Hungary appealed to US officials for a tariff exemption on Russian crude purchases as the Strait of Hormuz blockade threatened Qatar’s $83 billion LNG expansion. Meanwhile, Budapest rejected building fuel storage facilities for Ukraine, and Moldova prepared to declare a state of emergency in its energy sector.
Global market
Hungary requested a tariff exemption from the US regarding its Russian oil purchases, Hungarian Prime Minister Péter Magyar announced. The potential levies stem from the recently passed “Lindsey O. Graham Sanctioning Russia and Iran Act of 2026.” Concurrently, the Strait of Hormuz blockade puts Qatar’s $83 billion LNG expansion at risk, according to QatarEnergy. Qatar Energy Minister Saad al-Kaabi confirmed that while the first North Field East train remains on track for H1 2027, subsequent trains are delayed due to missing equipment. Additionally, the European Central Bank (ECB) warned that wholesale gas price increases are passing through to retail inflation faster than past cycles, while French fishermen blocked the port of Cannes over record fuel costs.
Russia & CIS
Hungary will not allow the construction of petroleum storage facilities for Ukraine on its territory, Hungarian Prime Minister Péter Magyar stated, confirming the cancellation of a memorandum between Hungarian group MOL and Ukrainian firm Naftogaz. In Moldova, Parliament Speaker Igor Grosu announced plans to approve a state of emergency in the energy sector on September 22 to address resource shortages. On domestic market policy, Russian Deputy Finance Minister Alexey Sazanov stated that the Ministry of Finance has no plans to adjust internal fuel damper parameters. Meanwhile, Stavropol Krai Governor Vladimir Vladimirov pledged to restore steady petrol station fuel deliveries across the region by October.
Armenia
Qatari warnings over $83 billion LNG expansion delays and Hungary’s refusal to build fuel storage for Ukraine received detailed coverage across Armenian media, news.am reported. Prolonged international transit disruptions and European energy market volatility maintain risks for South Caucasus fuel importers. Nevertheless, retail prices for petrol, diesel, and compressed natural gas in Armenia remain stable. Natural gas imports and operations at the Armenian Nuclear Power Plant proceed without interruption under EAEU trade agreements, which shield domestic consumers from global market volatility recorded by international market price assessments.