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Szijjarto flies to Moscow to discuss sanctions against Gazprombank
Russian President Vladimir Putin has signed a decree allowing foreign buyers to pay for Russian gas through more than one financial institution. The financial institution is Gazprombank, sanctioned in the United States -- causing serious concerns for the Hungarian government, 444 reports quoting Meduza.
This amended the decree of 31 March 2022, which obliged foreign buyers to open ruble accounts with Gazprombank. Settlement can be reached through other financial institutions until the sanctions against Gazprombank are lifted.
In November, the United States sanctioned more than 50 financial institutions, including Gazprombank, as well as its subsidiaries in Hong Kong, Luxembourg, Switzerland, South Africa, and Cyprus. As a result, Gazprom's credit cards stopped working in at least nine countries, including China.
The decision has hit European countries including Hungary that continue to buy gas from Russia hard. Foreign Minister, Péter Szijjártó, has repeatedly criticized the decision. Hungary had formally requested an exemption from the sanctions against Gazprombank and submitted a request to the relevant US authorities.
Viktor Orban meets Pope Francis at the Vatican
Morning Mass in St Peter's Basilica, followed by a meeting with the Holy Father. We must seize the chance for peace! - Viktor Orbán wrote on his Facebook page. The Hungarian Prime Minister met Pope Francis on Wednesday in the Paul VI Hall at the Vatican.
Orban met the head of the Catholic Church every year since 2021. In 2022, the pope received Orban in a private audience immediately after the elections, while last April they met during the Pope's official visit to Hungary.
Szijjarto: Hungary is the main destination for Chinese investment in Europe
Hungary is the "number one" destination for Chinese investment in Europe, Foreign Minister Péter Szijjártó said during a visit to Beijing. After discussions with his Chinese counterpart, Wang Yi, Szijjártó highlighted the deepening of bilateral ties as one of Hungary’s main economic strategies.
The minister pointed to Hungary's significant share of Chinese investments in Europe last year as a sign of the mutual benefits of this partnership. Szijjártó emphasized the impact of these projects, which he said would generate tens of thousands of new jobs.
The foreign minister criticized the EU's approach to Chinese investment and trade policies as detrimental to Europe’s economy. He called out the European Commission’s recent decision to impose a 35.3% tariff on Chinese electric vehicle imports from SAIC for five years, following the company’s non-cooperation in an anti-subsidy investigation.
Szijjártó reaffirmed Budapest’s commitment to building stronger EU-China relations. He said Hungary will work with Beijing to promote "global stability and peace", in contrast to what he described as the EU’s "counterproductive policies.
Job cuts to be expected in Hungarian car industry
Large layoffs are expected in the Hungarian car industry from the first half of next year due to the downturn in the European automotive industry, Zoltán László, vice-president of the Vasas Trade Union Federation, told InfoRadio. According to László, although there are no official figures there are already eight to ten percent fewer people working in these industries than two years ago.
According to the latest OECD forecast, the Hungarian economy could grow by 2.1 percent next year, after 0.6 percent this year. Both forecasts are more pessimistic than the government's, which expects growth of 0.8% this year and 3.4% next year. This is based on the new economic policy action plan and economic neutrality, which are aimed to make 2025 a "fantastic year", according to Viktor Orbán.