Budapest: The Hungarian foreign minister has called on the European Union to suspend sanctions on Russian oil shipments, arguing that maintaining these restrictions could lead to increased fuel prices in the bloc while the United States has opted to ease its own measures.

According to Anadolu Agency, Peter Szijjarto, Hungary's foreign minister, highlighted Washington's recent decision to suspend sanctions on Russian oil transported by sea. The move, motivated by the ongoing conflict in the Middle East, is expected to increase global supply and reduce oil prices, which hovered around $100 per barrel on Friday.

Szijjarto expressed his concerns on the social media platform X, stating that the US decision allows Russian oil to re-enter global markets by sea, thereby boosting supply and potentially lowering prices. He criticized the EU's continued ban on Russian oil imports, suggesting that European consumers would miss out on the potential benefits of reduced fuel costs.

"Europe, however, will not see these benefits, as Russian oil is banned from the European market and Brussels continues to make decisions according to the demands of Volodymyr Zelenskyy," Szijjarto added, urging Brussels to reconsider its stance and align with the US example by suspending restrictions on Russian oil supplies.

He further warned that fuel prices across Europe were on the rise, particularly for gasoline and diesel, and called on the EU to waive sanctions on Russian oil to help mitigate these increases.

The US decision, announced on Thursday, temporarily permits the purchase of Russian oil that is already stranded at sea, aiming to stabilize global energy markets. US Treasury Secretary Scott Bessent described the measure as narrowly tailored and short-term, with the exemption set to expire on April 11.

In response, the European Union has criticized the US's "unilateral decision." European Council President Antonio Costa expressed concerns, stating that it could impact European security and weaken economic pressure on Russia, potentially affecting negotiations for a peaceful resolution to the conflict in Ukraine.

Meanwhile, the US Department of Energy announced a decision to release 172 million barrels of oil from the Strategic Petroleum Reserve. This action was part of a broader agreement by the 32-member International Energy Agency to release around 400 million barrels of oil from strategic reserves, marking the largest coordinated release in the agency's history.