On Friday, Prime Minister Viktor Orban claimed Hungary had abandoned a Budapest-based Russian bank because U.S. sanctions had “ruined” it.
The NATO leader with the closest relations to Russia told state radio that Hungary was an essential U.S. ally but disagreed on the Ukraine war.
Orban said Hungary would fight the U.S.’s “not given up on its plan to squeeze everyone into a war alliance” because it does not sell weapons to Ukraine.
On Thursday, Orban’s administration declared it would leave IIB, which sponsors Eastern European development projects and moved its headquarters to Budapest from Moscow in 2019.
Russia is its major stakeholder, but Hungary is the second-largest, and prominent Hungarian officials had board seats. After Russia invaded Ukraine last year, Eastern European countries broke connections with IIB.
This week, the U.S. sanctioned three top bank officials, two Russians, and a Hungarian. In addition, Washington urged Hungary to terminate relations with an “opaque Kremlin-controlled platform.”
Despite opposing Russian sanctions, Orban indicated Hungary would comply.
“We have never agreed with sanctions but we don’t dispute others’ rights, including the United States, to impose sanctions,” he added.
“Since the (outbreak) of the war, it’s been clear that the bank’s (IIB) possibilities were narrowing… and now that the Americans have placed it under sanctions, they effectively ruined it.”
Hungary is a NATO member and condemns Russia’s invasion of Ukraine, but nationalist premier Orban has maintained tight connections with Russia for years and has avoided criticizing President Vladimir Putin.
Hungary’s delay in ratifying Sweden and Finland’s NATO membership has worsened relations with Washington. Sweden’s membership is pending permission from Hungary and Turkey, while Finland joined this month.
Orban has opposed Russia sanctions but not E.U. ones.
The Guardian reported Thursday that a bipartisan committee in Congress was crafting additional penalties against senior Hungarian political leaders linked to the Orban regime.
The Hungarian government spokeswoman has ignored repeated emails.
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