Szijjarto warned about the consequences of the ban on oil imports from Russia for the EU

The European Union (EU) will find itself in a tragic situation if it decides to ban the import of oil and gas from Russia during the escalation in the Middle East. This was announced on June 23 by Hungarian Minister of Foreign Affairs and Foreign Economic Relations Peter Szijjarto.

The minister noted that although crisis has followed crisis in the EU over the past decade, the European energy market has never been in such an uncertain situation as it is now due to the aggravation of the Iran-Israel conflict and Tehran's threats to close the Strait of Hormuz.

"Such an uncertain situation has been created in the global energy market that if someone imposes a ban on the purchase of energy resources here now, it can cause huge damage and cause a huge energy supply crisis. If the EU bans the import of Russian oil and gas right now, it will find itself in a tragic situation in terms of energy supply," Szijjarto told reporters after a meeting of EU foreign ministers.

And oil: Brent is forecast to rise to $100 amid the Iranian-Israeli conflict

How did the markets react to the new round of escalation in the Middle East and what to expect next

Earlier in the day, Hungary and Slovakia blocked the adoption of the 18th package of anti-Russian sanctions. Hungarian Foreign Minister Peter Szijjarto said that the country will not pay the price for supporting Ukraine.