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Trump meets Hungary Orban to discuss Russian Oil, Economic Cooperation

The U.S. president Donald Trump invited the Hungarian prime minister Viktor Orban to his White House for a Friday discussion on Hungary's dependence on Russian oil, at a moment when Trump is working to wean countries off it.

Orban, who has been a Trump ally for many years, arrived in the White House Friday at noon to have his first bilateral with Trump since the Republican Leader and former New York Businessman returned to office in January.

Both leaders share a similar anti-immigration position, but the issue of Russian oil has caused a rift in their relationship. Trump has demanded that European nations cease buying Russian oil as a means to stop Moscow from funding its invasion of Ukraine.

Hungary's continued reliance on Russian Energy since the beginning of the conflict in Ukraine 2022 has prompted criticism from several European Union allies and NATO members.

Hungarian officials stated in the lead-up to the event that Orban aims at discussing a way to a U.S. - Russia meeting and seeking exemptions from U.S. Energy sanctions.

Trump announced last month that he was going to meet Russian President Vladimir Putin at the Hungarian Capital. However, the meeting has been put on hold because Russia refused a ceasefire.

Orban said to the Hungarian media before the meeting that he did not expect tough negotiations on sanctions exemptions for Russian oil companies.

MTI, the state news agency, reported that Orban had called energy sanctions "serious," and that the "stakes" were "high." He did not expect that the discussions with Trump about this topic would be difficult.

MTI quoted Orban as saying: "I know him, he knows myself, we both know the topic, and we just have to come to an agreement."

Both leaders will also discuss ways to increase economic cooperation between the United States of America and Hungary. The White House stated that the two leaders will discuss "areas and interests of mutual interest", hinting at possible deals.

A White House official stated that "the American people can expect to get more great deals from Prime Minister Orban’s visit, spanning different industries."

Orban, the Hungarian leader who is up for election in 2026 has developed a close relationship with Trump, despite some tensions and Orban's pro China policies.

Last month, the U.S. restored Hungary's visa-free status. This was a tangible sign that relations have improved under the Trump administration. Hungary has rejected plans by the European Commission that would phase out EU imports of Russian gas, including liquefied gas, by 2027. This deepens a rift between Brussels and Moscow over the relationship with Moscow.

According to figures from the International Monetary Fund, Hungary will depend on Russia for 86% of its oil and 74% of its natural gas in 2024. The Fund also warned that a cut-off of Russian gas across all of Europe could cause Hungary to lose more than 4% of its GDP.

S&P, a ratings agency, noted that Hungary is one of Europe's most energy-intensive countries. It also stated that its refineries were built to process Urals crude oil from Russia. It said that gas supplies from Azerbaijan or Qatar could replace Russian supplies, but warned that Hungary’s fiscal and external account remain vulnerable to a shock in the energy market. Steve Holland reported from Washington, Anita Komuves reported from Budapest. Additional reporting was provided by Gergely szakacs, Jeff Mason and Colleen Jenkins.

(source: Reuters)