Hungary says Russian gas payment issue has been resolved

Hungary has found a solution that will allow it to pay for Russian gas shipments via the Turkstream pipeline from Bulgaria without falling foul of U.S. sanctions, its foreign minister said on Friday, without providing details of the agreement.

The U.S. imposed sanctions on Russia's Gazprombank on Nov. 21, creating an obstacle for European buyers of Russian gas. Buyers have been using Gazprombank to make their payments, including a scheme for currency conversion to roubles.

Hungary gets most of its Russian gas shipments, some 7 Bm³ so far this year, via the Turkstream pipeline that runs from Turkey through Bulgaria.

After holding talks in Sofia, Hungarian Foreign Minister Peter Szijjarto said the payment issue had now been resolved, and Bulgaria would also be able to secure its transit fees for the gas, which had previously come via Gazprombank. He did not say how future payments would be executed.

"This problem has been handled, a legal financial solution has been found that has been accepted by our Bulgarian partners and is also acceptable for us, and does not fall under the sanctions," Szijjarto said in a video on his Facebook page. "Our colleagues will complete the necessary legal and financial work, and thus the transport of gas via

Bulgaria will be absolutely secure despite the restrictive American measure."

Szijjarto also held talks with Russian Deputy Prime Minister Alexander Novak on Wednesday, saying the aim was to work out a legal solution regarding future payments for gas shipments. Szijjarto did not comment on those talks.

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