With the scores tied after three quarters, the Hungarians - going in search of their first Olympic Games medal in women's Water Polo - clinched the final period by a single goal.
There were emotional scenes at the Water Polo Arena as the fourth-placed team at Beijing 2008 celebrated victory, and Russia came to terms with defeat.
Gabriella Szucs, Kisteleki, Dora Czigany and Dora Antal each scored a brace for Hungary. Rita Keszthelyi, Barbara Bujka and Ildiko Toth netted one apiece.
Evgeniya Ivanova fired in four for Russia, as Ekaterina Lisunova and Olga Beliaeva scored two each.
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