Orbán: there will not be an energy shortage in Hungary!

Europe ran out of energy, but Hungary will not. “This is not a prophecy but a fact. There will be enough gas and electricity in Hungary”, PM Viktor Orbán said today based on a report of Szeretlek Magyarország.

Finance minister: sanctions against Russia ‘ineffective’

Sanctions against Russia are not working, Finance minister Mihály Varga said on Saturday after attending a meeting of EU finance ministers in Prague.

The European Union’s sanctions policy has not come up to expectations, Varga told MTI, noting that Europe was now paying an exorbitant price for Russian energy. “Brutal inflation and energy shortages linked to sanctions are bringing Europe to its knees,” he said.

Whereas Hungary’s economy has performed well, with annual growth in the second quarter of 6.5 percent — among the highest growth rates in the EU — record high energy prices and inflation and drought-related damage to crops are likely to dampen growth in the third and fourth quarters, though growth may still reach around 4 percent in 2022, he added.