Suspicious: Intelligence links found in four Russian companies operating in Hungary

In the wake of the war in Ukraine, there has been a notable increase in Russian business activities within Hungary. While many companies aim to safeguard their assets, an investigation by Szabad Európa has revealed connections between several companies and intelligence services/political circles.

The newspaper’s findings indicate that as of March this year, Hungary was home to a total of 674 Russian-owned companies.  97 of them have been established after the Ukrainian conflict broke out. According to Alexey Morozov, managing director of Starimpex Hungary Ltd, the most significant change observed is the increased desire of individuals from Russia to relocate to the European Union, Telex reports.

Hungary as best choice

Previously, Hungary was not a preferred destination for Russian businessmen, although they did invest in properties. However, the current scenario is different. Those arriving from Russia are fully committed to settling down within Hungary. Notably, they aim to dissociate from the ongoing political situation as most of them strongly oppose the Ukrainian-Russian conflict.

Furthermore, the paper received insights from a source within the start-up sector. They highlighted the growing challenges of managing business finances from Russia. Some Russian banks impose strict limitations on international transfers, with certain banks even prohibiting them altogether. This situation underscores the increasing necessity for establishing EU-based companies.