Hungary to make $600m annual profit through Russian oil tax – research agency

Eurointelligence analysis says profit is at expense of everyone else in EU'

Hungary is set to make about 500m in yearly profits through a tax on Russian oil at the expense of everyone else in the EU", a research agency has suggested.

The Hungarian government, which gained an opt-out from an EU embargo on Russian oil, recently introduced a windfall tax of 25% on the difference between Russian crude prices and world prices. A note by the research service Eurointelligence estimated this could net Budapest roughly $600m (495m, 575m) in hidden profit" a year, observing it was not a bad money spinner for an economy that size".