Russians owe billions to Hungary: America might be the key to getting it
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The Russia-led International Investment Bank, which was headquartered in Budapest for years, owes billions to Hungary. But they refused to pay because the Americans froze Russian assets after the Russian invasion of Ukraine. They recommended that the Hungarian government should turn to the Americans if they wanted to access that money.
According to Menedzsment Fórum, the International Investment Bank owes billions of forints to the Orbán cabinet, influential Hungarian banks, investment funds and other investors. However, nobody is claiming that money back openly, which is quite strange. Hungary’s budget thrives on financial assets because its revenues decreased significantly due to the falling consumption following the European record Hungarian inflation. Therefore, the Orbán cabinet fights for each eurocent from the European Union. However, they remain silent concerning the IBB money.
Viktor Orbán did not mention this topic in his 21 December international press conference. Investors who lost their money may be angry but can only grumble in the background.
The Hungarian government left the bank last April after the American government introduced restrictions against it concerning even Hungarian citizens.
The bank stated last December that they would like to pay Hungarian investors back, but they cannot. That is because of the American sanctions, they argued. The USA froze all Russian assets after Putin attacked Ukraine in February 2022.
Want your money? Negotiate with America
According to the IBB’s statement, they tried to negotiate with the European institutions and authorities on the issue but could not reach agreement. Therefore, they recommended that all the the governments affected should lobby in Washington against the sanctions. For example, if the Orbán cabinet wants to retrieve its billions, they should convince the Biden administration to abolish the anti-Moscow sanctions. That is, of course, impossible.
The Hungarian government expressed several times that the EU and US sanctions against Russia are pointless and will not halt the war, but it would put an extra burden on the struggling European economy. However, all that criticism met rejection and outrage from Brussels and Washington. We wrote about the American-Hungarian relationship in THIS article in the early morning today.
Hungarian investors got what they deserved for investing in a Russian spy bank.
Pressman is too busy pressing the woke agenda.
I love Hungary and you premier Orban,and I like every traditional folklore also from Russia,and it all should be 1great Russia,if Estland ,Letland and Lithuania ,and Moldova and ,remained ,why this fool of a zelensky want separated ,Ukraine was and is a Russian province,as a country not good.the EU is the worst for us here,it should never exist,Benelux was still o.k.then we were with 12and now 27? Too much,only huge businesses can profit economically for trade but not the Europeans,each country has to look for their own interests,why this witch of a Ursula should command us?she is too much inkiev because she has an eye for zelensky .Cornelia Cohen.