Hungary–Russia Trade and Economic Cooperation in the Energy Sector under Western Sanctions

Abstract

The article analyzes the sanction restrictions imposed on Russia’s oil and gas exports, and in particular their impact on trade and economic cooperation between Russia and Hungary in the energy sector. Various strategies adopted by Russian market participants are considered, including changes in supply logistics and circumventing sanction limitations. Special attention is paid to the importance of the Northern Sea Route for mitigating political risks. Emphasis is put on preserving oil pipeline routes and sustainable growth of LNG exports as key strategic aspects of cooperation. Ultimately, the article offers worthwhile suggestions for strengthening the positions of Russia and Hungary in the energy sphere.