Hungarian Prime Minister Viktor Orban and U.S. President Donald Trump plan to meet on Friday, November 7, during which a key topic will be Budapest’s energy dependence on oil from Russia. Orban is expected to insist on special conditions regarding sanctions related to the import of Russian energy resources.
This is reported by Finway
Positions of the Parties and Sanctions Prospects
According to reports, Trump has consistently urged European countries to stop purchasing Russian oil to reduce funding for the Russian Federation’s war against Ukraine. Hungary, despite criticism from its EU and NATO partners, still largely depends on energy resources from Russia, especially following the onset of the full-scale invasion in 2022. Ahead of the meeting, Hungarian officials emphasized that Orban seeks to discuss the possibility of negotiations between the U.S. and Russia and to secure exemptions from American energy sanctions. If unsuccessful, they stated, ordinary Hungarians would bear the negative consequences.
“Hungarian officials stated ahead of the meeting that Orban intends to discuss negotiations between the U.S. and Russia and seek exceptions from American energy sanctions. If this cannot be achieved, the consequences will fall on the shoulders of ordinary Hungarians.”
Potential Economic Agreements
In addition to energy issues, the U.S. and Hungarian leaders intend to explore ways to deepen economic cooperation. The White House has announced plans to discuss “areas of mutual interest” and does not rule out signing several agreements. According to Bloomberg, Orban has prepared a package of proposals for Trump, including the purchase of American liquefied natural gas (LNG) and nuclear fuel.
Specifically, Hungary plans to sign a $100 million contract with Westinghouse Electric Co. for the supply of nuclear fuel for its nuclear power plant, which currently relies on supplies from Russia. Additionally, a package worth $600 million is being prepared for the import of American LNG over five years.
Moreover, the parties are working on a memorandum regarding Hungary’s potential acquisition of up to 10 small modular nuclear reactors, with a total value of up to $20 billion. Although negotiations on this matter are still in the early stages, successful implementation could significantly change the development strategy of Hungary’s nuclear energy, which has previously relied heavily on Russian technologies. It is known that the “Rosatom” corporation plans to begin pouring concrete for new blocks in February, nearly 12 years after signing the previous nuclear contract.
In addition to the energy sector, Hungary also expects to sign defense contracts and agreements in the financial sector.