Budapest Should Report On Russia Gas Deal Impact On Energy Supplies Safety To EU- Brussels

Budapest Should Report on Russia Gas Deal Impact on Energy Supplies Safety to EU- Brussels

The Hungarian authorities should assess the impact of the gas contract with Russia on energy supplies safety and present the conclusions to the European Union, a European Commission spokesperson, told Sputnik on Tuesday

BRUSSELS (UrduPoint News / Sputnik - 28th September, 2021) The Hungarian authorities should assess the impact of the gas contract with Russia on energy supplies safety and present the conclusions to the European Union, a European Commission spokesperson, told Sputnik on Tuesday.

On Monday, the Hungarian government and Gazprom signed a contract for supplies of 4.5 billion cubic meters of gas annually until the end of 2036. Kiev expressed disappointment with the contract to supply gas in circumvention of Ukraine, saying this undermines positive trends in relations with Hungary, as well as announced plans to appeal to the European Commission.

"The contract in question, between Gazprom and MVM represents above 28% of Hungary's yearly consumption, according to the information we have, and as such has to be notified to the Hungarian Competent Authority.

The Authority is obliged to provide the Commission with its assessment of the contract in question within three months. The Commission can also request to receive the contract if it has a "duly justified" concern that the contract may jeopardise the security of supply of a Member State, region or the Union," the spokesperson said.

The official explained that under the Security of Supply Regulation, all new and modified long-term gas contracts with a yearly volume exceeding 28% of annual consumption in the most impacted member state should be notified to the national competent authority that, in turn, should prepare a security of supply assessment of the notified contract.