CommoditiesMedium•13 November 2026•
1 min read
Hungary's MOL Sets 2027 Deadline to Phase Out Russian Oil Imports
Key Facts
1MOL stated it will be technically ready to phase out Russian oil imports by the end of 2027.
2The CEO warned that reducing dependence on Russian crude could drive up energy costs and trigger social unrest.
3The company is seeking EU funding for energy diversification and pipeline expansion to strengthen energy security.
MOL Group announced it will be technically ready to phase out Russian oil imports by the end of 2027. Yahoo Finance UK reported that the company is seeking EU funding to support energy diversification and pipeline expansion projects aimed at strengthening regional energy security.
The company's CEO warned that reducing dependence on Russian crude could drive up energy costs and trigger social unrest. This transition occurs as the EU trade balance recorded a deficit of -10.3 billion on November 13, 2026, ahead of the European Commission Autumn Forecasts scheduled for November 17, 2026.