Solution to problems caused by US sanctions on Gazprombank close, says Hungarian minister

Solutions to manage the problems caused by US sanctions against Russia’s Gazprombank imposed by the United States have been adopted in three of four instances affecting Hungary, Minister of Foreign Affairs and Trade Peter Szijjarto told lawmakers on Tuesday.

At the parliamentary hearing, opposition MEPs were mainly interested in why the Hungarian government is increasing its purchases of Russian energy and why it is not trying to replace its dependence on Russia with green energy instead. Several opposition members also asked whether the natural charging of battery power plants would pay off in Hungary in the long run. There was also criticism that foreign trade is negative, and according to the latest KSH data, the Hungarian economy is in massive recession.

Giving testimony before parliament’s economy committee, Szijjártó said the legal constructions devised to resolve the matter, reached at meetings in Moscow a day earlier, would ensure Hungary’s energy supply. Related article: Russian Foreign Minister Lavrov again received the Hungarian Foreign Minister in Moscow

He added that the sanctions had affected several European countries that made payments for their Russian energy through Gazprombank, and coordination among them was ongoing. Related article – Hungarian minister: We are working with the Russians on a solution to avoid US sanctions

He said those countries happen to be sympathisers of President-elect Donald Trump. He added that Russian banks that manage payments for uranium exports were granted exceptions to the sanctions.

He noted last year that the US was the biggest buyer of Russian uranium.

Szijjártó said Hungary rejected any initiative that attempted to muddle energy supply and economic cooperation with ideological or political matters. He added that, given the existing infrastructure, Hungary had not been made a better offer than that for its gas from Russia.

Szijjártó pointed to efforts to diversify Hungary’s energy supply, including the start of deliveries of Azeri and Turkish gas and talks on purchasing Qatari LNG for the period after 2027. He added that the European Commission had been unwilling to provide financial support for the infrastructure necessary to diversify the energy supply in the region.

Addressing electromobility, Szijjártó augured a rebound in demand for EVs after a temporary downturn and said EV industry investments that had been scrapped were in countries where they had not even started, while projects in Hungary were well underway.

He added that state support for such investments would have to be repaid, with interest, if conditions were not met.

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