EU Greenlights Hungary's Russia-Backed `Deal of the Century'
- Russia provided a loan of 10 billion euros for nuclear project
- Nuclear-deal probe unfolded as EU imposed sanctions on Russia
Paks Nuclear Power Plant in Paks, Hungary, on March 23, 2011.
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The European Union removed the final obstacle for what Hungary has called its “deal of the century,” a 12.5 billion-euro ($13.3 billion) agreement with Russia to expand its sole nuclear plant that put the former communist country in the EU’s cross-hairs over its ties with President Vladimir Putin.
The European Commission approved Hungary’s plans to use state funds for the project, resolving the last remaining probe, the EU’s executive arm in Brussels said in a statement on Monday. It ruled that while state aid was involved, Hungary had made “substantial commitments” to limit distortions in competition.