U.S. Lifts Sanctions on Hungary’s Controversial Paks II Nuclear Plant
The U.S. has lifted sanctions on Hungary’s Paks II nuclear power plant project, allowing the continuation of the project without financial restrictions. The decision, announced in June, follows months of tensions over payments linked to the project’s construction. Hungarian officials had previously secured regulatory approval for the project in 2022, ensuring it met international safety standards.
The Paks II project involves building two advanced VVER-1200 reactors, designed to operate for 60 years. As Russia’s first nuclear venture in the EU, the plant has faced scrutiny since its inception. In August 2022, Hungary’s nuclear regulator granted a construction licence, confirming the design complied with global safety rules.
With sanctions now lifted, the Paks II project can proceed without the previous financial restrictions. The decision allows Hungarian and Russian entities to resume transactions through U.S. banking channels. The plant remains a significant energy investment for Hungary, set to operate for decades under EU oversight.
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