no acceptable proposal in sight. He also said Russian shipments via pipelines should be exempted from any oil embargo that should only apply to deliveries by sea.

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