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Free AccessPM Orban Treads Fine Line w/EU After Putin Meeting In Beijing (1/2)
Prime Minister Viktor Orban is treading a fine line with his partners in the European Union following his meeting earlier today with Russian President Vladimir Putin on the sidelines of the Belt & Road Initiative forum in Beijing, China. Orban becomes the first EU member state leader to meet with Putin in person since Russia launched its invasion of Ukraine in Feb 2022.
- The Hungarian gov't has proved the most reluctant of any EU member to engage in imposing sanctions on Russia and still retains links with Russia in the form of Rosatom's construction of the Paks II nuclear power plant, and Hungary's continued purchases of Russian natural gas and crude oil.
- Putin: "Despite the fact that in today's geopolitical conditions the opportunities for maintaining contacts and developing relations are very limited, nevertheless, it can only cause satisfaction that our relations with many European countries are maintained and developed. One of these countries is Hungary,”
- The EU cannot press Hungary too hard on its links to Putin. With Brussels seeking to officially approve the opening of accession talks with Ukraine in December, unanimity among member states is required. As such, the EU cannot criticise Orban too severely for meeting Putin, for fear of a Hungarian veto.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.