Concerned about Russia-Ukraine conflict, Hungary imposes “Robin Hood-style” tax

According to the radio RTthis is the first action of Prime Minister Orban within the framework of the state of emergency that has just been activated by Budapest in response to the military conflict in neighboring Ukraine.

“We ask and expect these entities that make great profits in this time of war to help people and contribute to the national security budget,” Prime Minister Orban said in a video shared on Facebook. Facebook.

In a later post, Prime Minister Orban asserted that the “rapid escalation in prices” was a result of the ongoing Russia-Ukraine conflict, as well as “the policy of sanctions in Brussels” while “banking” banks and large multinationals” are reaping increased profits from rising interest rates.

The Hungarian government will “require banks, insurance companies, large commercial chains, energy and retail companies, telecommunications companies and airlines to deposit a large portion of their additional profits” in 2. The fund has just been established by the government, Orban announced, adding that the decree would be in place until the end of 2022 and 2023.

Hungarian Prime Minister Viktor Orban. Photo: Reuters

Budapest declared a state of emergency on May 24, just hours after Prime Minister Orban’s new cabinet was sworn in. The Hungarian parliament quickly approved a constitutional amendment that would have declared a state of emergency in the event of war in a neighboring country – in this case, Ukraine.

Meanwhile, Russian President Vladimir Putin on May 25 signed a decree simplifying naturalization procedures and issuing passports for residents of the Kherson and Zaporizhzhia (Ukraine) regions that Russia controls. Reuters.

Russia took control of Kherson, north of Crimea, in mid-March and parts of Zaporizhzhia in southeastern Ukraine.

In Kherson, Ukraine’s governor was ousted and the military-civilian junta announced earlier this month a plan to propose to President Putin to annex Kherson to Russia by the end of 2022. In response, Ukraine pledged to retake all of the country. territories occupied.

An aerial view of the village of Oleksandrivka, Kherson region, Ukraine on May 16. Photo: Reuters