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US imposes sanctions on Russia's Lukoil and Rosneft

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MOL's Slovak unit assessing possible impact on its

business

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Hungary, Slovakia biggest Russian oil buyers in EU

(Updates throughout with details, context, analyst comments)

Oct 23 (Reuters) - Slovak refiner Slovnaft, which

processes mostly Russian crude and is part of Hungary's MOL

group, said on Thursday it was analysing the possible

impact on its operations of U.S. sanctions on Russian oil

majors.

U.S. President Donald Trump on Wednesday imposed sanctions

on Russia for the first time in his second term, targeting

Lukoil and Rosneft, as he tries to pressure Moscow into agreeing

a ceasefire in Ukraine.

The move drove up oil prices and left questions for Hungary

and Slovakia, the biggest buyers of Russian oil in the European

Union after securing exemptions from EU restrictions.

POTENTIAL HEADACHE FOR REFINERIES AND BANKS

Hungarian oil and gas group MOL operates refineries in

Hungary and Slovakia reliant on Russian crude, and it last year

ran into problems with deliveries when Ukraine - through which

the Druzhba pipeline carrying supplies runs - sanctioned Lukoil.

MOL struck deals to take ownership of the affected crude oil

volumes at the Belarus-Ukraine border to keep flows coming then.

MOL did not immediately comment on Thursday on the U.S.

sanctions, which should come into effect later in November.

MOL's Slovak unit Slovnaft said: "As this is a new

situation, we first need to familiarise ourselves in detail with

the exact wording of the new U.S. sanctions and analyse their

possible impact on our activities."

Slovnaft processed 4.8 million metric tons of oil in 2024,

of which 662,000 tons were non-Russian. MOL processes around 8

million tons in its Danube refinery in Hungary.

Slovak and Hungarian government offices also did not reply

to questions.

"Compliance departments at certain banks will have a lot of

headache in weeks to come," Vaclav Bartuska, the Czech

Republic's ambassador to Britain and a former energy envoy for

the government, said on X.

"Expect delays/cuts in deliveries of Russian oil to

customers."

According to Iwona Wisniewska, of the Warsaw-based Center

for Eastern Studies, around 80% of Russian production is now

facing sanctions, making alternative options more difficult.

Refineries have already been making technological changes to

handle more non-Russian oil.

"It's not that losing access to Russian oil would mean the

end of business for the Hungarian refinery - but it certainly

means a complete change in the operating conditions," Wisniewska

said.