In a recent development, Hungary and Russia’s Gazprom are in negotiations for additional gas supplies to Budapest next year, according to Hungarian Foreign Minister Péter Szijjártó. A memorandum was signed last week between the two parties, indicating a possible increase in sales of Russian gas to Hungary. This includes additional agreements to long-term contracts ensuring price competitiveness for future years. The recent deal also allows Budapest to fully utilize the TurkStream gas pipeline, bypassing Ukraine and bringing Russian gas to Hungary via Bulgaria. The current gas transit deal between Russia and Ukraine is set to expire at the end of the year, adding complexity to the situation. Additionally, Budapest has expressed its intention to veto any European Union sanctions on Russia if the exemption for Hungary to purchase Russian oil is revoked. This move comes after Hungarian energy group MOL secured a deal for the continuous supply of Russian oil through Belarus and Ukraine via the Druzhba pipeline. Hungary’s strategic energy partnerships with Russia continue amidst geopolitical uncertainties.
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Hungary discusses acquiring more Russian gas for Budapest in 2025
