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Sanctions Aren’t Working and Are Only Weakening the EU, Says Finance Minister

“The European Union’s own sanctions are essentially weakening it. The question is whether it can survive the punitive measures it has placed on Russia,” said Finance Minister Mihály Varga on Thursday at the annual summer gathering in Tusnádfürdő, Romania, as reported by MTI.

In a panel discussion entitled “Before the storm, after the storm? Inflation, energy prices, recession,” Varga stated that Europe needs Russian energy for the time being, and any transition will require funds and take time.

The sanctions aren’t working, claimed Varga, who doesn’t see any international cooperation in this area either. Moreover, the exchange rate fluctuations between the dollar and the euro are also causing problems for the EU, and because of this, he believes that Europe is “deeply among the losers.”

The Finance Minister said that the Hungarian government continued to support peace and security, and it strives to use all available resources to maintain the socio-economic results it has achieved so far. [Magyar Hang]

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Posted in European Union

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