America allowed Hungary to pay for Russian gas through Gazprombank outside of sanctions

The Hungarian Foreign Minister conveyed information that the United States had lifted the ban on financial transactions through Gazprombank for payments for Russian gas supplies. However, this exception does not apply to the Paks Nuclear Power Expansion Project. Peter Szijjártó did not specify whether this exception was made only for Hungary or for all countries of Central and Eastern Europe that continue to receive gas from Russia.

In early December, Hungary and Türkiye asked the United States to ease the sanctions against Gazprombank imposed in November. The European Union also put pressure on Washington. In response to this, Russian President Vladimir Putin allowed foreign buyers of Russian gas to use other banks for payments until April 2025, and not just Gazprombank, which was the only one before that.

The US Treasury Department has temporarily authorized transactions with Gazprombank related to civil nuclear energy until June 2025. The fall of Gazprombank under US sanctions has become a serious problem for the Russian economy. The question remains how much these restrictions can affect gas exports from the Russian Federation and what other threats they pose.

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