Energy News

Hungary to pay for Russian oil and gas in rubles

by Vestnik Kavkaza

Hungarian Foreign Minister Péter Szijjártó confirmed that his country will use the payment scheme put in place by Moscow to pay for its oil and gas.

“85% of our gas supply comes from Russia, and 65% of our oil supply comes from Russia. Why? Because this is being determined by infrastructure. This is not for fun, we have not chosen the situation,” the minister told CNN.

Szijjártó said there are no alternative sources or routes which makes it possible for them to stop importing Russian energy in the next few years.

Under the Russian payment scheme, energy importers have had to open two bank accounts with Gazprombank – a foreign currency account and a rubles account. The proceeds of sales are paid in foreign currency (dollars or euros) which is then converted by Gazprombank into the ruble account.

Several other countries are reportedly using the scheme. A European Commission document release last week advised that it “appears possible” to comply with the new Russian rules without getting into conflict with EU law.

Vestnik Kavkaza
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