Russia embargo causes USD 4.5bn damage to Hungarian economy

Budapest, February 26 (MTI) – Russia’s embargo on European products has reduced Hungary’s export revenues by 4.5 billion dollars, Gyula Budai, ministerial commissioner in charge of measures to counterbalance impacts of the embargo, told a press conference on Friday.

Tenth of this loss was suffered by the farming sector and food industry companies, he said.

Russia introduced the embargo in reaction to EU sanctions in August 2014.

Source: http://mtva.hu/hu/hungary-matters