Hungarian PM Says Sanctions on Russia Will 'Destroy' EU Economy

Budapest: Hungarian Prime Minister Viktor Orbán told state rio on Friday that European Union must abandon its policy of sanctioning Russia over war in Ukraine or risk triggering an economic collapse.

Since Russia's full-scale invasion of Ukraine in 2022, EU has imposed multiple rounds of sanctions on Moscow, targeting sectors such as energy, banking, world's largest diamond mining company, and various or businesses.

Orbán, known for his close ties with Kremlin, has diverged from most European leers by strongly opposing sanctions, claiming y have harmed European economies more than Russia’s.

EU's sanction regime “should be reviewed, because with such a policy of sanctions, energy prices will not come down”, Orbán said on Friday.

“It will be painful for those who argued for sanctions. Not for us, because we will see this as a victory, but or camp has to change because orwise it will destroy European economy,” he said.

Currently holding six-month rotating presidency of EU, Hungary has downplayed retaliatory measures against Russia. However, EU leers are preparing to impose a new round of sanctions on Moscow.

On Thursday, European Parliament opted a resolution demanding EU step up against Russia's so-called “show fleet,” ships that export Russian oil in violation of sanctions. legislature also wants bloc to ban import of Russian fossil fuels.

Orbán opposes such a ban, and has leveraged exceptions from EU during previous rounds of sanctions that allowed landlocked Hungary to continue importing Russian oil and gas, which he argues are essential to sustaining Hungary's economy.

Hungarian leer last week predicted that President-elect Donald Trump would pull US support for Ukraine in its war against Russia. A Trump presidency, Orbán has argued, will revive Hungary's sputtering economy, now in a technical recession.

“ pro-peace presidential candidate won, and now we are waiting for peace,” Orbán said Friday.

(with agency inputs)