The EU’s largest buyer of Russian gas has agreed to purchase supplies from the US. The Hungarian state-owned energy company MVM Group signed a five-year agreement to for the supply of two billion cubic meters of liquefied natural gas (LNG) from US energy company Chevron. “We are interested in purchasing energy from as many sources and through as many routes as possible, ensuring the lowest prices”, Hungarian Foreign Minister Péter Szijjártó commented on the agreement.
Hungary will also buy four billion cubic meters of gas from France’s Engie from 2028 to 2038. And in September, MVM Group signed a 10-year gas contract with Shell. Meanwhile, Hungary still has a long-term gas supply agreement with Russia. As is known, Budapest opposes the EU plan to gradually cease importing Russian gas by the end of 2027. In November, Hungary said it received an exemption from US sanctions on Russian oil and gas, and the White House has clarified that the exception will only last for one year.
It is worth noting that, amid Western sanctions, India – once the largest buyer of Russian Urals oil – has reduced its purchases. Consequently, tankers loaded with Urals have begun to stack up off China’s east coast.