Orban reported Hungary's loss of €19 bln due to EU sanctions against Russian Federation

Hungary has lost €19 billion because of the European Union (EU) sanctions against Russia, the country's Prime Minister Viktor Orban said on January 24.

"The sanctions system is bad as it is, and Hungary has lost about €19 billion because of the sanctions . <...> Now there is a question of extending the sanctions, but I have put the handbrake on and told other European leaders that this can no longer go on," he said on the morning program of Hungarian radio station Kossuth, he was quoted as saying by ORIGO.

European Union (EU) sanctions against Russia may be extended only if Kiev restores the transit of Russian gas through its territory, stops provocations on the Turkish Stream pipeline and stops threatening oil transit, he said.

In a close fight: Hungary and Slovakia seek ways to counter EU sanctions

Will Bratislava and Budapest be able to relax anti-Russian restrictive measures?

Earlier, on January 23, the head of the Hungarian Prime Minister's Office, Gergay Guillas, said that Hungary believes that the European Union (EU) should not automatically extend sanctions against Russia, as the issue requires discussions.

Prior to that, on January 21, Orban called on the EU to reconsider its sanctions policy against Russia. According to him, the restrictions have not achieved their goals and have only led to the destruction of the competitiveness of the European economy.

On January 20, the head of the Hungarian government ruled out the possibility of a Western victory over Russia. He also announced the end of the Western world order, against the background of which the world powers are "with great enthusiasm" preparing for a new era.

Western countries have increased sanctions pressure on Russia after the start of the special operation to protect civilians in Donbass, which was announced on February 24, 2022.