Hungary’s Economy Rises as US-Russia Talks Fuel Market Optimism

Diplomatic developments often have a significant impact on financial markets, and Hungary’s economy appears to be responding positively to news of potential peace talks between Russia and the United States.

Prime Minister Viktor Orban addressed the economic impact in a video on his Facebook page, presenting stock market charts and exchange rate data, Tass reported. He was quoted as stating:

I see that gas prices have already fallen by 10%, and the forint is gaining momentum … If this continues, it will only be a matter of time before the euro exchange rate drops below 400 forints. That is what peace means.

The Hungarian forint saw slight gains over the past week, reflecting market optimism about the possibility of diplomatic progress. Orban linked this economic momentum to Hungary’s ongoing push for peace, stating: “Peace has its economic benefits. That is why we launched a peacekeeping mission and have fought for peace for the past three years.”

He also pointed to the Feb. 12 phone call between U.S. President Donald Trump and Russian President Vladimir Putin, in which both leaders agreed to meet and discuss ending the war in Ukraine. Expressing confidence that a peaceful resolution would help stabilize Hungary’s financial situation, he stressed: “We must support peace.”

Hungary is not the only European country to suffer economic consequences from the war in Ukraine and Western sanctions against Russia. Several European economies have struggled with rising energy costs, supply chain disruptions, and inflation due to their reliance on Russian oil and gas. Germany, Europe’s largest economy, faced industrial slowdowns, while other nations, including Italy and France, saw energy-intensive industries hit hard.

Orban previously stated that EU sanctions against Russia have severely affected Hungary, emphasizing his country’s interest in having the sanctions lifted. Hungarian government estimates indicate the country has lost around 20 billion euros over three years due to rising energy prices.

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