US threatens 500% tariffs on exports from Russian oil buyers, including Hungary, if Putin rejects peace talks
Hungary stands at a critical crossroads as the United States considers imposing punitive tariffs of up to 500% on countries that continue to import Russian oil, gas, or uranium. This move, part of a broader US strategy to pressure Russia over the Ukraine conflict, could have severe repercussions for Hungaryโs export-driven economy and energy security.
Heavy reliance on Russian energy
Hungary is uniquely exposed among EU nations due to its deep dependence on Russian energy. According to an earlier report by Portfolio, over 80% of Hungaryโs oil imports and a significant portion of its natural gas come from Russia, with domestic refineriesโespecially those operated by MOLโoptimised for Russian crude.
While Hungary has begun discussions on diversifying its energy sources, MOL executives say that a full transition away from Russian oil would not be feasible before the end of 2026, and only with substantial EU financial support.
Impact on Hungarian exports and key industries
The United States is a major trading partner for Hungary, with Hungarian exports to the US totalling around USD 9 billion annually, 24.hu writes. A 500% tariff would make Hungarian goods uncompetitive, threatening thousands of jobs and potentially shaving up to 0.5 percentage points off Hungaryโs GDP this year.
Hungary has responded to the US tariff threats by seeking exemptions and distancing itself from the EUโs retaliatory measures. Prime Minister Viktor Orbรกnโs government has broken ranks with Brussels, advocating for renewed negotiations with Washington and proposing bilateral economic cooperation packages to mitigate the impact of tariffs, Central European Times reports.
At the same time, Hungary has strengthened its energy ties with Russia, with Foreign Minister Pรฉter Szijjรกrtรณ emphasising that the countryโs energy security cannot currently be guaranteed without Russian supplies.
Limited options and growing pressure
Hungary now faces a stark choice: either accelerate its costly and technically challenging shift away from Russian energy or risk losing access to the lucrative US market. If the US tariffs are enacted, Hungary may be forced to restructure its export markets, seek new trading partners, and brace for potential economic downturnsโespecially in its vital automotive, electronics, and food industries.
Read more about the Hungarian economy HERE. Wish to read more about US-Hungary relations? Click HERE.
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Orban, his Fidesz Government have “made the bed” and been sleeping in it to-gether, goodness knows, what’s been going on “under the sheets” – with the WRONG supposed “mateship” of Orban with Trump.
WHAT a DEEPENING catastrophe into deeper an abyss of a NEW Dark age he leads us – Hungary – Victor Mihaly. Orban.
Hungary – will PAY a HEFTY price.
Orban – what a CONUNDRUM – he HAS got him-self into – over his HEAD in – that will add to his DESTRUCTION.
It’s either one WAY – and the WRONG Way grows as being OBVIOUS – taken by the Orban led Fidesz Government of Hungary – that Right of Right – is the WRONG way.
History – NEVER lies but in saying that, it does have “Secrets”.
Keeps un-folding to this commentator the “in-balanced” relationship of Trump & Victor Orban.
We know it is on “Public Record” there “supposed” love match not forgetting they both FEAR truth.
Circa 1943 – Winston Spencer. Churchill – a guest staying in the Presidential wing of the White House – guest of F. D. Roosevelt – President of the United States of America.
Churchill visit, he had more than one was “seeking” support of the U.S.A. – in the “fight against Hitler’s Germany.
Roosevelt, then 95% “wheel-chair” bound, had “joyous news for Churchill.
Wheels him-self to the lift, ascends to the first floor, knocks on Churchills door and waits momentarily.
Roosevelt in bed-attire and dressing gown.
Churchill’s apartment door opens that finds him completly NAKED.
Moving on over time Churchill when asked of story Fact or Fiction replied ;
“It was FACT and furthermore as the British Prime Minister – I have NOTHING to HIDE from the President of the United States of America.”
Orban – Trump there “relationship” – they ARE HIDING that they are NOT “naked” to each other – of TRUST with each other.
Orban – will be the BIG loser – that Trump is just “playing” him on a break and certainly NOT revealing his ALL.
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