Russian President Vladimir Putin has been invited by Rosatom to attend a stone‑laying ceremony for the Paks nuclear plant expansion, marking his first EU visit since 2022.
Rosatom Announces Paks Expansion
Rosatom announced that work on expanding Hungary’s only nuclear plant in Paks will begin in February 2026. The project has been in preparation for years and Hungarian authorities have repeatedly said that construction will start soon.
President Aleksandr Lichaczow of Rosatom issued the statement and invited Russian President Vladimir Putin to lay the first stone. This would be Putin’s first visit to an EU country since the 2022 invasion of Ukraine.
Financing and Sanctions
According to a 2014 agreement, the investment is expected to cost €12.5 billion and will largely be financed through a loan from the Kremlin to Viktor Orbán’s government. The European Union declined to fund the project because the main contractor is a state‑owned Russian company.
Construction is intended not to impede EU and U.S. sanctions, and Orbán reportedly received assurances on the matter from former President Donald Trump.
Hungarian Foreign Minister Deepens Russian Ties
Foreign Minister Péter Szijjarto flew to Moscow again after several weeks; the precise purpose of his trip remains unclear. He said his delegation is mainly composed of company representatives interested in doing business with Russia.
On X, Szijjarto wrote that once peace is achieved between Ukraine and Russia, the sanctions‑driven economy will finally end and the new global environment will bring huge opportunities, with Hungary hoping to secure the best position.
The government wants to be a pioneer and encourages companies to contact Russian enterprises, even as peace talks and sanctions on Russia continue to influence the economy.