Hungary also bypassed Ukraine and signed a gas contract with Russia

Reports indicate that the Hungarian government has also bypassed Ukraine and signed a new gas contract with the Russians to buy gas directly from the country, Reuters reported, quoting Reuters. The contract was signed by Alexei Miller, CEO of Gazprom and CEO of the Hungarian energy company MVM at the Hungarian Ministry of Foreign Affairs.

Last month, Hungary’s foreign minister said Budapest had reached an agreement with Moscow to sign a new gas deal that would take effect on October 1.

The Hungarian Foreign Minister has confirmed that the new gas contract from Russia will be much cheaper than the previous one. The contract is for 15 years and Hungary can change its gas purchase volume after 10 years. Under the agreement, Russia is expected to export 4.5 billion cubic meters of natural gas a year to Hungary.

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