Hungary is working to find a way to "circumvent" US sanctions on Russian oil companies, Prime Minister Viktor Orban told Hungarian national radio "Kosztút" on Monday, Reuters reported.
The prime minister also said he had spoken to Hungarian oil company MOL about the issue.
US President Donald Trump on Wednesday imposed direct sanctions on Russian companies "Lukoil" and "Rosneft" for the first time in his second term.
The US imposed sanctions on Russia's two largest oil companies "Rosneft" and "Lukoil" over the war in Ukraine and announced that they are ready to take further action. Washington has called on Moscow to immediately agree to a ceasefire in Russia's war in Ukraine, Reuters reported.
"Given President (Vladimir) Putin's refusal to end this senseless war, the Treasury Department is sanctioning the two largest Russian oil companies that finance the Kremlin's war machine," said the official statement by US Treasury Secretary Scott Besant. "We urge our allies to join us in complying with these sanctions."
After the US measures were announced, oil prices immediately jumped by more than $2 a barrel. Futures for the benchmark Brent crude oil rose to around $64.
The sanctions mark a significant shift in Trump's policy, which had not sanctioned Russia for the war and instead relied on trade measures, Reuters notes. Earlier this year, he imposed additional 25 percent tariffs on goods from India over its purchases of Russian oil.
The United States has taken similar action against another major consumer of Moscow's black gold - China. In recent years, the $60 price ceiling on Russian oil, imposed after the invasion of Ukraine, forced Russia to redirect its oil exports from Europe to Asia.
Trump told reporters at the White House that he had canceled a planned summit in Hungary with Putin because he felt now was not the right time for it.