Hungary allows construction of Russian nuclear reactors

By Matt BernardiniHungary's Foreign Minister Peter Szijjarto announced a new nuclear deal with Russia on Friday. Pool Photo by Mary Altaffer/UPI | License Photo

Aug. 27 (UPI) -- Hungary will allow the construction of two new nuclear reactors by the Russian state-owned company Rosatom, Hungary's foreign minister said.

Russia's nuclear industry has not been subjected to EU sanctions after its invasion of Ukraine. The deal is aimed at expanding the existing Paks nuclear plant, which currently generates 40% of Hungary's electricity.

"Let the construction begin!" said Foreign Minister Peter Szijjarto in a Facebook post Friday, according to the BBC.

The project is expected to cost $12.4 billion, most of which Russia will pay for, the BBC reported. Hungary will pay for the rest. The two new reactors are scheduled to be operational by 2030.

"This will ensure the long-term security of Hungary's energy supply, protect the Hungarian people from extreme price fluctuations on the international energy market, and maintain our efforts to reduce the cost of electricity," Szijjarto said.

As many EU states have tried to lessen their dependency on Russia, Hungarian Prime Minister Viktor Orban has continued to maintain a close relationship with the Kremlin.