Americans grant exemption for Russian nuclear project in Hungary

The United States has granted a waiver from sanctions against Russia for the Paks II nuclear power plant project in Hungary, which is being built by the Russian state-owned firm Rosatom.

The new licence allows selected transactions with the project, which also involves Russian banks such as Gazprombank and VTB.

The move comes shortly after Hungary and the US signed a nuclear cooperation agreement. Under it, Budapest plans to buy US nuclear fuel and spent fuel storage technology, although the project itself is being carried out by the Russian side.

(reuters, swag)