Hungarian Conservative

Hungary Does Not Support the Price Cap on Gas

Tamás Menczer, State Secretary
Hungary stands against the proposal to put a price-cap on Russian gas, said Tamás Menczer in an interview on Tuesday.


In recent weeks, the EU put forth a proposal to curb energy prices in Europe. There are still disputes over what exact measures will be taken, but the most likely scenario is that they are looking to implement a price cap on Russian gas.

State Secretary Tamás Menczer talked about the issue on Tuesday morning on TV channel M1, MTI reported. He believes that the proposal is absurd, since the only way to put a price cap on gas would be if Europe had excess amount of it, so it could dictate from its position. In comparison, because of the failed sanctions against Russia, the situation just keeps getting worse in European countries as they are facing an energy-shortage. Hungary is exempt.

Goals to Achieve  

He added that a price cap would have two repercussions. Russia would not transport any more gas to Europe, which would mean even less and more expensive energy. Menczer said that the cap is only a ‘hidden sanction’ that aims to completely remove Russian gas from Europe. ‘The Hungarian government cannot and will not support such measures’, he noted. He added that it is unlikely that they are willing to hold talks about the issue, since, currently, the most important factor for the Hungarian government is to make it possible for the people to heat their homes in the winter, to protect jobs – and for the Hungarian industry and economy to keep working. These goals are of the utmost importance and they are not willing to risk them.

‘The procurement of gas has two conditions: one needs a source and a pipeline. Hungary does have a source and the long-term agreement with Russia covers over half of our annual gas consumption. We do have infrastructure as well: the Southern Corridor through which—unlike from Nord Stream—gas supply is stable. He also added that merely proposing new sanctions is already an act that drives prices up – the reason why Gazprom reached record profits of 41,5 billion dollars in the first two quarters. Sanctions only inflated the prices and caused an energy shortage in Europe, and they did not bring the end of the war any closer.

Hungary Will Have Gas

He continued by adding that the review of the sanctions is scheduled for the fall. More and more people are beginning to see the reality behind them. ‘When colder days arrive and the economy still needs to function, reality will knock on the door of every country. We are staring at tough times, but Hungary will have gas. Our gas reserves currently contain enough gas to last for 81 days of winter.

Hungary stands against the proposal to put a price-cap on Russian gas, said Tamás Menczer in an interview on Tuesday.