Hungarian FM calls for end to EU sanctions on Russia, cites economic damage

Hungarian Minister of Foreign Affairs and External Economic Relations, Peter Szijjártó, has urged the European Union to abandon its sanctions policy against Russia, arguing that it is harming the European economy.

“It is time for the European Union to finally abandon its policy of sanctions and restrictions. It is time to honestly face the truth and recognise that sanctions have negatively impacted the European economy and continue to do so,” Szijjártó stated in a video message posted on his Facebook page, Caliber.Az reports via Russian media.

The foreign minister shared that he had discussed the consequences of sanctions on the global economy during meetings with World Trade Organisation leaders and other international bodies in Geneva. He emphasized that the sanctions policy was severely damaging the free functioning of world trade.

Szijjártó revealed Hungary’s intention to counteract these effects through a policy of economic neutrality, fostering mutually beneficial trade relationships with both Western and Eastern nations. He added that economic decisions should be based on pragmatism, not ideological or political factors.

“Hungary defends itself against the harmful economic policies of EU sanctions with a strategy of economic neutrality. This approach will shield Hungary from Brussels’ failed measures and help restore long-term economic growth,” he stated.

Earlier, Hungarian Prime Minister Viktor Orban echoed Szijjártó’s sentiments, calling for a reassessment of sanctions against Russia. Orban argued that the sanctions have driven up energy prices and hurt Europe’s competitiveness. He pointed out that EU leaders, during their informal summit in Budapest on November 8, adopted a declaration focused on improving European competitiveness by reducing the prices of oil, gas, and electricity. “Energy prices must be reduced by all available means, meaning sanctions must be revised, as the current sanctions policy will not lower energy costs,” Orban said.

Orban also highlighted the disparity in energy costs, noting that industrial companies in the EU pay significantly higher gas and electricity prices than their counterparts in the US and China, which undermines the EU's competitiveness.

The Hungarian government has been consistently critical of the EU sanctions imposed in response to the conflict in Ukraine, arguing that they have done more harm to the European economy than to Russia.

By Tamilla Hasanova