East-west cooperation is an essential national interest for Hungary, Prime Minister Viktor Orbán said after a meeting with Russian President Vladimir Putin, while Putin said Hungary is an important and reliable partner of Russia, Origo reports.
At a joint press conference following the Moscow meeting Putin said that the two countries’ bilateral trade has increased by 25 percent to $5 billion, capital investments to $1 billion and joint innovations are being developed in the high-tech sector. Putin said Russian companies did the renovation work and supplied the carriages for the Budapest metro lines and Hungary’s OTP Bank (with subsidiaries in nine countries) is one of the largest banks in Russia with almost four million customers.
Hungarian Prime Minister Viktor Orbán and Russian President Vladimir Putin during an official visit to Moscow, September 18, 2018. (Image: Viktor Orbán, Facebook)
Putin also said Russia supplies 60 percent of Hungary’s natural gas needs and Hungarian gas storage units also contribute to supplying other countries in the region. Russian state corporation Rosatom will shortly begin the capacity upgrade of Hungary’s only nuclear power plant in Paks (originally built by the Soviet Union in 1982) with two new blocks.
The two sides, according to Orbán, also concluded an agreement regarding Hungary’s gas supply for the year 2020. The price and amount of gas supplies by Russia to Hungary are subject to annual contracts.
Responding to a question, Putin said that the migration crisis must be solved at its source and politics should not encourage immigration, but the issue was not Russia’s, it “must be solved by our European colleagues”.
