Hungary believes that the European Union's sanctions policy against Russia is nothing but a failure, the country’s Foreign Minister Peter Szijjarto said, Paralel.Az reports citing TASS.

"Well, our position is crystal clear when it comes to the sanctions. We consider the sanction policy of the European Union as a total failure," he told TASS on the sidelines of the UN General Assembly.

According to him, the EU's restrictive measures against Russia have in no way helped to achieve the intended goal of bringing the settlement of the conflict in Ukraine closer, and have also caused more damage to the economies of European countries than to Russia. "It is so obvious we have suffered from skyrocketing inflation. We have suffered suffered from rapidly increasing energy prices. Both of them were the consequences of the sanction regime," he pointed out.

In addition, the Hungarian foreign minister emphasized that major Western countries and companies are simply circumventing the anti-Russian sanctions they have imposed. "So it's hypocritical, it's senseless, and it has failed. This is my short opinion about the sanction policy," he concluded.