Hungary has said it intends to press ahead with its plans for a new Russian-built nuclear power plant at Paks II, despite the Russian war with Ukraine and the European Union (EU) imposition of a range of sanctions against Russia.

The statement was signed in Seoul on 10 April by British Energy Security Secretary Grant Shapps and South Korean Trade, Industry and Energy Minister Lee Chang-yang.

There is sufficient energy in nuclear 'waste' to run Europe at current electrical power consumption" for between 600 and 1000 years.

Since Turkey can legitimately still import diesel-type fuel from Russia, traders can potentially bring in relatively cheap barrels to meet the country’s energy needs. At the same time, Turkey’s own production could be sold at a higher price to the EU.

"Венгрия остаётся, по сути, единственной из стран Евросоюза, твёрдо отстаивающей свои национальные интересы, включая суверенную позицию в диалоге с Москвой", – отметил Александр Новак.

The EU says its sanctions are meant to cut Moscow revenues and access to technology used in war.

Europe’s appetite for new LNG projects is pushing the continent to boost its import capacity by one-third, but the mismatch between future LNG demand and import facilities might result in 200-250 billion cubic metres (bcm) of unused capacity by 2030.

Two camps, one led by Germany and the other by France, are fighting it out, each with a blocking minority on a specific point: Should low-carbon hydrogen be taken into account when measuring the efforts of member states to reach the target of 45% of renewables in their energy mix by 2030?

Germany suffered the most among EU member states from the Russian supply curtailments, with a number of buyers forced to buy expensive gas on the open market to make up for the Russian shortfall.

"Every politician knows who blew up Nord Stream, but hypocritically keeps quiet," says Vucic.

Preliminary production figures for February 2023 show an average daily production of 1 994 000 barrels of oil, NGL and condensate.

As the EU pushes more broadly to bolster clean energy, it’s also responding to concerns that green industries could emigrate to the US and China, with the price that Europe pays for its energy a driving factor.

The fund returned -14.1 percent, or -1,637 billion kroner, in a year of rising interest rates, high inflation and war in Europe. However, the market value of the fund increased by 90 million kroner in 2022.

Prior to the sanctions, between October 2021 and September 2022, diesel imports from Russia made up 53% of Northwest Europe’s seaborne imports.

The EU banned imports of Russian oil products from Feb. 5, two months after imposing restrictions on seaborne crude shipments from the country.