Hungary Monitors Impact of U.S. Sanctions on Gazprombank

The Hungarian foreign ministry is assessing new U.S. sanctions on Russia's Gazprombank and may reach out to its natural gas supplier. Hungary currently has a long-term agreement with Russia, receiving 4.5 billion cubic meters of natural gas annually from Gazprom under a 15-year contract established in 2021.

The Hungarian foreign ministry is closely examining recent U.S. sanctions imposed on Gazprombank, a major Russian financial institution, according to a statement sent to Reuters. The ministry plans to contact its natural gas supplier if deemed necessary due to these new developments.

In 2021, Hungary cemented its energy relationship with Russia through a long-term agreement with Gazprom. The deal secures an annual supply of 4.5 billion cubic meters of natural gas over the span of 15 years, highlighting Hungary's reliance on Russian energy sources.

The evolving geopolitical landscape, influenced by U.S. sanctions, could potentially impact Hungary's energy security and economic considerations, prompting the need for strategic assessment by the Hungarian government.

(With inputs from agencies.)