Hungarian Prime Minister Viktor Orban flew to Moscow in the early hours of November 28 to meet Russian President Vladimir Putin, aiming to guarantee Hungary’s energy supply for the winter and the coming year at affordable prices. 

Posting on social media, Orban said Hungary relies on Russian gas and oil delivered via pipeline and that energy prices remain the lowest in Europe, thanks to access to relatively cheap Russian sources. 

"Off to Moscow!" the prime minister wrote on Facebook. "Energy security, and affordable, low energy prices in the winter in Hungary - that's why we went to Washington, and that's why I'm going to Moscow now too."

Recent US sanctions on Russian energy firms had required diplomatic efforts in Washington to secure exemptions for Hungary.

When asked whether peace issues would arise in the discussions, Orban said they could not be avoided, online business outlet VG reported.

Foreign Minister Peter Szijjarto stressed that maintaining this energy cooperation is a national priority, noting that without it, household energy bills could triple. Hungary has imported 8.5mn tonnes of crude oil and over 7bcm of gas. Long-term security is also supported by new nuclear blocks at the Paks plant, which has received an exemption from US sanctions, he added

Analysts contend that Hungary could cut its dependence on Russian oil without compromising energy security or state revenues, but maintaining existing contracts remains financially simpler and politically expedient, G7.hu wrote.

The meeting between the Hungarian and Russian leaders underscores that, despite external pressure to diversify away from Russian fossil fuels, Hungary prioritises supply stability amid global market volatility.

Currently, Russian crude makes up over 90% of Hungary’s oil imports. Both the government and MOL have benefited from lower Russian crude prices, with the state imposing a 98% windfall tax on MOL’s profits from the Ural-Brent price spread. However, motorists have seen little benefit from that, as domestic fuel prices now exceed regional averages, even before taxes are factored in.