Hungary Announces Progress on New Russian Oil Pipeline Project with Serbia and Russia
Hungary has announced significant progress on a new pipeline project with Serbia and Russia, aimed at transporting Russian oil. This initiative is part of Hungary’s efforts to ensure its energy security amid escalating tensions with the European Union (EU) over the use of Russian energy. Foreign Minister Peter Szijjarto outlined the project’s importance, stating that it is essential to maintain energy independence and resist the EU’s efforts to phase out Russian energy sources.
The pipeline, which will be 300 kilometers long, is projected to have an annual capacity of 4-5 million tons of oil. This project will enable Serbia to receive Russian oil through the Druzhba pipeline, positioning Hungary as a key transit hub. The collaboration between Hungary, Serbia, and Russia is seen as a strategic move to counter the EU’s RePowerEU plan, which aims to eliminate Russian energy imports by 2028.
At a press conference, Szijjarto expressed his opposition to Brussels’ policies, accusing the EU of attempting to cut Hungary off from Russian oil and gas, leading to higher costs for Hungarian families. He emphasized that Hungary will not allow such measures, stating that the country is building new sources of energy rather than shutting them down. The project is expected to be operational by 2027, with all parties involved reviewing investment and construction details.
Russian Deputy Energy Minister Pavel Sorokin and Serbian Minister of Mining and Energy Dubravka Dedovic-Handanovic met with Szijjarto to discuss the project’s details. Sorokin mentioned that Russia is ready to support the construction and supply oil to the pipeline, highlighting the potential for increased cooperation between Moscow and Budapest. This collaboration is seen as a significant step in the face of EU sanctions, which have led to a decline in Russian oil supplies to the EU.
The EU’s sanctions have resulted in a significant reduction in Russian oil exports, particularly following the 2023 embargo on seaborne crude and the price cap on Russian oil. Moscow has criticized these measures as illegal and self-defeating, arguing that they have led to price spikes within the EU and warned that the bloc may eventually have to rely on costlier alternatives or indirect Russian imports through intermediaries.