Published by Global Banking & Finance Review®
Posted on November 21, 2025
1 min readLast updated: January 20, 2026
The US has issued a license allowing transactions with Hungary's Paks II nuclear project, providing exceptions to Russia-related sanctions.
(Reuters) -The United States on Friday issued a Russia-related general license allowing certain transactions with the Paks II civil nuclear power plant project in Hungary, according to the Treasury Department website.
The license allows exceptions to U.S. sanctions on the project being built by Russia over Moscow's war on Ukraine. It allows transactions linked to the nuclear power plant project involving some Russian banks, including Gazprombank, VTB Bank, and the Russian central bank, the Treasury Department notice showed.
The move came after Hungary signed an agreement this month on nuclear power cooperation with the United States as President Donald Trump met with Hungarian Prime Minister Viktor Orban.
Under the deal, Hungary will buy American nuclear fuel and U.S. technology to store spent fuel at the project, to be built by Russia's Rosatom.
(Reporting by Ismail Shakil and Timothy Gardner,editing by Deepa Babington)
Nuclear power is a form of energy produced by nuclear reactions, typically through the fission of uranium or plutonium, used to generate electricity in nuclear power plants.
A civil nuclear power plant is a facility that uses nuclear reactions to generate electricity for civilian use, as opposed to military applications.
Nuclear fuel is material used in nuclear reactors to produce energy, commonly uranium or plutonium, which undergoes fission to release heat and generate electricity.
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