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Daily News Hungary Daily News Hungary · 21/07/2022
· Business

Hungarian FinMin: ‘Own sanctions weaken EU’

EU sanctions against Russia Hungarian economy Hungary money
Varga Mihály

Photo: MTI/Veres Nándor

The European Union is becoming weakened by its own sanctions imposed on Russia and the question is whether it can survive them, the Hungarian finance minister said at the 31st Bálványos Summer University in Baile Tusnad (Tusnádfürdő), in central Romania, on Thursday.

Addressing a panel discussion focusing on inflation, energy prices and recession, Mihály Varga said Europe needed for the time being Russian energy because switching to alternative energy sources would take long and would require additional financial resources.

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Read alsoInflation in Hungary is 8th highest in EU

“The sanctions imposed so far have been ineffective and there is a lack of international cooperation concerning them,” Varga said, adding that the fluctuation of the euro and dollar exchange rates poses a serious problem to the EU. “Europe from this point of view is among the extremely big losers,” he said.

Varga reiterated the Hungarian government’s firm position supporting peace and security, adding that it would use all available resources to maintain its social and economic achievements.

Németh Szilárd
Read alsoGovernment sets retail energy price for private consumption

Source: MTI

EU sanctions against Russia Hungarian economy Hungary money
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