(Bloomberg) -- Hungary and Bulgaria discussed ways to ensure the continued transit of Russian natural gas after the US imposed sanctions on Gazprombank, which until now received payments and transferred transit fees after the commodity.
While Hungarian Foreign Minister Peter Szijjarto said on Friday that a “legal-financial solution” had been found, Bulgaria’s energy ministry only said “an option” was discussed that included Hungary and which would allow Bulgaria to continue to receive transit fee payments after Russian gas flows.
The outgoing Joe Biden administration leveled sanctions against Gazprombank last month as it seeks to ratchet up pressure on Russian President Vladimir Putin over his invasion of Ukraine, now in its third year. While much of Europe has sought to wean itself off of Russian energy since 2022, Hungary has doubled down, even as it made efforts at diversification.
Bulgaria has warned earlier that it may halt to the transit of Russian natural gas to central Europe if Gazprom PJCS doesn’t find a payment solution. The sanctions also affect Hungary’s ability to pay for its purchases of Russian gas, with Szijjarto saying earlier this week that Hungary and Russia are studying various options on the payments.
Hungarian Prime Minister Viktor Orban held talks with Putin on Wednesday that touched on energy cooperation, including how to ensure continued gas flows to Hungary in light of the new US sanctions.
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