Hungary evades US sanctions on Russian Gazprombank with Bulgaria’s help

A solution has been found with Bulgaria to the problem caused by the new US sanctions against Russia’s Gazprombank so Hungary’s energy supply remains stable, Minister of Foreign Affairs and Trade Péter Szijjártó said in Sofia on Friday.

After talks with Bulgaria’s president, energy minister and acting foreign minister, Szijjártó said Hungary now received most of its natural gas imports via Bulgaria, his ministry said in a statement.

Hungary has received more than 7bn cubic metres of gas this year via the TurkStream pipeline, which is essential to the country’s energy supply, he said.

“Both Bulgaria’s president and energy minister confirmed that we can count on Bulgaria to continue to be our reliable transit partner,” Szijjártó said.

“Thus, the supply of natural gas to Hungary can be unhindered via Bulgaria, which is important because the decision of the outgoing US administration to put Gazprombank on a sanctions list has put both Hungary and Bulgaria in a difficult situation,” he said.

Photo: FB/Szijjártó

Szijjártó said Hungary paid for natural gas through the Russian bank and Bulgaria received money from it for the transit.

“And if these financial transactions could not be completed, Hungary would not receive natural gas, either because it cannot pay for it or because it cannot be transported through Bulgaria,” he said.

Szijjártó said this problem had been addressed, a legal and financial solution had been found that was accepted by all partners and that was not subject to sanctions.

He also noted that bilateral trade was reaching new highs, stabilising over EUR 2bn.

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