EU countries warn that Russian sanctions will destroy the European economy 0EU countries warn that Russian sanctions will destroy the European economy 0

(Dan Tri) – The Chairman of the Hungarian Parliament warned that EU economic sanctions could destroy the bloc’s economy.

Hungary’s gas pipeline (Photo: AP).

Hungarian Parliament Chairman Laszlo Kover warned on August 13 that the European Union’s (EU) sanctions against Russia are `wrong to the core` and will cause the European economy to be `destroyed`.

Mr. Kover said that Hungary’s history and geography have made the country `a bridge between East and West`.

`When the East and the West confront each other, it only brings weakness. But if they cooperate, it gives Hungary the opportunity to rise,` Mr. Kover emphasized.

Despite being a member of the EU, Hungary opposes the bloc’s sanctions against Russia due to concerns about economic consequences.

Hungarian Prime Minister Viktor Orban also has the same opinion as National Assembly Chairman Kover about the EU’s sanctions policy on Russia.

The Hungarian leader said that EU sanctions, including on Moscow’s oil products, have had the opposite effect as they cause more damage to Europe than to Moscow.

Mr. Orban criticized the EU’s plan to call on countries to voluntarily cut gas use by 15% to have reserves for next winter.

The EU depends on Russia for about 40% of its gas and 1/3 of its oil.

Hungary, which is still receiving Russian gas through two main pipelines, will be less likely to have its supply cut off by Moscow, but Hungary also faces skyrocketing energy prices if the fighting continues and tensions with Russia continue.

Russian President Vladimir Putin warned that Western sanctions could have `catastrophic` consequences for the global energy market.

After the EU decided to embargo most of Russian oil, experts said that this move is unlikely to cause significant damage to Moscow in the near future as Europe expects.

On the other hand, Russia is also actively diversifying its customer base, and targeting other major partners such as India or China – countries with huge demand for energy.

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