Hungary has become a showcase for Russian energy statecraft in Central and Eastern Europe over the last decade. Russian–Hungarian relations have developed in a vociferous and spectacular manner, demonstrating a broad understanding between the two leaders in world policy and economic matters. This turn of events, however, is astonishing given the small-scale economic underpinnings of bilateral relations and lack of clear business vision. This paper outlines a new kind of Russian influence-building through the Hungarian case. It maps out major milestones and interprets the construction process of Moscow’s regional power in an environment highly integrated into the Western value chains and once dominated by foreign multinationals. The paper finds that (a) the impetus for engagement came from both the Hungarian and Russian sides; (b) a successful transition from communism and smooth integration into Western value chains do not shield entirely against Russian leverage; (c) energy is the field where Russia can permanently preserve its credibility; and (d) Western powers and institutions have little leverage to stop this process. The question remains whether Russia’s energy statecraft in Hungary has irreversible features or it is only a temporary phenomenon that may disappear when political conditions change.