Exemptions Eased: Turkey and Hungary Secure Gas Payments to Russia

Turkey and Hungary have been granted exemptions by the U.S. for gas payments to Russia, bypassing sanctions on Gazprombank. This decision comes as these countries primarily rely on Russian gas. Negotiations continue amid geopolitical tensions, with alternative payment methods being explored following U.S. sanctions linked to the Ukraine conflict.

Turkey and Hungary announced they've received U.S. exemptions for gas payments to Russia, navigating around sanctions imposed on Gazprombank. This move removes a significant obstacle in trading with Moscow amid the ongoing Ukraine conflict.

Turkey and Hungary had relied on Gazprombank for payments, seeking alternatives after U.S. sanctions. Exemptions from the U.S. were confirmed by Turkey's Energy Minister, aligning with Hungary's relief on maintaining Russian gas imports.

Both nations heavily depend on Russian gas, arriving through the TurkStream pipeline. However, Slovakia still awaits notification on this matter, as uncertainty continues with Russia-Ukraine gas transit agreements set to expire.

(With inputs from agencies.)