European Union's sanctions on Russia had detrimental effects on the EU's economy, Hungarian Foreign Minister Peter Szijjarto stated in an interview with RT.

Szijjarto emphasized that the European Union's sanctions against Russia have failed to achieve either of their intended objectives—destabilizing the Russian economy and bringing the Ukraine conflict to an end, in an exclusive interview with RT released on Saturday.

“The EU has basically stabbed the European economy in the heart by the sanctions,” the Foreign Minister said, arguing that the sanctions have damaged the EU's competitive edge and isolated the bloc, noting that Brussels is preparing a 17th sanctions package despite the failure of the strategy.

“We are three years after the first package. The Russian economy is far from being on its knees. And we are now close to peace, but not because of the sanctions,” he stated, adding that it was “becoming unserious, ridiculous, and really harmful” for Brussels to continue imposing new economic restrictions for the sake of anti-Russian “ideology.”

'Hungary not to back any future sanctions'

The minister stated that Budapest had been explicit in its stance, emphasizing that any future sanctions would not receive its support should they pose a threat to Hungary’s national interests. He also voiced concern over the increasing militarization within the EU amid efforts to supply Ukraine with weapons.

The FM cautioned that such measures contribute to the prolongation of the war and heighten the risk of further escalation.

“This pro-war sentiment of the European leaders is really, really dangerous,” Szijjarto stated, emphasizing that “Our clear expectation is that they should not put obstacles in the way of the peace process... in the way of [US President Donald] Trump and [Russian President Vladimir] Putin negotiating about how to make an agreement and how to make peace here.”

Hungary may block renewal of EU sanctions on Russia: Reports

in a similar context, earlier this month, Hungary signaled possible resistance to the European Union's upcoming renewal of sanctions on Russia, which must be unanimously approved by all 27 member states before they expire on March 15.

According to a report by Euractiv, Budapest could use its position to delay or challenge the extension during upcoming discussions. 

At last week's emergency EU summit on Ukraine, Hungary was the only member state that declined to endorse a joint statement adopted at the meeting's conclusion. While the issue is set to be revisited at the next EU summit on March 20-21, sources cited by Euractiv suggest that Hungary did not actively obstruct the initiatives proposed by other states.

The report notes that Budapest did not directly challenge the sanctions or the transit of Russian energy resources but may have been reserving its efforts for the next round of talks.