Hungarian Foreign Minister Peter Szijjarto officially confirmed the lifting of sanctions by the United States regarding the expansion of the Paks nuclear power plant, which is being operated by the Russian Rosatom.
Points of attention
- The Paks nuclear power plant, operated by Rosatom and financed with a Russian state loan, plays a crucial role in Hungary's energy landscape.
- The decision on sanctions relief marks a shift in US-Russia relations and brings implications for energy security dynamics in Hungary and the region.
Trump eases sanctions pressure on Russia
A Hungarian diplomat complained that former US President Joe Biden's team made decisions that allegedly put his country "in an extremely difficult situation."
One of these sanctions measures was to try to prevent Hungary from having a long-term secure energy supply by imposing restrictions on the construction of a nuclear power plant in Paks, which made it virtually impossible for construction to continue.
Peter Szijjarto
Minister of Foreign Affairs of Hungary
The team of Hungarian leader Viktor Orban is happy that Donald Trump is radically changing his policy on this issue.
Against this background, the US president lifted sanctions related to investments in the Paks nuclear power plant.
According to Szijjártó, this decision supposedly guarantees Hungary a secure energy supply in the long term and preserves the results of reducing utility tariffs.
What is important to understand is that Paks is the only nuclear power plant in Hungary whose operating life, after modernization, was extended until the 2030s.
The expansion of the Paks nuclear power plant — the €12 billion Paks II project — is being led by Rosatom and financed mainly by a Russian state loan.
