"The Russian embargo has caused some 4.5 billion US Dollars in damage to the Hungarian economy; this is the estimated value of lost exports.
The EU wishes to solve the crisis in Eastern Ukraine via political instruments and sanctions against Russia were introduced as the most important element of such a political solution in the summer of 2014, the Ministerial Commissioner reminded the press. In reaction, Russia also ordered sanctions against the member states of the European Union in August 2014....
On 2 September of last year, the EU extended the period of sanctions until 31 January, then again until 31 July of this year. In reply, Russian President Valdimir Putin extended the Russian embargo until 5 August 2016. It is clear, however, that the measures introduced as a result of the crisis in Ukraine have not had the desired and expected effect, while conversely, those EU member states with significant agricultural exports to Russia have suffered greatly from the sanctions. For this reason, the political and economic leaders of such countries are searching for possible cracks in the embargo policy to reduce their losses."
Source: Website of the Hungarian Goverment
In English : The Russian embargo has caused 4.5 billion dollars in damage to the Hungarian economy
The EU wishes to solve the crisis in Eastern Ukraine via political instruments and sanctions against Russia were introduced as the most important element of such a political solution in the summer of 2014, the Ministerial Commissioner reminded the press. In reaction, Russia also ordered sanctions against the member states of the European Union in August 2014....
On 2 September of last year, the EU extended the period of sanctions until 31 January, then again until 31 July of this year. In reply, Russian President Valdimir Putin extended the Russian embargo until 5 August 2016. It is clear, however, that the measures introduced as a result of the crisis in Ukraine have not had the desired and expected effect, while conversely, those EU member states with significant agricultural exports to Russia have suffered greatly from the sanctions. For this reason, the political and economic leaders of such countries are searching for possible cracks in the embargo policy to reduce their losses."
Source: Website of the Hungarian Goverment
In English : The Russian embargo has caused 4.5 billion dollars in damage to the Hungarian economy