MOL, the Hungary-based oil and gas company, said it could complete the technical preparations to phase out Russian oil imports by the end of 2027. The company is seeking further EU financing to support the transition away from Russian energy sources. Its chief executive, György Bacsa, warned that reducing Hungary’s dependence on Russian crude could raise energy costs, cause social unrest and trigger political instability in Hungary and Slovakia.
Cost and political risk
Bacsa said consumers could not afford to pay a premium for green or non-Russian energy during the current crisis. He cited a premium of 10 or 20 percent as an example. “We are not talking about a minor issue where you could afford to pay 10 or 20 percent more,” he said.
An International Monetary Fund study from 2025 estimated that Hungary’s energy spending could rise by 15 percent by 2030 if Russian energy supply were fully cut. Urals crude, by comparison, was priced at about $60 a barrel, a discount of roughly 34 percent to Brent.
Pipeline dispute and EU funding
MOL has a long-running dispute with Croatia’s state pipeline operator JANAF over capacity tests, transit fees and the transport of Russian oil to Hungary and Slovakia. The company has asked the European Commission for mediation. Bacsa said the outcome of the JANAF capacity test matters greatly to MOL.
A Commission spokesperson, Itkonen, declined to give a definitive answer on whether funding could be provided. “Our priority is to have diversified energy policies,” Itkonen said.
A new government, a new approach
MOL plans to apply for EU funds for the first time, a shift seen as a departure from the Viktor Orbán era. Hungary and Slovakia remain the only EU countries still importing significant Russian crude through the Druzhba pipeline. Petrol and diesel prices in Hungary rose sharply this year, prompting criticism from the opposition.
Source: IMF · MOL
