Hungarian FM Criticizes EU Sanctions, Claims Widespread Business with Russia Continues

Budapest, The Gulf Observer: Hungarian Foreign Minister Peter Szijjarto stated on Friday that numerous companies within the European Union continue to discreetly conduct business with Russia, despite the EU’s sanctions imposed on Moscow.

“Here I would like to disappoint the idealists, as the situation is that everyone in Europe is doing this,” Szijjarto remarked during a press conference in Budapest. “The difference between us and the others is that we speak honestly and openly about this issue. All of Europe does business with the Russians, but some deny this; we don’t need that.”

Szijjarto emphasized that while Hungary does not support the sanctions, it respects EU policies. He noted that Budapest typically vetoes EU proposals that seriously harm its national interests, adding that economic cooperation with Russia remains a priority for Hungary.

The European Union initially imposed sanctions on Russia in 2014 and expanded them in response to the escalation of the Ukraine conflict in 2022, targeting key sectors such as energy, finance, and trade.

Hungary’s stance on the sanctions has often placed it at odds with the EU, complicating efforts to impose new restrictions on Moscow. Diplomatic sources, as reported by Euractiv in August, suggest that Hungary’s position has made it challenging for the EU to maintain consensus on its sanctions policy.

Both Western and Russian experts have warned that unilateral sanctions may have a greater negative impact on the nations imposing them than on Russia. Data from the Russian Finance Ministry showed that Moscow’s oil and gas revenues surged by 73.5% during the first five months of 2024, compared to the same period in 2023, indicating Russia’s ability to sidestep restrictions.