Lukoil stopped supplying oil to Hungary due to the fact that Ukraine increased sanctions

Russiaʼs Lukoil stopped supplying oil to Hungary after Kyiv tightened sanctions against the company last month, effectively banning it from using Ukraine as a transit for supplies.

This is reported by Bloomberg.

Hungarian energy company Mol Nyrt and Russiaʼs Lukoil are "working on a solution to the problem," Hungarian Foreign Minister Peter Szijjártó said after meeting with his Russian counterpart, Sergei Lavrov, on the sidelines of the United Nations meeting in New York.

Lukoil is one of several Russian companies that supply oil to Hungary through the southern part of the Druzhba pipeline in Ukraine.

Currently, Russian supplies provide two-thirds of all crude oil held by Hungarian Mol Nyrt. However, the company hopes to completely replace them from 2025.

Hungary intensified its energy ties with Russia after its invasion of Ukraine, signing several agreements to increase natural gas supplies.

• Szijjártóʼs meeting with Lavrov followed Hungarian Prime Minister Viktor Orbánʼs visit to Moscow earlier this month. The visit was condemned by other EU leaders.