Hungary's prime minister says the European Union must abandon its policy of sanctioning Russia for its war in Ukraine or risk causing an economic collapse.

The European Union needs to reconsider its sanctions against Russia, as they are keeping energy prices high and undermining the bloc's economic competitiveness, according to Hungarian Prime Minister Viktor Orbán.

BUDAPEST (Reuters) - The European Union needs to reconsider sanctions against Russia as they are keeping energy prices elevated, hindering the bloc's economic competitiveness, Hungarian Prime Minister Viktor Orban said on Friday. European Union leaders signed a declaration on competitiveness at their informal summit last week.

The European Union needs to rethink its support for Ukraine following Donald Trump's U.S. election victory, Hungarian Prime Minister Viktor Orban said before a summit of EU leaders on Friday, adding that Europe cannot finance the war alone.