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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.

The surge in gas and electricity prices forced nationalist Orban to curtail a years-long cap on utility prices for higher-usage households last, 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, a long-time sanctions critic, told public radio in an interview.

Orban said European leaders should reconsider their strategy, as sanctions have caused widespread damage to the European economy without weakening Russia or bringing the months-long war closer to any resolution.

All EU sanctions packages require agreement among the 27 member states. While Hungary has voted to endorse the sanctions, they objected to the inclusion of Patriarch Kirill, the head of Russia’s Orthodox Church and got him excluded from the sixth sanctions package.

Gas supplies to Europe have tightened and fuel costs have soared since late February, leaving countries scrambling to refill storage and diversify supply channels.

“The sanctions do not help Ukraine, however, they are bad for the European economy and if it goes on like this, they will kill off the European economy,” Orban said. 

“What we see right now is unbearable.”

“The moment of truth must come in Brussels when leaders admit they have made a miscalculation, that the sanctions policy was based on wrong assumptions and it must be changed.”

Meanwhile, President Vladimir Putin has said Russia must work to overcome “colossal” high-tech problems caused by Western sanctions imposed on Moscow over its military operation in Ukraine, 

“This is a huge challenge for our country,” Mr Putin said, accusing Western countries of deliberately blocking access to high-tech products for Russia.

“Realising the colossal amount of difficulties we are facing, we will look for new solutions in an energetic and efficient manner,” he said at a meeting of the Presidential Council for Strategic Development and National Projects. 

“It’s clear that we can’t develop in isolation from the whole world, but this will not be the case — it’s impossible to put up huge fences in the modern world,” Putin added.

The European Union and the US imposed severe economic and diplomatic sanctions on Russia overmilitary operation in Ukraine in late February — including targeting Russia’s military-industrial sector and limiting access to advanced technologies.

Many top tech companies including Apple, Microsoft and Intel suspended their operations in Russia, or left the country altogether, leaving Russia without any domestic alternatives. — Euronews-Moscowtimes