Hungary softened its stance on LNG restrictions as it secured “perpetual” protection for the Paks II nuclear power plant project, operated by Rosatom.
The Hungarian government agreed to the 14th package of sanctions with the EU, which includes restrictions on the supply of Russian liquefied natural gas (LNG) in exchange for the fact that there are no measures that threaten the implementation of the Paks project II nuclear power plant. This was reported by the Hungarian service of Radio Liberty, citing its source.
Budapest stopped blocking EU sanctions, but in return Paks II was “protected” from sanctions.
The government exempted Paks II from sanctions in previous packages, but this is always done on a case-by-case basis. However, this concession does not change the position of the Hungarian government, which opposes all sanctions related to nuclear issues, including sanctions against Rosatom officials for their role in the Russian occupation and operation of the Zaporozhye nuclear power plant.
The Hungarian government has previously ruled out supporting any punitive measures affecting the Russian gas sector, citing security of supply.
Last year, Russia earned about eight billion euros from the export of liquefied natural gas. The current embargo will affect about a quarter of this amount. However, due to European sanctions, Moscow may have to rethink its business model and deliver natural gas through new routes (for example, through the Arctic Ocean) to Asian markets. This will require special icebreakers.
Hungary had another serious reservation against the proposed sanctions, which would oblige European parent companies present in Russia to ensure compliance with the sanctions in the case of their subsidiaries in that country. Radio Liberty said this would be a problem, especially for the Hungarian bank OTP, which has interests in Russia. However, the proposal is so loose that interested investors in Europe today do not see it as a threat.
As already written, Hungary named the goals of its presidency of the European Union. Official Budapest does not consider Ukraine or the war in Ukraine to be its priority.
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Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.