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Hungary claims Ukraine war triggering sever economic harm to EU
(MENAFN) In a recent address at a meeting of European Union foreign ministers in Brussels, Hungarian Foreign Minister Peter Szijjarto raised concerns about the significant economic toll the Ukraine conflict has exacted on the European Union. Szijjarto characterized the European Union's response to the conflict as "ill-advised," asserting that it has led to severe damage to the bloc's economy, with implications for member states like Hungary.
According to Szijjarto, Europe is currently grappling with substantial economic challenges, with its economy witnessing rapid deterioration since the outbreak of the conflict. He highlighted the considerable financial burden Hungary has borne as a result of the conflict, citing an additional EUR10 billion in energy bills incurred. Szijjarto emphasized that Hungary's inflationary pressures were not the result of flawed economic strategies or poor decision-making but were directly linked to the war and the subsequent sanctions imposed by the European Union.
The European Union's response to Russia's military intervention in Ukraine has included 13 rounds of economic sanctions against Moscow, including restrictions on Russian fossil fuel imports. While Hungary has adhered to these sanctions, Prime Minister Viktor Orban has raised the prospect of vetoing their passage to secure concessions from Brussels. Orban has specifically sought a partial exemption from the European Union's oil embargo, citing Hungary's unique energy needs and concerns about the economic impact of strict sanctions.
Szijjarto's remarks underscore the complex interplay between geopolitical tensions, economic consequences, and intra-European Union negotiations amid the ongoing Ukraine conflict. As member states navigate the challenges posed by the crisis, debates over the efficacy and fairness of European Union sanctions policies are likely to persist, with implications for the economic well-being of the entire bloc.
According to Szijjarto, Europe is currently grappling with substantial economic challenges, with its economy witnessing rapid deterioration since the outbreak of the conflict. He highlighted the considerable financial burden Hungary has borne as a result of the conflict, citing an additional EUR10 billion in energy bills incurred. Szijjarto emphasized that Hungary's inflationary pressures were not the result of flawed economic strategies or poor decision-making but were directly linked to the war and the subsequent sanctions imposed by the European Union.
The European Union's response to Russia's military intervention in Ukraine has included 13 rounds of economic sanctions against Moscow, including restrictions on Russian fossil fuel imports. While Hungary has adhered to these sanctions, Prime Minister Viktor Orban has raised the prospect of vetoing their passage to secure concessions from Brussels. Orban has specifically sought a partial exemption from the European Union's oil embargo, citing Hungary's unique energy needs and concerns about the economic impact of strict sanctions.
Szijjarto's remarks underscore the complex interplay between geopolitical tensions, economic consequences, and intra-European Union negotiations amid the ongoing Ukraine conflict. As member states navigate the challenges posed by the crisis, debates over the efficacy and fairness of European Union sanctions policies are likely to persist, with implications for the economic well-being of the entire bloc.
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