Hungary says European economy 'in trouble' after stopping buying Russian gas, EU is paying high price

On October 9, Hungarian Prime Minister Viktor Orban said that the European Union's (EU) suspension of Russian natural gas imports has significantly endangered the bloc's economic growth.

Hungary warns EU economic growth is at risk as it moves away from Russian gas. (Source: Reuters)

Speaking at the plenary session of the European Parliament, Prime Minister Orban stressed: "The EU's productivity is growing at a slower pace than our competitors and our share of global trade is falling.

EU businesses are paying two to three times more for energy than in the US, and four to five times more for natural gas. The exclusion of Russian energy has jeopardised the 27-member bloc’s GDP growth.”

The bloc now needs to focus on supporting the energy sector and building infrastructure for liquefied natural gas (LNG), Mr Orban added.

The West stepped up sanctions pressure on Russia after Moscow began a special military operation in Ukraine in 2022.

President Vladimir Putin said the West's long-term strategy to contain Russia is harming the global economy.

On October 8, the EU also established a new framework for imposing sanctions on Moscow. Under the new legal framework, the bloc can target those responsible for, carrying out, supporting or benefiting from Russia’s actions around the world, as well as those who collaborate and support them.

Source: https://baoquocte.vn/hungary-noi-kinh-te-chau-au-gap-nan-khi-dung-mua-khi-dot-nga-eu-dang-phai-tra-gia-cao-289450.html