US Lifts Sanctions for Hungarian Nuclear Plant Project
(MENAFN) The United States has rescinded restrictions that had previously prohibited financial dealings through Russia’s Gazprombank in connection with Hungary’s Paks-2 nuclear facility.
On Friday, the US Office of Foreign Assets Control (OFAC) issued a broad license allowing Gazprombank, along with several other Russian financial institutions, to carry out transactions “related to civil nuclear energy.”
The Paks-2 initiative, which was inaugurated in 2014 as part of a bilateral pact, entails the development of two nuclear reactors by Russia’s Rosatom.
The endeavor is backed by a EURO10 billion (approximately USD11.7 billion) Russian credit line, covering the bulk of the projected EURO12.5 billion total cost.
Recognized as essential for ensuring Hungary’s energy independence, the facility was expected to become operational last year adjacent to the existing Paks nuclear power plant—the sole nuclear facility in Hungary—responsible for generating nearly 50 percent of the country’s electricity.
Nevertheless, sanctions targeting Gazprombank, the project’s financial conduit, compelled a halt in construction.
The Hungarian administration made persistent appeals to the US for an exemption.
On Sunday, Hungarian Foreign Minister Peter Szijjarto verified that the United States has officially removed the financial barriers.
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