‘Hungarian-Serbian strategic energy cooperation is one of the guarantees that Hungary’s supply will remain secure in the next period,’ the minister said.

The minister emphasised that the current situation is lethal for Europe’s competitiveness, with gas prices seven times higher than in the United States and electricity three times higher than in China. ‘Under the current circumstances, the solution is to focus on the supply side instead of the demand and bring as much gas to the European market as possible,’ he nailed down.

The Hungarian government has offered a €25,000 grant for demining the war-torn Nagorno-Karabakh region only weeks after the two countries struck an agreement about importing green energy from Azerbaijan to Hungary.

Péter Szijjártó said the process of doubling the capacity of the gas interconnector between Serbia and Hungary by 2028 is on pace. With the two new nuclear power units at the Paks plant set to enter commercial operation in the early 2030s, both countries’ electricity supply will also remain secure.

The level of cooperation between Baku and Budapest was raised to the next level this week by the signing of a declaration on enhanced strategic partnership.

The French Senate has recently adopted a non-binding resolution that calls for the recognition of the Republic of Nagorno-Karabakh. In response, Baku has threatened to cut gas supplies to Europe.

A new deal with Azerbaijan to increase natural gas imports may bring Europe back from the brink of catastrophe.