The Minister of Foreign Affairs of Hungary, Peter Szijjarto, said that the sanctions introduced by the USA against Gazprombank endanger the energy security of some Central European countries.
Points of attention
- US sanctions against Gazprombank are endangering the energy security of some Central European countries, including Hungary.
- The dependence on Russian gas supplies through Gazprombank puts Hungary at risk of higher gas prices and disruptions in energy supply.
- Hungarian officials are accusing the US of undermining their sovereignty and are seeking alternative gas transit routes with Turkey, Azerbaijan, Bulgaria, and Serbia.
- The termination of gas supplies from Russia to Europe could lead to increased competition for global supplies and higher energy prices for European consumers.
- Hungary's Prime Minister, Viktor Orbán, emphasizes the need to review sanctions against Russia to maintain competitive energy prices within the European Union.
Szijjarto accused the US of undermining Hungary's economy
According to Sijarto, sanctions against Gazprombank are "an attack on our sovereignty", so Hungary is "reviewing the situation with the energy ministers of Turkey, Azerbaijan, Bulgaria and Serbia".
Hungary is grateful to Turkey, Bulgaria and Serbia for providing very safe, very reliable and very stable gas transit.
Peter Sijarto
Minister of Foreign Affairs of Hungary
Hungary, along with Slovakia and Austria, are among the few EU countries still dependent on Russian gas supplies. Currently, under-sanctioned Gazprombank is used for their payment.
According to Bloomberg, the termination of current gas supplies from Russia to Europe could increase competition for global supplies and lead to an increase in prices for the blue fuel, which would hit European consumers.
In recent years, Hungary has concluded several agreements with Gazprom on the additional supply of gas.
The Prime Minister of Hungary, Viktor Orbán, believes that the European Union needs to review the sanctions against Russia, because, in his opinion, they are the ones that keep energy prices at a high level.
Hungary "hooked" on the Russian "gas needle"
Minister of Foreign Affairs of Hungary Péter Szijártó noted that the Hungarian government has an obligation and duty to ensure the reliability of the country's energy supply in the long term at competitive prices.
According to him, in the case of the purchase of natural gas, this is guaranteed by cooperation between Hungary and Russia, as well as between Hungary and Gazprom.
Szijjártó added that the Hungarian state energy company MVM and Russia's Gazprom signed an agreement "to continue this practice favorable to Hungary." At the same time, Gazprom noted that the agreement provides for the possibility of increasing the supply of Russian gas to Hungary.
