Hungary Explores Takeover of Russian-Linked Oil Refineries Amid Sanctions
Hungarian Prime Minister Viktor Orban met with Russian President Vladimir Putin to discuss the potential acquisition of oil refineries in Eastern Europe that were sanctioned due to Russian ownership. The closed-door talks focused on Hungary's interest in taking over these assets, including Serbia's NIS refinery, owned by Gazprom, which was forced to halt operations after U.S. sanctions.
Orban's visit to Moscow followed a meeting with Serbian President Aleksandar Vucic, where he expressed Hungary's willingness to purchase a stake in NIS. Hungary secured a sanctions waiver after Orban's November 7 meeting with former U.S. President Donald Trump, allowing it to pursue energy infrastructure others must abandon. Targets include Lukoil PJSC's refineries in Bulgaria and Romania.
