MOSCOW, February 1. /TASS/. Sanctions on Moscow have caused much more damage to Hungary than to Russia, Hungarian Prime Minister Viktor Orban said on Tuesday at a press conference following the talks with Russian President Vladimir Putin.

"The policy of sanctions imposed on Russia has caused much more harm to Hungary rather than to the Russian Federation. <...> Such a policy has the opposing effect. Sanctions are a tool certainly doomed to failure. I do not consider it acceptable either in relation to the Russian Federation or to other states," Orban said.

He added that Russia’s economy is more powerful than it is thought in the West. "The Russian economy has withstood despite the sanctions. If you look at the figures, you will see that the Russian economy is much stronger than is commonly thought in the West. Russia is a country of not only former, but also new opportunities," the prime minister added.

European Commission Executive Vice President Valdis Dombrovskis earlier stated that sanctions against Russia would have consequences for the EU economy.