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Nov 23, 2018

FM: Hungarian-Russian relations are now back on track

The foreign minister pointed out that relations between Budapest and Moscow are fast expanding in line with Hungary’s interests

The foreign minister has underlined how Hungarian-Russian relations are now back on track after a decline caused by the international sanctions imposed on Moscow.

Following a meeting of the Hungary-Russia intergovernmental economic cooperation committee in Budapest, Péter Szijjártó, Minister of Foreign Affairs and Trade, said western European countries today are concluding far more lucrative deals with Russia. He also pointed out that relations between Budapest and Moscow are fast expanding in line with Hungary’s interests.

Minister Szijjártó revealed that after declining for several years, trade between the countries jumped by 17 percent in the first eight months of 2018.

The minister noted that sanctions against Russia have cost Hungary 7 billion euros in lost exports, but Hungarian companies’ activities in Russia may compensate for that.

The minister noted that Hungarian oil and gas company MOL‘s investments in Russia have surpassed 1.3 billion euros, and a Russian-Hungarian consortium won a 1 billion euro tender for machine production in Egypt.

The foreign minister said Hungary sees Russia as an important partner. It strikes the balance between heeding its importance while complying with its obligations in respect of EU unity, he added.

Minister Szijjártó added that Hungary will re-join the International Bank for Economic Cooperation (IBEC). The headquarters of the International Investment Bank (IIB) will move to Hungary in early 2019, further strengthening the country’s economic position, he concluded.