At a CIS Business Club event in Budapest, Parliamentary State Secretary László Szabó said that the European Union embargo against Russia is causing great losses to Hungary – as is the Russian response.
“As a member of the EU we voted for the sanctions, and of course we stand by them, but they are hurting”, said Mr. Szabó. He added that in terms of agricultural exports, Hungary is losing USD 1 million every 3–4 days, and since last August – when sanctions were imposed – the total loss has reached approximately USD 85 million. However, the entire volume of Hungarian trade with the CIS countries – excluding Russia and Ukraine – is USD 3 billion, therefore there are still many opportunities for development, said Mr. Szabó.