(Bloomberg) -- Hungary hosted a Russian business forum in Budapest on Friday, showcasing booming links with Moscow that have alienated the country’s European Union and NATO allies.
Prime Minister Viktor Orban’s government, which holds the EU’s rotating presidency through December, says it observes sanctions against Russia that were passed over its objections, while still developing ties in sectors not affected by the restrictions.
“The whole of Europe is doing business with Russia, though some of them are trying to deny that,” Foreign Minister Peter Szijjarto said at a briefing with Russian Health Minister Mikhail Murashko. “The difference is we don’t see a need to hide it.”
Szijjarto was touting a business forum taking place next door which he said featured almost 80 Russian and Hungarian companies. Hungary’s largest listed firms remain active in Russia, notably lender OTP Nyrt., refiner Mol Nyrt. and pharmaceutical company Gedeon Richter Nyrt.
“Hungary is ready to give you all the support you need to do business with Russia,” said Szijjarto at the briefing. The foreign minister promised a “solution to make it easier to get your goods to Russia,” with a further announcement due in the next weeks.
Orban started off his EU presidency by sparking a global diplomatic row when he traveled to meet President Vladimir Putin in Moscow on a self-proclaimed “peace mission” in July. Szijjarto has been a regular visitor in Russia as well as Belarus, cultivating ties with energy companies Rosatom Corp. and Gazprom PJSC, of which Hungary is one of the key clients in the region.
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