BUDAPEST, November 15. /TASS/. The European Union needs to reconsider its sanctions against Russia, as all they have led to is higher energy prices, which hits European industry hard, Hungarian Prime Minister Viktor Orban said on the Kossuth radio station.

EU leaders adopted a declaration on Europe’s competitiveness at an informal summit in Budapest on November 8, he noted. The document sets out to lower the price of oil, gas and electricity, among other things. "Energy prices must be reduced by any means necessary. This means that sanctions [against Russia] should be overhauled because with the current sanctions policy energy prices will not go down," the prime minister said.

Industrial companies in EU countries pay several times more for gas and electricity than their main competitors in the US and China, Orban noted, adding that this undermines the EU’s competitiveness.

Hungary’s government has been a staunch opponent of the EU’s sanctions against Moscow due to the conflict in Ukraine, emphasizing that the restrictions harm Europe’s economy first and foremost.

Peaceful budget

"We must change things in Brussels because we need to shift towards peace. We should start a constructive dialogue as Europe does not have enough money to finance the war [in Ukraine] without America’s participation," the Hungarian PM said.

EU leaders need to take a look in the mirror, he stressed. "Decisions have been made that turned out to be wrong, so European leaders need to take a step back and reassess," the premier said.

In addition to lowering energy prices, another key goal outlined in the Budapest declaration on Europe’s competitiveness is reducing the administrative burden on small and medium-sized businesses. "We should reach those two goals within the next six months," Orban said.

The government has developed a draft state budget for the next year based on the assumption that the Ukraine conflict may end, he said. This "peaceful budget" opens up new opportunities for the country’s economy, the prime minister said. He believes that a candidate favoring peace has won the US presidential election, Orban said. "Now we are waiting for peace," he stressed.