Hungary Opposes EU's Russian Energy Ban; US Invites Asian Officials to Discuss Alaska Gas Pipeline; German Apartment Construction Declines

Hungarian Prime Minister Viktor Orban stated on Friday that Hungary opposes the European Union's plan to ban Russian energy imports. The European Commission is expected to propose measures to phase out EU imports of Russian gas and liquefied natural gas by the end of 2027. Slovakia and Hungary, heavily reliant on Russian supplies, have voiced opposition to the ban. The U.S. has invited officials from Japan, South Korea, and Taiwan to Alaska on June 2 to discuss energy projects, including a proposed $44 billion gas pipeline. The meeting, hosted by U.S. officials, aims to unlock stranded gas fields in Alaska's North Slope for shipment to Asian customers. While Trump has pushed allies to invest in U.S. energy, major deals are not expected at this meeting due to logistical and cost challenges. Apartment construction in Germany experienced a sharp decline in 2024, with 251,900 apartments completed, a 14.4% decrease from 2023. This figure falls significantly short of the government's target of 400,000 apartments per year. The German property sector has faced difficulties since 2022 due to rising interest rates, leading to falling prices and insolvencies.