Overview
- A White House official says Hungary’s exemption from new U.S. sanctions on Russian oil and gas lasts one year, while Prime Minister Viktor Orbán and his foreign minister insist it is indefinite.
- Hungary agreed to buy about $600 million of U.S. liquefied natural gas and to switch to American nuclear fuel, with a U.S. summary also citing planned support for up to 10 small modular reactors and $700 million in military purchases.
- Orbán says he secured a U.S. “financial shield” to safeguard Hungary’s economy from external attacks, though Budapest has provided no details on how it would operate.
- Critics warn the waiver could blunt pressure on Moscow over the war in Ukraine, with one analyst estimating it may enable more than €1 billion to reach the Kremlin.
- The deal follows October sanctions targeting Rosneft and Lukoil with secondary-sanctions risk that take effect on November 21, and Hungary points to IMF data showing it sourced 74% of its gas and 86% of its oil from Russia in 2024.