UNITED NATIONS, July 16. /TASS/. The failed sanctions policy has hit the European economy more than the Russian economy, Hungarian Foreign Minister Peter Szijjarto told reporters.

"We have all understood that the strategy on behalf of Europe, which was basically copying the Americans in the last two and a half years, was a failure. Sanctions hit European economy more than the Russian economy," he said.

Szijjarto said earlier that Budapest was against using such punitive measures and it considered Brussel’s sanctions policy disastrous.