Hungary is a very open economy, and as consequence, it is vulnerable and highly exposed to external risks. These dependencies can be observed both through real economy channels (ie. large share of foreign capital in GDP) and energy channels (Russian energy imports).
On the real economy channels, the Hungarian government – now in power since 2010 – has tried to counterbalance the economy’s dependence on the West by agreeing to large bilateral projects with Russia and China.
The most important of these is a nuclear power plant to be built by Rosatom in Paks. Although Hungary, along with Slovakia, was already the most dependent country on Russian energy supplies in the EU, the government has tied itself even more closely to Moscow via long term natural gas contracts. Unfortunately, Hungarian electricity generation, through the Paks nuclear power plant and gas power plants is also dependent on Russia and the situation is not much better for oil imports either.
You can view the full report at the following link:
https://egyensulyintezet.hu/wp-content/uploads/2022/05/ei_post_election_outlook.pdf
