Hungary labeled the U.S. sanctions against Russia's Gazprombank as an assault on energy security.

In Budapest, officials stated that the U.S. decision to impose sanctions on the Russian Gazprombank "threatens the energy security" of several Central European countries. This reportedly increases the risks of an early cessation of Russian natural gas supplies to the continent. Hungary is one of the few countries still relying on Russian gas to meet its energy needs.

This was declared by Hungarian Foreign Minister Peter Szijjarto during a meeting with the energy ministers of Turkey, Azerbaijan, Bulgaria, and Serbia in Istanbul. His remarks were quoted by Bloomberg.

"This step is an attack on our sovereignty... Hungary is grateful to Turkey, Bulgaria, and Serbia for ensuring a very safe, very reliable, and very stable transit… Together we will find solutions to ensure the security of our energy supplies," Szijjarto stated at the meeting in Istanbul.

The Slovak Ministry of Economy also announced that it is analyzing the new sanctions to assess their potential impact. The spokesperson for Russian dictator Dmitry Peskov reported that they will find ways to continue accepting payments from foreign gas buyers.

On November 16, it was revealed that the last major state bank in Russia, Gazprombank, which has access to the SWIFT system and international currency transactions, will be subject to new U.S. sanctions. It is the third-largest bank in Russia by assets and serves as a key hub for gas transactions with Europe.

Hungary Demands Easing of Sanctions Against Russia

Recently, Hungarian Prime Minister Viktor Orban urged the European Union to review sanctions against Russia. He believes that easing the restrictions will reduce energy costs. Orban explained that American companies pay a quarter of what their European counterparts spend on gas and electricity. This gap cannot be bridged in any other way except by revising the sanctions.

Interestingly, Western European countries have made significant efforts to reduce their dependency on Russian oil and gas. Meanwhile, landlocked Hungary still receives about 80% of its gas and crude oil from Russia.

It is worth noting that in July 2024, Ukraine expanded sanctions against the Russian corporation "Lukoil". As a result, the company was prohibited from transporting oil through its territory to Hungary and Slovakia. However, in September of this year, Bloomberg reported that oil transit to Hungary would continue. The Hungarian energy company Mol Nyrt. reached an agreement that will ensure the continuation of Russian oil supplies via the pipeline that passes through Ukraine.