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HUNGARY: EU Foreign Ministers to Discuss “Unacceptable” Orban Diplomacy

HUNGARY
  • Hungary plans to raise the issue of the halt in Lukoil crude deliveries at a meeting of EU foreign ministers following Kyiv’s decision to bar shipments by the Russian company via Ukraine. Last week, Bloomberg reported that Hungary and Russia are working to resume oil deliveries, as per foreign minister Szijjarto.
  • The meeting of foreign ministers comes amid criticism from EU officials over Prime Minister Orban’s self-described “peace mission” for Ukraine which has included controversial trips to Moscow and Beijing. The EU High Representative for Foreign Affairs Josep Borrell said the “unacceptable” trips will be discussed.
  • Meanwhile, EU justice ministers are scheduled to gather in Budapest for a two-day informal meeting.
  • The NBH rate decision is the key event of the week tomorrow afternoon, where analysts are split between a hold decision and a 25bp rate cut. Despite headline inflation coming in below expectations in June, Deputy Governor Virag said the central bank will not overreact to a single positive data-point. Our full preview of the decision will be released later today.
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CEEMEAEM BulletBulletGlobalEmerging Market NewsHungaryRegion

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