6.
In my view, this is the real stake of Orbán’s Moscow trip, despite all the negative optics.
@gmfus.bsky.social

5.
Who will take over the Gazprom-controlled stake — MOL or the competing Abu Dhabi National Oil Company (ADNOC) — will ultimately be a strategic geopolitical/geo-economic decision for Moscow.

4.
Because of the U.S. sanctions, even the oil supply to the Pančevo refinery is currently unresolved. A fix is urgently needed.

3.
#NIS operates Serbia’s only oil refinery in Pančevo and has been under U.S. #sanctions since January due to its Russian ownership structure.
#GazpromNeft holds 44.85% of its shares, and another 11.3% is owned by a #Gazprom subsidiary.

2.
If the talks yield any tangible result, it could be the Russian president’s approval for 🇭🇺energy company #MOL to acquire a majority stake in the Serbian #energy company #NIS.

@gmfus.bsky.social
@engagingce.bsky.social

This, unfortunately, implies that there is only minimum chance now that in December EUCO decides for the de facto confiscation of Russian assets. That would be clearly seen now by Washington as obstruction of the piece process. And Europeans won't risk that perception.

@gmfus.bsky.social @ceudeminst.bsky.social

4.
At the same time, Trump’s helping hand signals the emergence of a U.S. policy of support for illiberal disruptors, which should be a serious cause for concern within the European Union.

3.
In reality, Trump has steered Hungary toward diversifying its energy import dependencies, pulling Orbán away from Putin and further into his own personal orbit.

2.
At first glance, the meeting appeared to be a wide-sounding victory for #Orbán, enabling the continuation of his multivectoral foreign policy, his reliance on #Russia, and providing him badly needed support in the highly contested Hungarian election campaign.