Hungary Revises Contract for Russian Nuclear Power Plant Considering Western Sanctions

[Image source=EPA Yonhap News]

[Asia Economy Jung Hyunjin Reporter] On the 24th (local time), Russian Sputnik News reported that Hungary is pushing for contract modifications to resolve the issue of Western countries' sanctions in the process of importing Russian-made reactors.

P?ter Szijj?rt?, Hungary's Minister of Foreign Affairs, told Sputnik that the financing window for the nuclear power plant project, Vnesheconombank (VEB), is a sanctioned bank, and they are working to switch it to Gazprombank, which is not subject to sanctions. He added that a review of the nuclear technology transfer part is also necessary. When transferring dual-use technology used in both military and civilian sectors, approval from export-import authorities is required, and the licensing issue could be an obstacle for the transfer of Russian nuclear technology.

Minister Szijj?rt? said, "The new nuclear power plant is an international project involving companies from the United States, Germany, and France," and added, "I hope each country does not impose regulations."

This statement came as Hungary continues with its plan to build two Russian-made reactors contracted in 2014, despite Russia's invasion of Ukraine. In contrast, Finland, an EU member state, had signed a similar contract for new reactor construction with Russia but canceled it in May due to the war in Ukraine.