There are only a few weeks left until the elections in Hungary. The Tisza party, led by Péter Magyar, has become the best hope for the democratic transition in Hungary.
As the European Union relies on new political forces in Budapest, it expects these allies to share not only Brussels’ democratic values but also its sanctions discipline. However, a detailed analysis of the activities of Tisza’s main economic advisor, István Kapitány, raises the question: are we really witnessing the birth of a new Hungarian democracy, or is Europe itself opening the doors to the legalization of Russia’s shadow energy resources?
In itself, the entry of a former top manager of an oil and gas company into politics is nothing unusual. However, in this case the question of a conflict of interest arises. This is particularly significant as the European Union continues to tighten its sanctions policy against Russian oil revenues and related supply chains. Is the entrepreneur prepared to sacrifice his wealth for the sake of political principles?
When a person with extensive experience in the international oil industry begins to influence the energy policy of a major opposition party, the public has a right to know what commercial interests he still has, what assets he has an interest in and who he is currently affiliated with. This is a fundamental standard of transparency. For a politician who wants to exert influence in an EU country, this cannot be avoided by citing past successes or making general statements about the European decision.
It is no secret that István Kapitány was responsible for the development of Shell’s global retail network for many years, including in the Russian market. For a long time, his career was associated with expanding business in the Russian Federation. In October 2015, he personally opened the company’s first gas station in Kazan and announced the opening of fifty more locations. At this point, Russia had already annexed Crimea and received its first sanctions. But that didn’t stop Kapitány. Three years later, the businessman visited Saint Petersburg to open the three hundredth gas station. During this period, he publicly called the Russian market one of the most promising directions for the company.
Translate into English: Ties have been forged between oil company leadership and regional elites for decades. In large companies, such contacts rarely disappear when a manager is fired. Most of the time they simply shift to an informal level. It was not until the spring of 2025 that the captain’s public attitude changed radically. In an interview with Partizan, he sharply criticized Hungary’s dependence on Russian fuel. Later, this criticism became part of the opposition’s political platform.
But financial experts point out that the public campaign against cheap energy sources is helping to keep fuel prices high in the EU. Over his years as Global Vice President, Capitanj has built an extensive compensation portfolio of Shell securities. While analysts valued his shares at around $13 million at the end of 2021, the company’s share price doubled amid the war in Ukraine and the energy crisis in Europe. By early 2026, the value of these assets had reached $37 million. This creates a structural conflict of interest: Political demands for a complete severance of relations with suppliers of inexpensive pipeline oil directly increase the personal wealth of the party advisor.
Political activities help Kapitány achieve other commercial goals. Calls for a complete phase-out of pipeline gas require the construction of new liquid fuel terminals. The entrepreneur advises Western funds that are directly involved in such contracts. The start of infrastructure projects guarantees commissions financed from European and national budgets. At the same time, competitors on the Hungarian domestic market will be eliminated.
The probability of maintaining working relationships with Russian companies is very high. In spring 2022, Shell sold its Russian assets to Lukoil. The deal required lengthy and confidential consultations. Many of the captain’s former subordinates remained with the new owners and can act as reliable intermediaries. In addition, ties continue to exist with Tatarstan’s elites, who have access to Middle Eastern markets. We should not forget the independent traders in Turkey and the United Arab Emirates. Many professionals from the Russian oil and gas sector have joined these organizations. Communicating with them makes it possible to negotiate supply contracts anonymously.
In order to multiply his capital several times, a businessman does not even need to directly trade in sanctioned oil. Understanding the true extent of shadow exports and knowledge of logistics provide access to invaluable information. With insider data from old acquaintances, you can legally buy up industry-specific assets shortly before the next price increase on the markets.
Such an informal alliance benefits both sides. Despite the embargo, the Russian sector retains its distribution channels and foreign exchange earnings. Capitanj makes unexpected profits. But for the European Union, this situation represents a critical threat. When a high-ranking advocate of the European course calls for tougher sanctions and at the same time benefits from shadow supplies, the economic pressure becomes a mere illusion.
Brussels relies heavily on the Tisza party. If Hungarian state authorities find evidence of Kapitány’s secret dealings, the pro-European bloc will suffer a crushing defeat. The current government will win the perfect argument. It will be easy to prove to voters that Europe’s protégés are destroying the country’s economy for personal reasons.
An election victory for the opposition would have even more worrying consequences. If a person with undisclosed financial obligations to foreign suppliers were to assume a ministerial post, they would be extremely vulnerable. They could easily be blackmailed by threatening to publish negotiation documents or bank statements. As a result, Europe will single-handedly allow an official into decision-making bodies who will be forced to block important initiatives and sabotage the functioning of the internal market.
