Speaking at a joint press conference with Hungarian Foreign Minister Péter Szijjártó about the agreement reached, Orbán said that if it had not been reached, the energy bills of every Hungarian household in December would have been two to three times higher than they are today.

"This is a general and time-limited agreement," the prime minister said, adding that Budapest is adding new sources of gas supplies to its existing ones. Szijjártó added that Hungary could sign a five-year contract with an American supplier to purchase liquefied natural gas.

According to Orbán, the American company Westinghouse will be involved in the Hungarian nuclear industry. Hungary will purchase nuclear fuel from the United States.

"In addition, we will purchase new types of small American modular reactors from the Americans, and the Americans will also supply more modern technologies for storing fuel cells," the Hungarian prime minister said, adding that the US government had also lifted sanctions related to the Paks 2 nuclear power plant construction project.

"We're looking into it because it's very difficult for him (Orbán) to get oil and gas from other areas," Trump told reporters ahead of a working lunch at the White House before Orbán announced an exemption from US sanctions.

Friday's summit between Orbán and Trump, where they are to discuss trade, energy issues and the war in Ukraine, was the first since Trump returned to the White House.