IMF warns: Hungary could suffer Europe’s worst economic hit if Russian gas supply ends
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An analysis by the International Monetary Fund (IMF) shows a cutoff of Russian gas could result in an output loss of 4pc of GDP for Hungary, Minister for European Union Affairs János Bóka said in a post on Facebook on Wednesday.
Bóka said Hungary had repeatedly said that the planned embargo on Russian energy at the end of 2027 would present a serious risk to the country, considering its geographical location. He added that the IMF’s fresh analysis was “crystal clear” about what would happen to Hungary if its Russian energy supply ceased. According to the analysis, Hungary could face “the steepest losses” in the event of a European Union-wide Russian gas cutoff, he said.
Adria pipeline capacity tests fail due to technical problems
Capacity tests of the Adria crude pipeline have failed because of technical problems, oil and gas company MOL said on Wednesday. MOL and Janaf, the operator of the Adria, which brings overseas crude from Croatia to Hungary, had tested the pipeline to determine whether it could operate stably for long periods at maximum capacity.