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Russia - Hungary trade decreased noticeably, but still has potential — ambassador

According to Evgeny Stanislavov, the bilateral trade turnover in the first eight months of 2023 fell by 26.8% compared to the same period last year

BUDAPEST, December 4. /TASS/. Due to sanctions and restrictions, trade turnover between Russia and Hungary fell by around 27% in the first eight months of 2023, but the possibility for development in bilateral trade remains, Russian Ambassador to Hungary Evgeny Stanislavov said in an interview with TASS.

"Unfortunately, the picture is not the best this year - bilateral trade turnover in the first eight months fell by 26.8% compared to the same period last year. According to this statistic, our country is now ranked only 16th among Hungary's major trading partners," he said.

He noted that such concerns were discussed during a meeting between Russian President Vladimir Putin and Hungarian Prime Minister Viktor Orban on October 17 in Beijing as part of the Belt and Road international summit to positively affect these trends.

"Because of the European Union’s unilateral restrictive measures against our country, the portfolio of promising bilateral projects naturally lost a number of developments, implying that the growth potential of bilateral trade was reduced, but it still exists. We are working with colleagues from the Russian trade mission to develop it using the means at our disposal," Stanislavov added.

The ambassador added that "Russia has always been one of Hungary's key partners and one of the leaders in trade turnover." "Despite the obstacles created through no fault of ours, Hungary remains our important trade and economic partner in Europe," he said.

"Given the mutual interest, I would like to believe that the current plans not only in the energy sector, but also in agriculture, pharmaceuticals, and healthcare will not be shelved and will be implemented," the ambassador stated.

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Foreign policy Hungary Trade & Cooperation

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