U.S. imposes sanctions on Hungary for evading sanctions on Russia

The United States has imposed sanctions against more than 50 institutions and individuals in Hungary, the U.S. ambassador to this country, David Pressman, announced Wednesday at a news conference in Budapest, according to Telex.

“We are concerned about Hungarian leaders seeking ever closer ties with Russia, despite its brutal aggression. Close economic cooperation with Russia feeds the Russian war machine and threatens the security of the transatlantic alliance,” the ambassador said.

The U.S. sanctions list includes the Hungary-based but Russia-controlled International Investment Bank (IIB) and its three top officers, two of whom are Russian nationals.

“The presence of this opaque Kremlin platform [IIB] in the heart of Hungary threatens the security and sovereignty of the Hungarian people, their European neighbors, and their NATO allies,” Pressman was quoted as saying by Reuters.

“Unlike other NATO allies previously engaged with this Russian entity, Hungary has dismissed the concerns of the United States government regarding the risks its continued presence poses to the alliance,” he added, as reported by Politico.

According to the newspaper, the IIB was originally created in 1970 to foster trade within the Soviet bloc. It moved its headquarters from Moscow to Budapest in 2019 despite worries from Hungary’s allies.

During David Pressman’s news conference, a small rally of about ten persons in front of the U.S. Embassy protested against the ambassador’s announcement and what they called the “United States’ banking manipulation.” They told the Telex correspondent that they believe the US banking system is collapsing and that this is what Russia is waiting for.

Photo: Orsi Ajpek / Telex