Hungary Secures Record Russian Gas Imports via TurkStream

(MENAFN) Hungary has imported an unprecedented 5 billion cubic meters of Russian gas through the TurkStream pipeline this year, according to Foreign Minister Peter Szijjarto. This pipeline, which directly connects Russian gas supplies to Türkiye and Southern Europe, remains Hungary’s primary source of energy following Ukraine's decision to halt gas transit at the end of last year.

“Record volumes of natural gas are already arriving via TurkStream through Serbia – over 5 bcm since January,” Szijjarto confirmed on Monday, as reported by government spokesman Zoltan Kovacs. “This secures our energy supply and helps preserve Hungary’s achievements in keeping household utility costs low.”

Hungary’s gas supply largely remains dependent on long-term agreements with Gazprom, Russia’s state-run energy giant. The TurkStream pipeline, which the government considers a critical piece of the nation's energy security, is the central artery for most of these deliveries. Data from official sources indicates that gas imports from Russia via this route could hit a record 7.6 billion cubic meters by the end of 2024.

The TurkStream pipeline serves multiple European nations, including Hungary, Serbia, Bulgaria, Slovakia, Bosnia and Herzegovina, and Greece, in addition to Turkish consumers.

After the EU’s energy trade with Russia sharply dropped due to sanctions imposed in response to the Ukraine war and the sabotage of the Nord Stream pipelines, Moscow has significantly reduced its gas exports. Russian gas shipments to the EU have plummeted from over 40% of total EU gas imports in 2021 to just 11% in 2024.

The EU has set a target to eliminate Russian energy imports by 2027 as part of its RePowerEU strategy. However, Szijjarto has strongly opposed this move, warning that it would “destroy Hungary’s energy security” and lead to severe price hikes.

Russia has slammed Western sanctions as both illegal and counterproductive, particularly those targeting its energy sector. The Kremlin has pointed to the surge in energy prices across the EU following the imposition of these sanctions in 2022 as evidence of their failure.

At the same time, Russia is redirecting its energy exports toward China. The country has boosted gas deliveries via the Power of Siberia pipeline, and Moscow and Beijing have recently agreed to increase flows along this route. They are also pushing forward the development of the Power of Siberia 2 pipeline, set to run through Mongolia, underscoring Russia’s pivot toward Asian markets.

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