BUDAPEST—The European Union has “shot itself in the lungs” with ill-considered economic sanctions on Russia, which, unless rolled back, risk destroying the European economy, Hungarian Prime Minister Viktor Orban said on Friday.
Gas supplies to Europe have tightened and fuel costs have soared since Russia’s invasion of Ukraine in February and subsequent sanctions, leaving countries scrambling to refill storage and diversify supply channels.
The surge in gas and electricity prices forced Orban to curtail a years-long cap on utility prices for higher-usage households on Wednesday, rolling back one of the 59-year-old prime minister’s signature economic policies.
“Initially, I thought we had only shot ourselves in the foot, but now it is clear that the European economy has shot itself in the lungs, and it is gasping for air,” Orban told public radio in an interview….
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