World laughing at EU over Russia sanctions: Hungarian FM

He repeated his government’s position that the conflict in Ukraine “must end this minute.”

It would be a “baroque and poetic exaggeration” to say that sanctions against Russia have succeeded in crippling the Russian economy, Szijjarto told attendees at the Tranzit political festival on Saturday, RT reported. 

“The policy of sanctions has failed,” he said, adding that “everywhere in the world, the European sanctions policy is being laughed at.”

The EU has imposed 11 successive rounds of sanctions on Russia since Moscow launched its military operation in Ukraine last February. While the EU’s chief diplomat, Josep Borrell, claimed on Saturday that the sanctions are “producing hard, tangible effects across Russia’s economy,” the International Monetary Fund has forecast that the Russian economy will continue to grow by 0.7% this year and 1.3% in 2024. 

By contrast, the Eurozone entered recession earlier this year after the bloc voluntarily cut itself off from Russia, its largest foreign energy supplier. With the energy crunch crippling German industrial output in particular, Russia overtook Germany as the world’s fifth-largest economy last year, according to the World Bank.

European leaders have embraced these self-harming sanctions because they “are in a war psychosis,” Szijjarto said, adding that EU military aid to Kyiv is also directly threatening security on the continent.

“The USA has pushed Europe into the competition of who will help Ukraine and how much: a military aid competition,” he said, lamenting that European politicians “accepted this provocation” even though "we are literally destroying Europe."

Hungarian Prime Minister Viktor Orban has refused to allow Western weapons to enter Ukraine via Hungarian territory, and Szijjarto has repeatedly voted in Brussels against increasing the EU’s arms fund for Kyiv. Although Hungary is a party to all of the EU’s sanctions packages, Orban has managed to carve out exemptions for Hungary to continue oil and nuclear fuel imports from Russia in exchange for supporting these measures.

RHM/PR