On November 21, the United States issued a general license that allows certain transactions involving Russian financial institutions in the Hungarian civil nuclear power plant project “Paks-2.” The document aims to regulate financing and payments related to the construction of the plant, which is being implemented in Hungary with Russia’s participation.
According to information from the U.S. Treasury, the license allows transactions involving Gazprombank, VTB Bank, and the Central Bank of the Russian Federation as part of the “Paks-2” project, provided they pertain to its direct financing and settlements.
Earlier Washington lifted sanctions on the “Paks-2” project, implemented by the Russian state company Rosatom. Secretary of State Marco Rubio stated that this step was taken to ensure Hungary’s energy security, in particular the stability of energy supplies.
The official position also notes that for a year it has been allowed to supply Russian oil and gas to Hungary. These changes were announced in the context of a broader study of the country’s energy resilience, including after negotiations between Hungarian Prime Minister Viktor Orban and U.S. President Donald Trump, which took place in early November 2025 in Washington.
Context and Key Aspects of the Project
The “Paks-2” project is based on an agreement between Russia and Hungary, signed in 2014, and envisages the construction of two additional nuclear reactor units with the participation of the Rosatom corporation.
Payments and financing will be carried out through Gazprombank, listed among the sanctioned financial institutions due to its involvement in the project. Earlier Hungary secured an exemption of “Paks-2” from EU sanctions regimes, allowing the project to continue within the relevant frameworks.
At the same time, the question of energy security remains a topic of active discussion in the context of relations with Russia and the impact on the European energy market, as decisions regarding the nuclear sector and energy supplies affect the overall energy resilience of the region.