Will Russia return Budapest palace and pay billions owed to Hungary?
The Russian-led International Investment Bank (IIB) faces questions over whether it will give back the HUF 74 billion (EUR 200 million) in capital it received from the Hungarian government, as well as the Budapest-based Chain Bridge Palace, which serves as its headquarters. Hungary decided to leave the bank in April following US and NATO pressure, as well as travel bans imposed on the bank’s Hungarian vice-chairman. While the bank announced it would leave Hungary, it reportedly owes a considerable sum to the Hungarian government, while the IIB claims the palace remains theirs. The Hungarian state has an option to buy the palace, and it is thought that, given IIB’s financial situation, it may be sold back to Hungary. However, the bank claims it has no contact with the government and no decision has yet been made regarding the building.
