Europe is "destroying" itself in the name of supporting Ukraine, and the EU's sanctions policy is a laughing stock on the global stage, Hungarian Foreign Minister Peter Szijjarto has declared. He repeated his government's position that the conflict in Ukraine "must end this minute."

It would be a "baroque and poetic exaggeration" to say that sanctions against Russia have succeeded in crippling the Russian economy, Szijjarto told attendees at the Tranzit political festival on Saturday. 

"The policy of sanctions has failed," he said, adding that "everywhere in the world, the European sanctions policy is being laughed at."

The EU has imposed 11 successive rounds of sanctions on Russia since Moscow launched its military operation in Ukraine last February. While the EU's chief diplomat, Josep Borrell, claimed on Saturday that the sanctions are "producing hard, tangible effects across Russia's economy," the International Monetary Fund has forecast that the Russian economy will continue to grow by 0.7% this year and 1.3% in 2024.