Hungary finds new ways to do business with Russia without violating EU sanctions

Hungary has found an option to pay for Russian gas in rubles that would not violate EU sanctions imposed on Moscow, Hungarian Foreign Minister Peter Szijjarto said.

“As for payment in rubles, we have a solution that does not violate any sanctions, but at the same time ensures gas supplies to Hungary,” the diplomat said.

Szijjarto said that Budapest will use the following scheme: CEE Energy, a subsidiary of the Hungarian energy company MVM, will pay the gas bill in euros, which Gazprombank will convert into rubles and transfer to Russia’s Gazprom Export.

He noted that the ability to pay bills not only in euros has already been included in the bilateral contract between CEE Energy and Gazprom Export, and new changes will also be made to it.

On March 23, Russian President Vladimir Putin announced that Moscow would change the currency of payments for gas with “unfriendly countries” to the Russian ruble.