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Hungary guarantees Russian sanctions exception from US
(MENAFN) Hungary has successfully negotiated an exemption from US sanctions on Russian gas transactions, allowing Budapest to continue payments to Gazprombank, Hungarian Foreign Minister Peter Szijjarto announced. This agreement comes after Washington’s November decision to cut Gazprombank—the last Russian lender with SWIFT access—off from the US banking system.
The US Treasury had imposed blocking sanctions on over 50 Russian financial institutions, including Gazprombank and its international subsidiaries. However, following Hungary’s request, Washington granted a waiver ensuring uninterrupted natural gas payments, Szijjarto said at a press conference in Ankara alongside Turkish Foreign Minister Hakan Fidan.
He criticized the previous US administration for using energy sanctions to create supply difficulties for Central European nations, while praising President Donald Trump’s more pragmatic approach. Szijjarto commended Trump’s administration for prioritizing energy security and recognizing the importance of stable infrastructure.
The exemption follows the expiration of General License 8, a measure under former President Joe Biden that had temporarily allowed energy-related transactions with Russian banks. Additionally, Biden’s administration, in coordination with the UK, had imposed sweeping sanctions on Russian oil producers and shipping vessels in early 2025.
Moscow has consistently condemned Western sanctions as illegal and ineffective, arguing that they have failed to weaken Russia’s economy and have instead harmed the nations enforcing them. Russian President Vladimir Putin has maintained that these measures have backfired, reinforcing Russia’s economic resilience.
The US Treasury had imposed blocking sanctions on over 50 Russian financial institutions, including Gazprombank and its international subsidiaries. However, following Hungary’s request, Washington granted a waiver ensuring uninterrupted natural gas payments, Szijjarto said at a press conference in Ankara alongside Turkish Foreign Minister Hakan Fidan.
He criticized the previous US administration for using energy sanctions to create supply difficulties for Central European nations, while praising President Donald Trump’s more pragmatic approach. Szijjarto commended Trump’s administration for prioritizing energy security and recognizing the importance of stable infrastructure.
The exemption follows the expiration of General License 8, a measure under former President Joe Biden that had temporarily allowed energy-related transactions with Russian banks. Additionally, Biden’s administration, in coordination with the UK, had imposed sweeping sanctions on Russian oil producers and shipping vessels in early 2025.
Moscow has consistently condemned Western sanctions as illegal and ineffective, arguing that they have failed to weaken Russia’s economy and have instead harmed the nations enforcing them. Russian President Vladimir Putin has maintained that these measures have backfired, reinforcing Russia’s economic resilience.
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