Headlines
Hungary attacks EU energy policy at Moscow conference
Published by Global Banking and Finance Review
Posted on October 15, 2025
Global Banking and Finance Review
Company
Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.
Published by Global Banking and Finance Review
Posted on October 15, 2025
By Olesya Astakhova and Vladimir Soldatkin
MOSCOW (Reuters) -Hungary would suffer if it was cut off from Russian energy, Budapest's foreign minister said during a visit to Moscow on Wednesday, reiterating that the country would not accept outside pressure when it came to decisions on its energy supplies.
Peter Szijjarto was attending the Russian Energy Week forum as NATO defence ministers met in Brussels to discuss military aid for Ukraine, underlining Budapest's differences with most other members of the alliance when it comes to dealing with Moscow.
Hungary has maintained its reliance on Russian energy since the start of the conflict in Ukraine, prompting criticism from several European Union and NATO allies.
Szijjarto told reporters in Moscow that national interest was paramount for Budapest when it came to energy supplies.
"We have never been let down (by Russia). The deliveries have always arrived... Contracts were always respected. And my question is only why we should cut this relationship," Szijjarto said.
Separately, he was quoted saying by Interfax news agency that Russia has supplied around 3.6 million metric tons of oil to Hungary so far this year and will export between 5 million tons, or 100,000 barrels per day, and 5.5 million tons in 2025.
He also said Hungary plans to maintain that level in 2026.
HUNGARY'S RIFT WITH BRUSSELS DEEPENS
Hungary has pushed back against plans by the European Commission to phase out the EU's imports of all Russian gas and liquefied natural gas by the end of 2027, deepening a rift with Brussels over relations with Moscow.
Hungary signed a 15-year deal in 2021 with Russia to buy 4.5 billion cubic metres of gas annually, and increased purchases from Gazprom last year, importing some 7.5 billion cubic metres of Russian gas via the Turkstream pipeline.
The country also imports most of its crude from Russia via the Druzhba pipeline, which runs through Belarus and Ukraine to Hungary and Slovakia. Croatian pipeline operator JANAF also transports crude oil to Hungarian energy group MOL's refineries.
"Brussels wants us to cut one of the two (pipelines) under the phenomenon of diversification," Szijjarto said.
"How can you consider having one pipeline rather than two safer? This is insane," he said.
U.S. President Donald Trump said last month he would urge Hungary to stop buying Russian oil, part of a push to pressure NATO allies to cut energy ties with Moscow over its war with Ukraine.
Hungarian Prime Minister Viktor Orban said dropping Russian energy would be a disaster for Hungary's economy.
(Reporting by Olesya Astakhova and Vladimir Soldatkin; Writing by Lucy Papachristou and Anita Komuves, Editing by Andrew Osborn and Emelia Sithole-Matarise and Ed Osmond)