Hungary was the European Union’s largest buyer of Russian pipeline gas in the first eight months of 2026. Its purchases were worth about €1.71 billion, despite a roughly 10% decline in physical import volumes. Russian supply remains important to parts of Central and Southeastern Europe even as the EU seeks to phase out imports.
EU countries spent about €4.1 billion on Russian natural gas during the period, broadly unchanged from a year earlier. Bulgaria was the second-largest buyer, with purchases worth about €987 million. Greece spent approximately €850 million.
Uneven diversification and import restrictions
The figures reflect differing rates of diversification across the EU. Several member states have sharply cut their exposure to Russian gas since 2022. However, parts of Central and Southeastern Europe continue to depend on pipeline supplies because of infrastructure, contract structures and price considerations.
Restrictions introduced in 2026 have already curtailed new short-term Russian LNG contracts and spot purchases of Russian pipeline gas. Further measures are planned, including a ban on Russian LNG imports from the start of 2027. Restrictions on long-term pipeline contracts are due to follow.
Potential effects on European gas prices
The economic effect of eliminating the remaining Russian volumes could be relatively limited at the European level. An assessment estimated that a complete phaseout could raise European gas prices by around 1%-2%. That estimate may conceal larger impacts in individual markets that remain heavily reliant on particular supply routes.
Disruptions to LNG shipping through the Strait of Hormuz and possible constraints on US LNG exports were identified as potentially greater risks to European gas prices than removing the remaining Russian volumes. Hungary faces a particular challenge because its gas system remains closely connected to Russian pipeline supplies. At the same time, EU policy is moving towards their eventual removal.
