Hungary wants to be part of the Russian-led International Investment Bank (IIB), but said on Thursday it was unclear whether it could do so financially.
The Development Bank was recently relocated to Budapest with the support of the Hungarian government Was transferred Called the “Trojan Horse of Putin” by the opposition, it has raised concerns at home and abroad, especially in the United States.
In 2019, nine U.S. Democratic senators, including then-presidential candidate Bernie Sanders, wrote a letter revealing reservations about the IIB, which is “widely seen as part of Russian intelligence.”
The United Hungarian opposition, led by Independent Mayor Peter Margi-J, described the financial institution as a “spy bank” and called for Hungary’s withdrawal after Russia invaded Ukraine.
Russia is the bank’s largest shareholder with 47.46 percent, followed by Hungary (17.37 percent).
EU countries Bulgaria (9.93 per cent), Czech Republic (8.80 per cent), Romania (6.14 per cent) and Slovakia (6.7 per cent) each hold one share.
“It is a functioning bank that has provided loans for various developments in Hungary, so I can say that these developments are only in the interests of Hungary,” government spokesman Gerkeli Giulius said on Thursday.
Although Gulyás pointed out that the announcements of other EU countries have not yet been acted upon, he doubted that Budapest would have sufficient cash flow in the bank.
“We don’t want to back down, the question is whether there are other ways, but it is an economic question,” he said.
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