US Grants Extension for Hungary’s Exemption from Gazprombank Sanctions
The United States government has extended Hungary’s exemption from the effect of sanctions against Russia’s Gazprombank until May, Minister of Foreign Affairs and Trade Péter Szijjártó said in Ankara on Friday.
In a statement issued by his ministry, Szijjártó noted that the sanctions against Gazprombank introduced by the outgoing American administration days before their term of office ended, had put Hungary and other countries in the region in a difficult position in terms of gas supply.
He said the step was a “hostile move” by the Biden administration and acknowledged the Trump administration’s “common sense” understanding that geography and infrastructure were the deciding factors of energy supply.
At a joint press conference with his Turkish colleague, Hakan Fidan, Szijjártó said Türkiye was a dependable partner on whom Hungary relied for its energy security, pointing to the 7.6 billion cubic metres of gas that were delivered through the Turk flow pipeline last year.
He added that Hungary had bought gas directly from Türkiye for the first time, and aimed to buy more as talks between Hungarian energy company MVM and Turkish peer BOTAS continued.
He welcomed a strategic cooperation agreement between Hungary’s MOL and Türkiye’s TPAO on joint exploration in Hungary. He noted that the partners had already cooperated in Russia and Türkiye and were preparing to work together in other countries, too.
This agreement ensures stability and security in energy supply for Hungary, despite the challenges faced due to sanctions against Gazprombank.
Overall, the continued cooperation between Hungary and Türkiye in the energy sector is a positive step towards ensuring the energy security of both countries and the region. The direct gas purchase from Türkiye marks a milestone in this partnership, with potential for further collaboration in the future.
