Hungary is ready for the heating season and natural gas supplies are being maintained from the south, Peter Szijjarto, Minister of Foreign Affairs and Trade, said in St Petersburg on Friday, August 30 after talks with Aleksei Miller, the CEO of Russia's state gas company Gazprom.

The comments came after Ukraine indicated that it may not renew its transit contract with Russia beyond December 31, 2024. Later on Friday, Ukrainian presidential advisor Mykhailo Podolyak corrected by saying Kyiv will honour contracts for oil transit to Europe and "will continue to fulfil obligations under the current gas and oil transportation contracts."

Additionally, Ukraine has blocked oil deliveries from the Russian company Lukoil through the Druzhba pipeline, which accounts for a third of Hungary's oil imports.

Szijjarto said the country's energy security was "guaranteed in the long term, based on a 15-year gas purchase agreement with Gazprom, signed in 2021.

The long-term agreement and the secure transit route in the south guarantee that natural gas delivery to Hungary is uninterrupted and stable despite an extremely difficult geopolitical environment," according to a statement by the foreign ministry.

"Gazprom is meeting its commitments taken in the 2021 agreement; Turkey, Bulgaria and Serbia, as reliable transit countries, ensure a continuous supply of gas from Russia to Hungary," the minister said.

He noted that Hungary had received some 5.6bn cubic metres of gas via Turk Stream last year, while since the beginning of 2024, the volume of gas received had amounted to 4.8bcm, highlighting the increasing importance of the southern route.

Hungary's gas storage facilities are 89% full, sufficient to cover 57% of the country's annual demand, above the 27% EU average.

He stressed that Budapest opposes sanctions that threaten the energy supply of the country.

As Peter Szijjarto was making his way to St. Petersburg, his tenth trip to Russia since the war, it was Balazs Orban, the political director and close advisor to the prime minister, who solely represented Hungary at this year’s Globsec.

In a panel discussion, he criticised the European approach to the war, suggesting that the pro-war policies of recent years have failed and that Europe needs a strategy that prioritises European interests. Orban also accused the Brussels elite of suffering from "Stockholm syndrome" by blindly following the American liberal government's policies, even when they conflict with European interests.

He recounted his meeting with Donald Trump, where the former U.S. President assured him that, if re-elected, he would bring peace to Ukraine within 24 hours. Orban humorously noted that even 36 hours would be welcome, but Trump insisted on a 24-hour resolution. 

Hungary is unlikely to change its policy towards Ukraine, even if the Democratic candidate Kamala Harris were to win the US election. 

According to the political advisor, Hungary’s approach to Ukraine is based on realism, despite facing criticism from other European partners. Balazs Orban also expressed confidence that, regardless of who wins the US presidential elections, the new American administration will seek to continue cooperation with Russia to avoid pushing it closer to China.