Hungary will block the adoption of the 20th package of sanctions against Russia by the EU until Ukraine resumes the transit of Russian oil through the "Friendship" pipeline, according to Hungarian PM's office

Hungary's decision to block the EU's sanctions package against Russia introduces immediate uncertainty in energy markets, especially concerning oil transit through the 'Friendship' pipeline. This move could potentiate geopolitical tensions and impact commodity prices, particularly in oil and natural gas, potentially driving investors towards safe-haven assets like gold. Market participants should watch for potential ripple effects on EUR and USD as the situation develops.