The United States recently took a big step by imposing heavy sanctions on Russia’s Gazprombank, which is a major player in handling gas payments from Russia. These new sanctions are part of a larger effort by the US to pressure Russia, but Hungary’s Foreign Minister, Peter Szijjarto, says these actions could put the energy security of Central Europe at risk.
A Serious Blow to Energy Deals
Earlier this week, the US Treasury Department announced sanctions against over 50 Russian financial institutions, including Gazprombank. This move blocks these institutions from using the SWIFT system, which is the global network used to send money between banks. Gazprombank, being the main bank for energy-related transactions with Russia, will now struggle to do business in US dollars, which is a big deal for countries relying on Russian gas.
Hungary’s Strong Reaction
Peter Szijjarto, Hungary’s foreign minister, was quick to speak out. He posted a message on Facebook, saying that this decision by the US is a direct attack on energy security in countries like Hungary. He argued that the sanctions are aimed at making it harder for these nations to get the energy they need, particularly natural gas.
Szijjarto made it clear that Hungary sees this as an infringement on its sovereignty. Hungary is fiercely protecting its right to secure energy supplies and resist any outside pressure or sanctions that threaten this. “Any action that endangers our energy supplies, whether through sanctions or cutting off gas deliveries, is an attack on our sovereignty,” he said.
Efforts to Secure Gas Supplies
Despite the sanctions, Hungary is working hard to secure its energy needs. Szijjarto met with officials from Russia, including Pavel Sorokin, Russia’s Deputy Energy Minister, during the Istanbul Energy Forum. They discussed ways to continue gas supplies to Hungary, despite the new challenges caused by the sanctions.
Hungary is also in talks with several other countries, including Türkiye, Azerbaijan, Bulgaria, and Serbia, to ensure they can maintain steady energy supplies. They are even consulting with Slovakia to find a way forward.
Europe’s Struggle with Russian Energy
The situation is complicated. While the EU has been trying to reduce its reliance on Russian energy, it still imports a significant amount. In fact, European countries are still buying large amounts of liquefied natural gas (LNG) from Russia. Back in August, around 54% of the EU’s fossil fuel imports from Russia were in the form of pipeline gas, and about 25% was LNG.
This means that while the EU is working to break free from Russian energy, it’s still deeply tied to Russia’s fossil fuels. So, the US sanctions are making things even more complicated, as countries like Hungary that depend on Russian gas face uncertain futures.
The Bigger Picture
Hungary’s criticism of the US comes at a time when tensions over energy security are rising across Europe. With the sanctions cutting off one of the main ways to buy Russian energy, countries like Hungary are feeling the pressure. The stakes are high, as energy security is closely linked to economic stability and national sovereignty.
In conclusion, Hungary is standing firm in its belief that the US sanctions against Gazprombank are more than just a financial move—they are a direct challenge to energy security in Central Europe. With Hungary and other countries looking for ways to secure their energy supplies, this issue is far from over. The question remains: How will Europe navigate this growing energy crisis, and will the US continue to push for further sanctions at the risk of destabilizing the region?
