Hungary Plans to Allow Ruble Conversion for Russian Gas
- Hungary among EU nations most reliant on Russian energy
- Converting refineries for non-Russian crude would take years
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Hungary is among the nations that have agreed with Russia to allow the conversion of their payments to rubles, testing the European Union’s sanctions policy.
Gazprom PJSC turned off the taps to Poland and Bulgaria on Wednesday in a dramatic escalation, making good on a threat to cut supplies if payments aren’t made in rubles.