By providing complete relief from sanctions on energy sources without any limits or time limits, we have managed to protect price reductions for utility services. Hungary still has the lowest energy costs in Europe, Orban said.
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What sanctions have been lifted for Hungary?
What did Viktor Orban say about energy?
What agreements have been signed between the US and Hungary?
What is the value of the American defense equipment that Hungary intends to buy?
“Sanctions that could limit supplies or make energy imports more expensive for Hungary do not apply,” emphasized the Hungarian Prime Minister, quoted by MTI news agency.
“We are grateful for this decision, which guarantees Hungary's energy security,” commented the head of Hungarian diplomacy Peter Szijjarto on X.
Hungary intends to buy more from the USA
On Friday, in a morning conversation with Hungarian public radio, Orban announced that he “will not ask Americans for any gift or anything extraordinary.” — I would simply ask you to realize that the sanctions recently imposed on Russian energy put some landlocked countries, such as Hungary, in a hopeless situation, said the Prime Minister.
Orban also announced that further investments from the US will come to Hungary. He stated that “they are significant because, in addition to creating jobs, they will contribute to further raising the technological level of the Hungarian economy.” The Hungarian Prime Minister also announced that both countries have also signed an agreement on cooperation between the military and space industries, which will provide Hungary with access to the most modern weapons.
The Hungarian government announced its intention to purchase American defense equipment worth $700 million. – stated in a statement from the US Department of State.
The Minister of Foreign Affairs, who was part of the Hungarian delegation, announced on Facebook the signing of an intergovernmental nuclear agreement with the USA regarding the purchase and storage of American nuclear fuel.
New agreement between the US and Hungary
According to it, for the first time in the country's history, Hungary will receive American nuclear fuel, currently purchased from Russia, as well as the technology for storing used fuel at the Hungarian Paks nuclear power plant. The agreement will also cover cooperation in the field of small modular reactors. Its value is estimated at $114 million.
The Russian state-owned company Rosatom is building two new nuclear units in Paks with a capacity of 1,200 MW each. The project called Paks II is one of the key energy projects of the Orban government. The value of the entire investment should be approximately EUR 12 billion, and the project is to be entirely financed by the Hungarian state, which borrowed funds from Russia for this purpose.
The Hungarian Prime Minister announced on Friday that Budapest and Washington have reached an agreement on the lifting of sanctions imposed by the Joe Biden administration in connection with the Paks II project.
The U.S. Department of State said in a statement after the talks that the United States and Hungary are working together to make Budapest the center of the growing Central European market for small modular reactors, implementing market-leading U.S. innovations that are expected to boost the transatlantic industry.
Hungary also committed to purchasing American liquefied natural gas LNG; the value of the contracts is expected to be approximately USD 600 million. – reported the US Department of State.
