It comes weeks after Hungary assumed the rotating presidency of the Council of the European Union, a role in which it would normally host the event, and amid anger over a meeting Prime Minister Viktor Orban held with Russian President Vladimir Putin in Moscow earlier this month.

Mr Borrell said Hungary's actions should have consequences and that "we have to send a signal, even if it is a symbolic signal".

Hungary described the move as "completely childish".

Every six months, under each new council presidency, the EU's foreign and defence ministers hold informal meetings to discuss the biggest global issues facing the bloc.