Business news from Ukraine

Business news from Ukraine

Belgrade–Budapest high-speed train may begin service in August or September

According to Serbian Economist, passenger service on the high-speed rail line between Belgrade and Budapest is scheduled to begin within the next one to two months, Hungarian Prime Minister Péter Magyar announced at a press conference on July 16. Thus, provided the new deadlines are met, the first trains could begin running in August or September. However, Hungarian authorities have not yet specified an exact launch date.

In the coming days, Hungarian Minister of Transport and Investment David Vitézi is scheduled to visit Serbia. During talks with representatives of the Serbian government, the parties plan to coordinate the operation of signaling systems and equipment that ensure traffic safety on the cross-border section.

The launch of passenger trains has already been postponed several times. The main issue has been the certification of the European Train Control System (ETCS) installed on the Hungarian section of the line. Inspections conducted in the spring revealed malfunctions that could have compromised train safety at speeds of up to 160 km/h.

The reconstruction of the railway line has already been completed, and on February 27, 2026, freight traffic began on the Hungarian section. The first cross-border freight train traveled from Budapest through Kelebia and Subotica toward Novi Sad. Passenger service has been postponed until the testing and certification of the signaling systems are completed.

The Belgrade–Budapest high-speed rail line is one of the largest joint infrastructure projects between Serbia, Hungary, and China. Once fully operational, it is expected to significantly reduce travel time between the two capitals and strengthen Serbia’s transport links with Central Europe.

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Hungary Has Launched Investigation Into Former Foreign Minister Szijjártó’s Ties to Russia

The Hungarian government has launched an investigation into former Foreign Minister Péter Szijjártó’s contacts with Russian authorities, Prime Minister Péter Magyar announced on July 16.

According to him, the case file contains classified documents from the Ministry of Foreign Affairs and other agencies. However, it is not yet known which agency is conducting the investigation, whether a criminal case has been opened, or whether Szijjártó is considered a suspect.

The investigation was prompted by reports that the former minister may have briefed Russian Foreign Minister Sergey Lavrov on the progress of negotiations within the EU. Szijjártó denied the allegations and stated that he had not passed on classified information to Moscow.

The investigation coincided with his departure from politics. On July 15, Szijjártó announced that he was resigning his parliamentary seat to take a leadership position at the Chinese company BYD. The prime minister called this a conflict of interest, since while serving as minister, Szijjártó had been involved in providing state support to the company.

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Hungary Has Lifted Ban on Ukrainian Media

Hungary has lifted the ban on Ukrainian media previously imposed by the Fidesz party after coordinating this matter with the Ukrainian Ministry of Foreign Affairs and representatives of the Ukrainian national minority, who participated in the decision-making process.

“Together with the Ministry of Foreign Affairs, we have lifted the ban on Ukrainian media that was previously imposed by the Fidesz party.” In 2025, Fidesz unilaterally banned Ukrainian publications in Hungary in response to Ukraine’s blocking of those Hungarian publications that failed to adhere to journalistic ethics and instead spread Russian propaganda and stoked panic about a third world war,” said Zoltán Tarr, Hungary’s Minister of Social Affairs and Culture, in a post on Facebook.

The post also notes that “media outlets spreading Russian propaganda should not be confused with the genuine, independent press, either in Hungary or internationally.”

“The ousted government constantly worked to sow discord, and the blocking of these publications served no other purpose. Our task—to foster good-neighborly relations, which will help improve the situation of Hungarians abroad—is a common national cause. By following this path, thanks to our previous historic agreement, we have achieved more in a few weeks than the ousted government did in 16 years,” he noted.

It is also reported that the decision to lift the block was coordinated with Liliana Greksa, a representative of the Ukrainian national minority. After the decision was made, she stated that it is important for the Ukrainian community and refugees in Hungary to have access to news about their country in their native language.

 

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Record 522 kg of cocaine was seized in Hungary; some of routes pass through ports in Montenegro

According to Serbian Economist, Hungarian law enforcement agencies seized a record 522 kg of cocaine, the Hungarian police reported following a press conference.

According to police, the shipment was discovered at the Csepel port in Budapest among a cargo of bananas. Investigators inspected approximately 7,000 boxes and found 438 blocks of cocaine weighing a total of 522 kg. The estimated black market value of the shipment is approximately 43 million euros. Hungarian authorities called this the largest cocaine seizure in the country’s history.

The operation involved the Hungarian National Bureau of Investigation, the Hungarian Tax and Customs Administration, German law enforcement agencies, as well as partners in the Czech Republic and Slovakia.

Police also reported the arrest of several suspects. Hungarian law enforcement officials believe the country is becoming one of the logistics hubs through which large shipments of drugs from South America are distributed further across the region.

International container shipments of cocaine have surged in recent years. While major flows previously passed through major ports in the Netherlands and Spain, shipments are now increasingly being routed to Southern and Central Europe as well, including ports in Montenegro. From there, shipments can be redirected to other countries in the region.

Hungary has no seaports, but it is actively used as a transit country thanks to its rail and road connections with Germany, Romania, Slovakia, the Czech Republic, and the Balkans. Montenegro, which has access to the Adriatic Sea, is also regularly cited in European investigations as one of the most frequent transit points for illicit shipments into the region.

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Hungary Again Closes Its Market to Ukrainian Agricultural Products

Hungary is reinstating a ban on imports of Ukrainian agricultural products, which had earlier temporarily ceased to be in force due to the expiration of emergency decrees. The new decision is intended to maintain restrictions on Ukrainian goods in the domestic Hungarian market, while the transit of products through the country’s territory, as before, may remain permitted.

According to Hungarian media, the previous ban on the import of more than 20 categories of Ukrainian agricultural products ceased to be in force on May 14 after the expiration of the legal regime on the basis of which it had been introduced. The list of restrictions included grain, oilseeds, flour, poultry meat, eggs and a number of other goods.

After that, Budapest announced its intention to restore the ban, explaining the decision by the need to protect Hungarian farmers and the domestic market. Earlier, Hungarian Minister of Agriculture István Nagy repeatedly stated that the country would not open its market to Ukrainian agricultural products even after the renewal of the trade agreement between the EU and Ukraine.

Hungary’s position remains part of a broader conflict around Ukrainian agricultural exports to the EU. After the start of the full-scale war, the European Union abolished duties and quotas for Ukrainian goods in order to support the Ukrainian economy and compensate for problems with maritime logistics. However, EU border countries, including Hungary, Poland and Slovakia, have stated that cheap Ukrainian products were putting pressure on local farmers.

The Hungarian ban is not a general ban on all Ukrainian exports. It primarily concerns supplies to Hungary’s domestic market. The transit of Ukrainian products to other EU countries or beyond the union had previously been maintained, since for Ukraine land and Danube routes remain an important part of export logistics.

Hungary explains the restrictions by the need to protect farmers from sharp price fluctuations. In 2022, flows of Ukrainian grain and oilseeds to neighboring countries increased sharply due to the reorientation of exports from the Black Sea to European routes. Reuters noted that before the war Hungary annually imported up to 50,000 tonnes of grain and oilseeds from Ukraine, while in 2022 the volume of such supplies rose to 2.5 million tonnes, and in 2023, before the introduction of the ban, amounted to up to 300,000 tonnes.

Corn became the main problematic category for Hungary. According to The Cattle Site, citing customs statistics, during the year after the start of the full-scale war, Ukraine exported 1.7 million tonnes of corn to Hungary, compared with about 30,000 tonnes before the war.

For Ukraine, the Hungarian decision has more political and logistical significance than critical trade significance. The main markets for Ukrainian agricultural exports in the EU are not in Hungary, but in larger consumer and processing countries. However, for border trade and certain commodity groups, the ban limits exporters’ flexibility and increases dependence on licensing, transit routes and agreements with the European Commission.

In 2025, the EU had already revised trade conditions with Ukraine, increasing quotas for a number of goods: for wheat — from 1 million to 1.3 million tonnes, sugar — from 20,000 to 100,000 tonnes, barley — from 350,000 to 450,000 tonnes, and poultry meat — from 90,000 to 120,000 tonnes. These changes were intended to balance support for Ukrainian exports and the interests of farmers in EU countries.

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Main buyers of Ukrainian cable products Hungary and Poland

The value of Ukraine’s exports of insulated wires and cables, including fiber-optic cables, increased by 6% in January–April 2026 compared to the same period in 2025, reaching $488.8 million.

According to statistics from the State Customs Service, Germany remained the largest importer of Ukrainian products, just as it was last year, with shipments to that country rising by 5% to $168.4 million. Its share of total exports of these products decreased slightly to 34.5%.

As in January–April 2025, the top three importers also included Hungary—$80.4 million, or 16.5%—and Poland—$80 million, or 16.4%.

In April, exports of these products rose by 3.6% compared to April 2025, reaching $125.6 million.

As reported, according to the State Customs Service, in 2025 Ukraine increased exports of insulated wires and cables by 10.6% compared to 2024—to $1.41 billion.

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