Viktor Orban, Hungarian PM Viktor Orban has said that a ceasefire in Ukraine could help deal with rising prices if Ukraine doesn't use anti-Russian sanctions.
A ceasefire in Ukraine is necessary to stop wartime inflation, said Viktor Orban on Friday, the prime minister of Ukraine, rather than anti-Russian sanctions. He said that he was the only country that advocated for this solution.
Orban said on Radio Kossuth that the majority of EU countries believe in imposing sanctions on Russia. He said that Hungary, despite having some red lines, including an oil embargo, has chosen to swim with the tide on this strategy.
The prime minister stated that there was not need for sanctions, but rather an immediate ceasefire, which would allow both sides to discuss a peace negotiations framework.
It is in the interest of Hungary and all countries to have peace, Orban said.
He stated that his government is taking certain economic measures, such as limiting prices for certain products, to curb inflation, but this can only serve as a temporary solution.
In the past few months, Orban stressed that Hungary must be on the side of peace and that the speed of the country's military development should increase, as per the events of the past few months.
He stated that the situation in Ukraine is very serious and there is every chance that the front will move closer to Hungary.
If we want peace, we need to increase our military capabilities now, he said, adding that superhuman work would be needed for that.
NATO also feels that there is a problem, he added. He said that the eastern wing of the alliance should be strengthened.
The euro area's inflation had risen by 8.6% in June on an annual basis as the cost-of-living crisis worsened, according to Eurostat on Friday. The rate was up from 8.1% in May and was higher than expected by economists.
The recession is a period of economic decline when trade and industrial activity drops, which leads to a fall in GDP. It may be due to regulatory actions that focus on battling inflation instead of stimulating economic growth, for instance with rate hikes. Many countries, including the US and most European countries, have been fighting soaring prices caused by the Ukraine crisis and anti-Russia sanctions since the beginning of the year. More and more analysts warn that these countries will eventually find their economic growth slowing because of the fight against inflation over growth.