Volume of trade between Hungary and Russia fell significantly due to EU sanctions
As a result of the EU’s disastrous sanction policy, volume of bilateral trade between Hungary and Russia dropped from 13 billion in 2008 – which was a record high – to 5,4 billion this year. This obvious downturn in trade activity between the two countries took place despite the fact that large-scale partnership projects are being drafted by experts said Russia’s Trade Representative in Hungary Nikolay Livencev in an interview with “Világgazdaság” published on Monday.
In addition, bilateral trade fell by an additional 12.2 percent in the first ten months of this year according to Russian data.
However, new large-scale projects are being planned mostly in the energy (see Paks nuclear power plant expansion), vehicle manufacturing, component,and equipment manufacturing and other sectors – some of those projects are already in advanced preparation phase.
According to Livencev, due to the EU sanctions policy the planned construction of the enormous logistical base in Hungary by one of the largest Russian retail network, Magnit couldn’t be realised.
As a result of the EU sanctions policy, Hungarian agriculture exports to Russia fell drastically as that segment of the Russian market where previously, Hungarian companies had strong positions has already taken over by CIS countries and Asian and domestic suppliers said the Russian trade representative.
Source: MTI – hungarianambiance.com
