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Hungarian FM: US ultimate beneficiary of recession in EU

By Al Mayadeen English
Source: Agencies
25 Nov 2022 23:51
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The Foreign Minister accuses Ukrainian authorities of creating obstacles for some Hungarian companies in their market just because they also work in Russia.

Hungarian Foreign Minister Peter Szijjarto

Hungarian Foreign Minister Peter Szijjarto told reporters on Friday that the US is profiting from the dire economic situation in Europe as it heads further and faster toward a recession.

"The fact that Europe's economy is moving toward recession is good news for the US economy and it seems so that America has been able to get profit from it," Szijjarto told journalists.

The Foreign Minister further added that the situation in Europe is devolving due to the set up of "obstacles" by the EU Commission, which are impeding the inflow of investments.

He told reporters that Ukrainian authorities created obstacles for some Hungarian companies in their market just because they also work in Russia.

"We consider it unacceptable that Hungarian companies are not allowed to work, while Hungary is doing everything possible to support Ukraine," Szijjarto said, as quoted by TASS.

On August 18, Hungarian Prime Minister Viktor Orban said the western sanctions were unsuccessful in destabilizing Russia and dealt a substantial blow to Europe itself.

"A large part of the world emphatically does not get behind [Washington and Kiev], including the Chinese, the Indians, the Brazilians, South Africa, the Arab world, Africa," Orban told the sources.

However, other energy-independent nations, in particular, will gain from Europe’s weakened standing, he added.

"The Russians benefit. EU imports from Russia have dropped by a quarter, and Gazprom's revenues have doubled. The Chinese benefit; they used to be at the mercy of the Arabs. And, of course, big American corporations benefit," the Hungarian leader said, pointing to soaring revenues of US oil and gas giants ExxonMobil, ConocoPhillips, and Chevron.

Earlier today, it was reported that Politico published a provoking report that details accusations made by senior EU officials against the US for "fracturing" the West and making "EU countries suffer" at the expense of Biden's campaign for supporting Ukraine.

According to the report, officials are accusing the US of amassing enormous wealth out of the war industry as the US is seen "selling more gas at higher prices" and "selling more weapons."

The statements come against the backdrop of a recent bill Congress passed in August this year which many believe will entice crucial enterprises to relocate to the US and wreck crucial industries in the EU economies: the Inflation Reduction Act (IRA).

EU officials are likewise outraged over the fact that the US was selling gas to the EU at a price 3-4 times higher than on its domestic market.

Yesterday, German Economy Ministry State Secretary Sven Giegold said the proposal set by the EU Commission to impose a higher-than-expected price cap on Russian oil made every EU member dissatisfied to a different extent with the plan.

The Commission proposed on Thursday the plan of imposing a cap on Russian oil worth 275 euros per MWh starting January 1, 2023, on the Dutch TTF index, the EU's benchmark for 80% of the EU market.

The cap is said to be implemented in full force if its difference from the global LNG is equal to or greater than 58 euros.

Following the meeting, Szijjarto said none of the EU energy ministers had a say on Thursday's proposal.

JUST IN: #BNNHungary Reports.

Peter Szijjarto, Hungarian Foreign Minister said on Thursday, EU nations have failed to reach an agreement on imposing a price ceiling on natural gas following a Council of Energy Ministers’ meeting. pic.twitter.com/w809jnQ3NS
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