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.

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