MOL bids farewell to Gazprom. Hungary without gas and oil from Russia

Hungary's Foreign Minister Anita Orbán announced that Hungary will cease purchasing Russian gas by autumn 2027, aligning with EU regulations. The country is also preparing to stop buying oil from Russian companies Rosneft and Lukoil, requiring upgrades to its MOL refineries. The EU has already banned imports of Russian LNG starting January 2027 and pipeline gas by September 2027. Hungary is exploring gas supplies from Turkmenistan and has signed a contract with Engie for LNG imports from 2028 to 2038. Gazprom's exports to Europe have significantly declined, with only the Turkish Stream pipeline currently operational.