Hungary will not pay minimum price for Russian oil

Peter Szijártó, head of Hungarian Ministry of Foreign Affairs, reports on Facebook.

"During negotiations on the oil price cap, we fought hard for the interests of Hungary and, in the end, we succeeded: Hungary was exempted from its application," Peter Szijártó said.

Minister of Foreign Affairs also noted that limiting price of Russian oil primarily harms European economy, and "it is necessary to increase number of energy carriers, which would lower prices."

Peter Szijjártó added that such decision "again managed to protect Hungary's energy security".

• On December 1, European Union countries previously agreed on the ceiling price for Russian oil at $60 per barrel. According to the proposal, price of Russian oil will be adjusted every two weeks to keep it at 5% level below market price. As of now, Russian Urals oil traded at  level of 70.3 dollars per barrel.

• On December 3, it was reported that Australia and G7 countries agreed to cap price of Russian oil at $60 per barrel.