Prompt reaction: MOL has settled the transit fee on Russian oil shipments to Hungary

HUNGARY - In Brief 10 Aug 2022 by Istvan Racz
After yesterday's shock announcement that oil shipments by Russia to Hungary (Czechia and Slovakia) through Ukraine were halted five days earlier because of a 'technical problem' around the financial settlement of the transit fee due from Russia to Ukraine, the outlines of a quick and simple solution have emerged this morning. MOL ( and Slovnaft, a subsidiary of MOL) have paid the transit fee to Ukraine instead of their Russian counterpart, to facilitate an early restart of shipments. The Ukrainian counterpart, which was directly responsible for halting oil shipments, has been reported to be intending to restart shipments within the next few days. MOL shares and the forint have significantly recovered on this news. The transit fee is expected to be settled between MOL and its Russian supplier later on. Maybe the whole subject was a bit overreacted by everyone. But frankly, all parties have become somewhat concerned after the recent events around Russian gas shipments through the Nordstream pipeline to Germany, and not entirely without reason. 

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