financetom
Business
financetom
/
Business
/
Hungary's Orban says he will seek exemption from US oil sanctions
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Hungary's Orban says he will seek exemption from US oil sanctions
Oct 31, 2025 1:57 AM

BUDAPEST, Oct 31 (Reuters) - Hungarian Prime Minister

Viktor Orban said on Friday he hopes to convince President

Donald Trump that Hungary should be exempted from U.S. sanctions

on Russian oil because of its high dependence on pipeline

networks for its energy supplies.

Orban has said he will discuss U.S. sanctions on Russian oil

companies Rosneft and Lukoil with Trump at a

meeting scheduled for November 7 and aims to conclude a broad

economic agreement with the United States.

"Hungary is a landlocked country... We are dependent on

those transport routes through which energy can reach Hungary.

These are mostly pipelines," Orban said.

"We have to make the Americans understand this peculiar

situation ... if we want them to allow exemptions from the

American sanctions against Russia," he said.

Orban said that despite having access to the sea, Germany

had sought an exemption for one of its refineries.

Germany's economy minister said on Tuesday he had received

assurances from Washington that Rosneft's German business would

be exempt from the sanctions because the assets are no longer

under Russian control. Rosneft's German arm owns a controlling

stake in the Schwedt oil refinery.

The new U.S. sanctions, which pose a risk to Hungary's

reliance on crude imports from Russia, were announced days after

a fire at the main Danube refinery of Hungarian oil group MOL

that forced it to operate at reduced capacity.

On Thursday, Hungary's government published draft

legislation to amend a law on stockpiling of imported crude and

crude products to enable it to designate so-called standby

filling stations to provide fuel to critical users in a supply

emergency.

Orban's talks with Trump next week will be his first

bilateral meeting with the U.S. president since his long-time

ally returned to the White House.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Silver X Acquires the High-Grade Pampas Gold-Silver Project, Expanding its Precious Metal Asset Base in Peru
Silver X Acquires the High-Grade Pampas Gold-Silver Project, Expanding its Precious Metal Asset Base in Peru
Mar 24, 2026
Silver X to acquire the 7,712.5-hectare Pampas Gold-Silver Project in Huancavelica, Peru, adding a new high-grade exploration asset to its precious metals portfolio. High grades: Historical rock chip samples returned up to 85.9 g/t gold and 1,065 g/t silver. District-scale system: 36 mapped gold-silver veins with strike lengths of up to 2,000 metres across a large epithermal system. Major exploration...
Sea Insider Sold Shares Worth $1,608,500, According to a Recent SEC Filing
Sea Insider Sold Shares Worth $1,608,500, According to a Recent SEC Filing
Mar 24, 2026
07:35 AM EDT, 03/24/2026 (MT Newswires) -- Gang Ye, Director, COO, on March 20, 2026, sold 20,000 shares in Sea (SE) for $1,608,500. Following the Form 4 filing with the SEC, Ye has control over a total of 22,844,539 shares of the company, with 22,394,539 shares held directly and 450,000 controlled indirectly. SEC Filing: https://www.sec.gov/Archives/edgar/data/1703399/000119312526120578/xslF345X05/ownership.xml ...
Market Chatter: FedEx Launching Same-Day Shipping With Partner OneRail
Market Chatter: FedEx Launching Same-Day Shipping With Partner OneRail
Mar 24, 2026
07:40 AM EDT, 03/24/2026 (MT Newswires) -- FedEx ( FDX ) is launching same-day shipping in partnership with delivery company OneRail, CNBC reported Tuesday, citing FedEx ( FDX ) senior vice president Jason Brenner. The partnership will allow FedEx ( FDX ) to use OneRail's artificial intelligence-based technology in optimizing delivery, routing, and tracking for retailers' deliveries, according to the...
Panther Minerals Acquires Usha's Rubidium Ridge Project in Ontario
Panther Minerals Acquires Usha's Rubidium Ridge Project in Ontario
Mar 24, 2026
07:35 AM EDT, 03/24/2026 (MT Newswires) -- Usha Resources ( USHAF ) said Tuesday that Panther Minerals ( GLIOF ) has acquired Usha's Rubidium Ridge pegmatite project in Ontario under an earn-in agreement announced in February. As consideration, Panther paid C$80,000 and issued 4,150,000 shares. Usha said the property remains subject to a 2.0% net smelter returns royalty. Panther can...
Copyright 2023-2026 - www.financetom.com All Rights Reserved