On October 16, a powerful new law signed by President Trump will trigger a radical shift in America's money system...

When a small group of private companies - not the Fed - will perform a major mint of a new kind of money. And those who act before this new system fully kicks in could see gains as high as 40X by 2032. But those who fail to prepare will be blindsided by this sea change to the U.S. dollar.

Hungary clings to Russian oil and gas as EU and NATO push to cut supplies

JUSTIN SPIKE
October 04, 2025

BUDAPEST, Hungary (AP) -- As the European Union pushes to fully sever its reliance on Russian energy and the administration of U.S. President Donald Trump urges NATO members to abandon Russian oil, one country's populist government stands firm.

Hungary and its leader, Prime Minister Viktor Orbán, have long argued Russian energy imports are indispensable for the country's economy and switching to fossil fuels sourced from elsewhere would cause an immediate economic collapse.

Orbán, who has long had the friendliest ties to the Kremlin of any EU leader, has vigorously opposed the bloc's efforts to sanction Moscow after its invasion of Ukraine in February 2022, and blasted attempts to hit Russia's energy revenues that help finance the war.

As the rest of Europe has weaned off Russian energy, Hungary has maintained, and even increased, its Russian imports, insisting no viable alternative exists.

But some energy experts -- as well as Orbán's critics, who see his commitment to Russian energy as a symptom of his affinity for President Vladimir Putin -- say the Hungarian leader's position is more about politics than pipelines.

Orbán warns economy would be 'on its knees'

Hungary's leaders argue its landlocked geography in the heart of Central Europe make it dependent on Russian fossil fuels delivered by pipelines built while Hungary was under Soviet dominance.

With no alternative sources and infrastructure to bring oil and gas to Hungary, officials say, the country's economy would cease to function without Russian supplies.

"If Hungary is cut off from Russian oil and natural gas, then immediately, within a minute, Hungarian economic performance will drop by 4%," Orbán told state radio in September. "This would be catastrophic, the Hungarian economy would be on its knees."

But László Miklós, a chemical engineer and energy industry analyst, told The Associated Press there was "no rational explanation" for Orbán's government's reluctance to seek alternative fuel sources and ample infrastructure is already in place to supply Hungary with affordable, non-Russian oil and gas.

"Disconnection from Russian energy in an integrated European market should not be a problem, all conditions are there. It's the intention that is missing," Miklós said.

Cutting off Russian imports

EU countries moved quickly to slash their imports of Russian oil and gas after Russia invaded Ukraine, instituting an embargo on Russian oil in 2022 and, this year, announcing a proposal to gradually stop the import of all Russian gas and oil into the bloc by the end of 2027.

Yet as the EU sought to deprive Putin of revenue that helps fuel the war, it also granted a temporary exemption for supplies delivered by pipeline to three landlocked countries: the Czech Republic, Hungary and Slovakia.

That carve out, Miklós said, has allowed the Hungarian government and the national oil and gas conglomerate MOL to take in major windfall profits and deliver billions of dollars to Russia's budget.

"People think that Hungary purchases Russian energy for economic benefit. This is wrong," said Miklós, who previously served as MOL's director of corporate relations. "Hungary buys Russian energy because the Hungarian government wants to help Russia arm itself ... MOL and the Hungarian government's significant profits are a side effect of that."

Transitioning to a western route

The EU's push to cut Russia off from energy revenues has sparked fury from Hungary's leaders, who portray the steps as misguided and ideologically motivated.

"It is quite astonishing that the leaders of European countries ... are unable to see that each country's geographical location determines where it can purchase energy sources," Hungarian Foreign Minister Péter Szijjártó said in a September social media post. "We can dream about buying gas and oil from places that are not connected by pipelines, but we cannot heat our homes, boil water or run factories with dreams."

Despite insistence that a lack of infrastructure precludes a transition to non-Russian energy sources, other countries in the region, similarly landlocked, have brought Russian oil first to a trickle, then to a stop.

Earlier this year, leaders of the Czech Republic, which previously received about half its oil from Russia via the Druzhba pipeline, celebrated the country's "oil independence day" after doubling the capacity of an Italian pipeline, the last infrastructural development necessary to end Russian oil imports.

Hungary, which currently receives the vast majority of its crude from Russia via the Druzhba pipeline, already has a second pipeline in place: the Adria, which runs from Croatia's Adriatic Sea.

MOL says it requires around 14 million tons (12.7 million metric tons) of crude per year, but recent tests on the Adria pipeline showed it is incapable of reliably delivering such a quantity.

The Croatian oil transport company Janaf disputes that claim, saying it is prepared to cover both Hungary and neighboring Slovakia's total annual demands for crude oil.

Miklós said even if Adria were incapable of providing for all of Hungary's oil needs, it can still play a major role in decreasing imports from Russia.

"It is possible to bring oil from elsewhere, the Adria pipeline has been available for several decades," he said. "If what they say is true and they need 14 to 15 million tons (per year), it would still be logical to take 10 million tons from the Adria and bring the rest on Druzhba."

The cost of finding alternatives

Hungary's government has portrayed EU efforts to cease Russian energy imports as an existential threat to a popular, government-backed household utility reduction program. In May, Orbán claimed in a video that household electricity bills would double and gas bills would nearly triple if Russian supplies were eliminated.

Yet according to Borbála Takácsné Tóth, a gas industry research analyst, the price Hungary pays for Russian gas is based on European benchmark prices and is not substantially cheaper than what other countries pay for non-Russian gas.

Tóth, who works at the Regional Centre for Energy Policy Research, an independent institute affiliated with Corvinus University of Budapest, said her group's modeling shows breaking with Russian gas would likely cause "a temporary increase of 1.5 to 2 euros per megawatt hour," a price hike she called "minimal, below 5%."

Despite the rhetorical commitment to Russian energy from Hungary's politicians, national energy company MOL has undertaken investments in recent years to diversify its supplies and outfit its refineries in Hungary and Slovakia to process non-Russian crude.

The company said in an email that due to a multiyear, $500 million investment, "we will be (in) a much better position to have a more diverse crude oil sourcing capability" by the end of 2026.

Miklós said that despite the Hungarian government's determination to continue purchasing Russian energy, EU regulations will soon bring that to an end.

"Things will clearly never be the same again, because the European Union has learned that, to put it simply, Russia cannot be trusted," he said. "It is a matter of political will to break away from Russian energy sources. There is a small price to pay for this, which every other European country is paying."

Continue Reading...

Popular

Cathie Wood, Tom Lee Align On These 10 Stock Picks: Some Might Surprise You

A new ETF from Tom Lee shares 10 stocks in common with Cathie Wood's Ark Funds. A look at the stocks both well-known financial figures like.

The Next Biggest Bull Run In Over 50 Years - Ad

Gold has hit all-time highs, breaking $4,000 an ounce - but history shows it could be on the verge of its biggest bull run in over half a century... triggered by a likely major event, eerily similar to what happened in the 1970s. (It's NOT inflation or anything you're likely expecting.) Now, a top analyst says you can capture ALL of the upside without touching a risky miner or a boring exchange-traded fund. He sees extraordinary potential gains long term with very little risk.

Warren Buffett's Berkshire Hathaway Bets Big On Consumer Brands Amid Economic Shifts

Warren Buffett and his successor Greg Abel have been directing Berkshire Hathaway towards consumer-centric investments throughout 2025.

Trump Defends Missile Strike On 'Drug-Carrying' Submarine Amid Human Rights Outcry

Trump defends strike on drug sub, says it targeted fentanyl-laden vessel heading to US. Two survivors were rescued.

The Tesla Shock Nobody Sees Coming - Ad

While headlines scream "Tesla is doomed"...Jeff Brown has uncovered a revolutionary AI breakthrough buried inside Tesla's labs. One that is helping AI escape from our computer screens and manifest itself here in the real world all while creating a 25,000% growth market explosion starting as early as October 23rd.

Supreme Court will consider whether people who regularly smoke pot can legally own guns

WASHINGTON (AP) — said on Monday that it will consider whether people who regularly smoke marijuana can legally own guns, the latest firearm case to come before the court since .

US takes a minority stake company operating one of world's largest lithium mines in Nevada

The U.S. government is taking a minority stake in Lithium Americas, a company that is developing one of the world’s in northern Nevada.

VanEck and Kinross Both Have Their Eyes on This U.S. Gold Play - Ad

When a global fund manager and a $12B miner target the same domestic project, investors notice. Strategic deals and breakthrough drill results are fueling a surge of interest in this U.S. name.

Nebius Vs. Palantir: The AI Infrastructure War At 100x Sales

Wall Street's AI mania has sparked a battle between Nebius (NBIS) and Palantir (PLTR) as investors question where the true value of AI lies.

Ethereum Crashes To $4,100 As Senate Democrats Take Aim At DeFi

Ethereum (CRYPTO: ETH) is trading near $4,100 on Friday, after a sharp selloff that followed its rejection from $4,700 and renewed fears of U.S.

Gold's Rally Is Rewriting America's Financial Story - Ad

As inflation lingers and governments wobble, gold keeps breaking records - and U.S. supply is suddenly back in focus. One domestic gold play is riding this trend on multiple fronts.

Trump approves Alaska mining road to boost copper, zinc production

WASHINGTON (AP) — President Donald Trump on Monday ordered approval of a proposed 211-mile road through an Alaska wilderness to allow mining of copper, cobalt, gold and other minerals.

What Neil Armstrong REALLY Saw on the Moon [TERRIFYING] - Ad

You won't see THIS in any history book... But after becoming the first man to set foot on the moon... Neil Armstrong reported a strange encounter he had in space during a post-mission debrief. NASA did their best to keep it secret... But now, unearthed NASA audio is blowing the lid off of everything.

Eli Lilly's Oral Weight Loss Drug Shows Superiority Over Two Approved Drugs

Orforglipron meets key endpoints in Phase 3 trials, showing A1C reduction, weight loss, and cardiovascular benefits for type 2 diabetes.

Gold Deals Pick Up As Metal Soars Past $4,200

Gold reaches new highs, expected to continue rallying into 2026. Multiple mergers and acquisitions in gold market.

November 18: D-Day For The Dollar - Ad

A quiet shift in U.S. law has just authorized private companies to mint a new form of government-authorized money called the "Dollar 2.0"... and the next major mint hits on November 18. Investors who make the right moves before then could make up to 40X by 2032...

Why Is BTQ Technologies Stock Up Today?

Shares of BTQ Technologies Corp. (NASDAQ:BTQ) are rising Thursday after the company announced that it reached a significant technological milestone.

Trump Says He Wasn't Happy India Was Buying Russian Oil And Now Modi Has Agreed To Stop Doing It: 'Big Step'

President Donald Trump has said that Indian Prime Minister Narendra Modi has agreed to halt his country's purchase of Russian crude oil, a move that could have a significant impact on Moscow's ongoing war in Ukraine.

Elon's New Device Could Launch Biggest IPO of the Decade - Ad

Elon Musk's new device is being called a "game-changer"-and even the White House is using this tech. Jeff Brown says it could launch Musk's next trillion-dollar company and make early investors rich. You can claim a stake now for as little as $500.

Faulty engineering led to implosion of Titan submersible headed to Titanic wreckage, NTSB finds

PORTLAND, Maine (AP) — Faulty engineering led to the implosion of an experimental submersible that killed five people on the way to the wreck of the , the National Transportation Safety Board concluded in a report Wednesday.

Magnolia Oil & Gas Gets Upgrade On Strong Finances, Brighter Oil Outlook

KeyBanc raised Magnolia Oil & Gas to Overweight with a $29 target, citing a defensive profile and disciplined growth outlook.

Ex-CIA Officer: New White House Plan Could Unleash Est. $2.2 TRILLION In American Wealth - Ad

Buck Sexton reveals what he believes is the president's plan to unleash an estimated $2.2 TRILLION in new wealth into an advanced form of AI over the next 10 years. As a deeply connected insider, Buck has access to literally everyone inside the president's inner circle and he says it's about to happen again right now.

Regeneron's Gene Therapy Shows Significant Gains In Genetic Hearing Loss

Regeneron gene therapy for OTOF-related hearing loss shows rapid, sustained improvements, including normal hearing in some participants.

Kevin O'Leary Says Gen Z Is 'Rewriting The Playbook' Of Money And Love, The Shark Is Telling His Students To Do This By The Third Date

Gen Z is changing the rules of money & relationships. They're open to co-buying homes, pooling resources & discussing finances earlier. Kevin O'Leary urges couples to talk about credit & goals by the 3rd date, saying it strengthens partnerships. Co-buying is gaining traction as a way to overcome the affordability hurdle. However, it requires planning to avoid risks. Gen Z also values financial responsibility & is willing to share ownership to get into the housing market.

America's Next Gold Rush Is Gaining Speed - Ad

Record gold prices. Major partners in Nevada and Arizona. Billions in potential resources. The next chapter in America's gold story may already be unfolding - and one U.S. company is at the center of it.

Why American Airlines (AAL) Stock Is Falling Thursday

Shares of American Airlines are trading lower Thursday afternoon in sympathy with competitor United Airlines.

Trump's immigration crackdown weighs heavy on the US labor market

Maria worked cleaning schools in Florida for $13 an hour. Every two weeks, she’d get a $900 paycheck from her employer, a contractor. Not much — but enough to cover rent in the house that she and her 11-year-old son share with five families, plus electricity, a cellphone and groceries.

On October 16, a powerful new law signed by President Trump will trigger a radical shift in America's money system... - Ad

When a small group of private companies - not the Fed - will perform a major mint of a new kind of money. And those who act before this new system fully kicks in could see gains as high as 40X by 2032. But those who fail to prepare will be blindsided by this sea change to the U.S. dollar.

Trump Pushes Israel To Stop 'Bombing' Gaza As Hamas Agrees To Free Hostages: 'Right Now, It's Far Too Dangerous To Do That'

President Donald Trump welcomed Hamas's response to his proposed Gaza ceasefire plan on Friday, immediately calling on Israel to halt military operations in the enclave

Dutch Supreme Court rejects Russia's final appeal in $50B Yukos case

THE HAGUE, Netherlands (AP) — The Dutch Supreme Court on Friday rejected a final appeal by against a $50 billion arbitration award to former shareholders of Russian oil giant Yukos, who claimed Moscow deliberately bankrupted the company more than 20 years ago.

The Next Biggest Bull Run In Over 50 Years - Ad

Gold has hit all-time highs, breaking $4,000 an ounce - but history shows it could be on the verge of its biggest bull run in over half a century... triggered by a likely major event, eerily similar to what happened in the 1970s. (It's NOT inflation or anything you're likely expecting.) Now, a top analyst says you can capture ALL of the upside without touching a risky miner or a boring exchange-traded fund. He sees extraordinary potential gains long term with very little risk.

Tesla offers cheaper version of its best-selling EV in bid to win back market share in a tough year

NEW YORK (AP) — Tesla announced the rollout of a new, cheaper version of its best-selling electric car on Tuesday in hopes the offering will help revive flagging sales.

The Tesla Shock Nobody Sees Coming - Ad

While headlines scream "Tesla is doomed"...Jeff Brown has uncovered a revolutionary AI breakthrough buried inside Tesla's labs. One that is helping AI escape from our computer screens and manifest itself here in the real world all while creating a 25,000% growth market explosion starting as early as October 23rd.

China outlines more controls on exports of rare earths and technology

HONG KONG (AP) — China outlined new curbs on exports of rare earths and related technologies on Thursday, extending controls over use of the elements critical for many products ahead of a meeting later this month between President Donald Trump and Chinese leader Xi Jinping.

What's Going On With Archer Aviation Stock Wednesday?

Shares of Archer Aviation Inc. (NASDAQ: ACHR) are rising Wednesday after the air mobility company confirmed it won a bid for a portfolio of patents.

VanEck and Kinross Both Have Their Eyes on This U.S. Gold Play - Ad

When a global fund manager and a $12B miner target the same domestic project, investors notice. Strategic deals and breakthrough drill results are fueling a surge of interest in this U.S. name.

First Brands founder resigns amid accounting scandal and billions in missing funds

The founder and CEO of First Brands resigned Monday, weeks after the auto parts supplier filed for bankruptcy protection amid an accounting scandal that has left lenders scrambling for more than $2 billion in missing funds.

Trending Now

Information, charts or examples are for illustration and educational purposes only and not for individualized investment management This message contains commercial elements, such as advertising. We only send these offers to those who have opted in to our newsletter. Past performance is not indicative of future results. For these reasons we strongly suggest trading in a DEMO/Simulated account. The information provided by us is for educational and informational purposes only. We make no representations or warranties concerning the products, practices or procedures of any company or entity mentioned or recommended and have not determined if the statements and opinions of the advertiser are accurate, correct or truthful. If you use, act upon or make decisions in reliance on information contained or any external source linked within it, you do so at your own peril and agree to hold us, our officers, directors, shareholders, affiliates and agents without fault.

Copyright markethundred.com
Privacy Policy | Terms of Service