Varga discusses Russia with U.S. coordinator for sanctions policy

Food

Hungary’s National Economy Minister Mihály Varga met with United Statesʼ Coordinator for Sanctions Policy Daniel Fried in Budapest yesterday to discuss expanding trade ties, support for Hungarian companies entering new markets and the European Unionʼs sanctions against Russia, Hungarian news agency MTI reported today.

Hungary has lost exports worth $4.5 billion due to sanctions imposed on Russia for the past two years, Varga said at the talks, according to MTI. The machinery and food sectors have been hit especially hard, he said, adding that the government has made a big effort to find alternative markets for the affected exporters. 

Sanctions may only be lifted if Russia fulfills its obligations under the Minsk agreement, Varga said, according to MTI. In addition to a meaningful debate at an EU level, the task in the coming months will be to determine whether the sanctions on Russia have achieved their desired effect, he added.

ADVERTISEMENT

Varga puts 2021 GDP growth at 7-7.5% Analysis

Varga puts 2021 GDP growth at 7-7.5%

Opposition parties to begin PM candidate primaries Elections

Opposition parties to begin PM candidate primaries

New managing director at the helm of Wolt Hungary Appointments

New managing director at the helm of Wolt Hungary

Budapest bike-sharing scheme boasts record ridership City

Budapest bike-sharing scheme boasts record ridership

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.