Overview
- Hungarian Prime Minister Peter Magyar said on Wednesday that Russian gas is not cheap and that his government and state-run MVM will seek new suppliers and routes to improve prices and bargaining power.
- The European Council approved a phased ban that bars Russian LNG from January 1, 2027 and requires pipeline supplies to end by September 30, 2027, creating hard deadlines for member states.
- Market conditions limit Hungary’s options because Europe entered the heating season with below-average storage and is withdrawing gas rapidly, leaving inventories low as demand rises.
- Data show Russian LNG deliveries to the EU rose year-on-year through January–October 2026 even though monthly volumes fell in October, and EU purchases of Yamal LNG have increased in value this year.
- Experts warn that a global LNG squeeze caused by reduced Qatari volumes and disruptions in the Strait of Hormuz makes quick replacement of Russian pipeline gas impractical and risks higher prices for households and industry.