While Hungary pushes for peace, we buy more oil from Russia than ever
While the European Union aims to end its reliance on Russian energy by the end of 2027, Hungary is moving in the opposite direction.
Hungarian government to help funding the war?
In the first half of this year, 92 percent of the country’s oil imports came from Russia—a dramatic rise from 61 percent in 2021. The new figures reveal that instead of reducing its energy dependence on a nation currently at war, Hungary is steadily increasing it.
This trend raises both economic and geopolitical concerns, as the funds flowing to Russia bolster the Kremlin’s budget—at a time when Moscow is ramping up military spending. Analysts say roughly half of Russia’s state revenue now goes toward financing the war, making Hungary’s payments a significant contribution to Vladimir Putin’s efforts.
A shady firm tied to the Kremlin
According to a report by G7, a little-known intermediary called Normeston plays a central role in the country’s oil dealings with Russia. The firm operates through a labyrinth of corporate entities based in Cyprus, Belize, Switzerland, and Dubai.
However, Russian investigative journalists have traced its connections back to figures close to President Putin. Investigations have linked Normeston to Gennady Timchenko, one of Putin’s most trusted confidants and formerly behind the Russian oil trading giant Gunvor.
Hungarian businessman Imre Fazakas, once head of Videoton’s Moscow trade office and a part-owner of the firm, has been associated with Normeston’s Hungary operations. On the Russian side, the network includes former Lukoil executives, rally drivers turned businessmen, and individuals tied to Putin’s intelligence background.
The symbiotic relationship between MOL and Normeston
Data indicates Normeston supplies oil almost exclusively to the MOL Group in Hungary and Slovakia, where MOL also owns the Bratislava refinery. Between 2012 and 2023, one-fifth of all Russian crude oil imports to Hungary moved through Normeston, generating approximately 1.55 trillion forints in turnover. The partnership flourished particularly in the mid-2010s and saw renewed momentum after the war broke out in 2022.
Circumventing EU sanctions
Experts say intermediary firms like Normeston serve Russia’s interests by allowing it to funnel billions in dollars and euros through the European financial system despite sanctions. As a Swiss-registered entity, Normeston provides Moscow easier access to capital that would otherwise be blocked—potentially even helping finance intelligence operations linked to the Kremlin.
How long can Hungary maintain its divergent strategy?
Hungary’s unique approach is becoming increasingly untenable: the EU continues to push for stricter separation from Russian energy, yet Hungary is escalating its reliance to record levels. With the Druzhba pipeline now under threat, mounting EU pressure, and Normeston’s dubious ties raising red flags, questions loom over how long this path can be sustained.
One thing is certain: a 92 percent dependence on Russian oil not only exposes Hungary to economic risk but also leaves it politically vulnerable—especially as most of Europe moves in the opposite direction.
Read more economy-related articles on Daily News Hungary!
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Hungary is far from neutral in the Russia-Ukraine war. It is actively financing Russia with increased oil purchases. Hungary works against Europe and for Russia and Putin has his political claws deep into the Fidesz government.
“Forked Tongue” agenda, the FEAR of Truth driven by the “Judas” of Europe, of the European Union and of Global DEMOCRACY being Victor Mihaly. Orban.
Hungary, through Victor Mihaly. Orban, his Fidesz Governments “support” that has effected a DISTILLATION of DEMOCRACY in Hungary resulting in Hungary, our country having NO absolutely NO friends in the Global World, no relationships – with country’s GOVERNED under DEMOCRACY.
Victor Mihaly. Orban, his Fidesz Government “gofer” of Putin’s Russia.
Hungary, has prior to the commencement of Russia’s War on the Ukraine been “Feeders” – into the Russian/Putin economy.
GROWS in knowledge, that Putin has Orban, like he does in Orbans “mate” Trump by the “short & curlies”.
Orban and Trump just have NEVER accepted “moved” taken a FIRM political “directional” line nor POLICY, in being Leaders seeking PEACE under – that in the “seeking” – the WANTING of Peace it must be ENCASED and WORKING for – JUSTICE.