Hungary will not vote in favour of extending sanctions against Russian and Belarusian individuals at the upcoming meeting of the EU's Foreign Affairs Council, arguing that it would hinder US-Russian peace talks, Foreign Minister Peter Szijjarto told state television during his visit to the United States, where he met with US government officials to discuss economic and national security matters.

Szijjarto stated that Hungary was under immense pressure to approve the sanctions before their expiration in mid-March.

"It is clear that Europe’s pro-war politicians are rushing ahead and trying to create obstacles for the peace process, pushing for swift decisions in Brussels that could undermine the peace process," he said, adding that more time is needed for the Russia-US talks.

Szijjarto added that Budapest has until March 10 to determine its next steps, depending on the developments in the peace negotiations.

According to Hungary's state news agency MTI, US National Security Advisor Mike Waltz briefed Szijjarto on talks between US and Russian representatives in Riyadh.

Szijjarto expressed his support for Donald Trump's efforts to bring peace to Ukraine. "The pro-peace Hungarian government will fully back Trump and the US administration’s efforts to establish an agreement as swiftly as possible," he asserted.

Following a meeting with US Treasury Secretary Scott Bessent, Szijjarto mentioned that both sides were aligned in their opposition to the global minimum tax on large corporations. He noted that Hungary had long resisted the introduction of this measure despite pressure from the Biden administration.

In late 2022, Hungary eventually agreed to the 15% global minimum tax initiated by the OECD, which applies to companies with an annual turnover exceeding €750 million in at least two of the previous four years. Hungary had initially opposed the tax, citing potential job losses and negative impacts on investment, given its 9% corporate tax rate – the lowest in the EU.

The talks also focused on reinstating the double taxation avoidance treaty, which had been terminated under the previous administration. Since Donald Trump's return to the White House, Hungarian Prime Minister Viktor Orban has emphasised the importance of securing a new agreement with the US to avoid double taxation. He has also hinted at an impending major economic deal with the US, which could generate billions in new investments.

Hungary's leading ICT company, 4iG, is expected to be among the first beneficiaries of the emerging economic cooperation between Budapest and Washington, according to market speculation. The company has made several strategic acquisitions in the ICT sector and is actively involved in major space projects.

Its share price surged after reports surfaced that Chairman Gabor Jaszai held talks with SpaceX Senior Vice President Tim Hughes earlier this week. Jászai was also part of the Hungarian delegation that met with Donald Trump and Tesla CEO Elon Musk at Mar-a-Lago shortly after the elections.

So far this year, 4iG shares have gained nearly 90%

During his talks with Bessent, Szijjarto also criticised the former administration's decision to place Hungarian Cabinet Minister Antal Rogan on the sanctions list under the Global Magnitsky Act, calling it a petty revenge. Rogan is accused of orchestrating public procurement schemes that enriched himself and other party loyalists. Hungarian government officials called the move a political act of revenge by former US Ambassador David Pressman.

Bessent had praised the Hungarian government's measures to bring down inflation and to attract FDI, and pointed to the role of US-owned companies in the Hungarian economy.

Szijjarto called on European policymakers to stop "wailing and hiding” and instead present concrete proposals to rebalance Europe's economic and trade relations with Washington. He pointed out that European tariffs on American cars are 10%, while US tariffs on European vehicles are only 2.5% and to reach an mutual beneficial agreement, Hungary is proposing the reduction of tariffs on US-made cars.