Postcard from Budapest
Eye World , Issue 1629
viktor-orban.jpg
VIKTOR’S SPOILS: Hungarian PM Viktor Orbán is championing Vladimir Putin and Donald Trump
AS Hungary takes over the EU presidency at a time of tumult, one question is preoccupying Brussels wonks: why exactly does prime minister Viktor Orbán dance like a costumed gimp for Vladimir Putin?

Orbán has gone out of his way to prevent and delay all forms of aid for Ukraine and is now positioning himself as a broker for a deal between Putin and Donald Trump (Ukraine itself seems to feature as an afterthought). After paying a visit to the Kremlin in early July, Orbán sent a letter to EU leaders heralding Trump's "well-founded plan" to end the war.

The "plan" is for US military aid to Ukraine to be halted unless Kyiv comes to the negotiating table, freezing the current front lines and Nato accession off the table for many years. That's remarkably similar to Putin's own proposals.

Friendly foundation
The favours seem to go a lot further than stiffing Ukraine. The Mathias Corvinus Collegium Foundation (MCC, not to be confused with the venerable cricket club) started life in the 1990s as a Hungarian educational foundation. In 2020 MCC received a $1.7bn endowment from the Hungarian state and then transformed into something altogether different.

Under the leadership of Orbán's political director Balázs Orbán (no relation), MCC has become an international proselytiser for "illiberal democracy" – an ideology that overlaps extensively with the Kremlin worldview.

This is no weedy NGO. MCC's endowment includes a 10 percent shareholding (currently worth about $650m) in MOL, the Hungarian oil refiner. In 2022 alone that stake generated $65m for MCC.

Surprisingly (or not, depending on your view), after invading Ukraine in 2022 Russia started discounting crude supplies to Hungary, as well as increasing volumes, juicing MOL's bottom line. The more profitable MOL is, the more forints land in the coffers of MCC. To put it crudely, selling crude to MOL at below-market rates is a Moscow subsidy to Budapest – including MCC.

Forint investment
What does MCC do with its vast wealth? The short answer is, we don't know for sure. But we do know it set up a satellite think tank in Brussels in 2022 (Eye 1589).

It's not easy to track MCC Brussels because it has repeatedly re-registered as an entity, but in one year at least it received €7m from its parent foundation. Most Brussels think tanks have an annual budget closer to €1m.

MCC also awards lucrative "fellowships" to fellow travellers in both Europe and the US and funds chairs at educational institutions such as Berlin's elite ESMT business school.

Vance partner
If Trump wins the US election, Orbán will have top-cover from across the Atlantic. The annual Conservative Political Action Committee (CPAC) event in Budapest is a love-in for nationalist authoritarians from Europe and the US. Trump's running mate JD Vance is a devout Orbán cheerleader, and Balázs Orbán returned the favour after Vance was confirmed, tweeting: "A Trump-Vance administration sounds just right."

As a machine for turning Russian oil into disruptive influence, MCC works in plain sight. That bodes ill for Ukraine and the European liberal democracies it targets.

COLUMNISTS
Issue 1629
pandemic update
With M.D.: "In MD's view, convicted baby-killing nurse Lucy Letby should be granted leave to appeal her verdicts, preferably without having to wait 10 years in jail first. There have been sufficient serious concerns raised by credible experts in numerous fields as to whether the science and statistics were presented fairly and completely to the jury at her trials; and had they heard the fuller picture with alternative explanations for the deaths, they may have changed their verdicts on some or all of the cases…"
agri brigade
With Bio-Waste Spreader: "The latest revised total income from farming (TIFF) figure for England for 2023, published recently by the Department for Environment, Food & Rural Affairs, shows a 19 percent drop to £4.5bn. This fall was driven primarily by decreases in farmgate prices for arable crops and milk. 'TIFF', however, is a misnomer as the 'income from farming' figure includes farm diversification enterprises (£1.4bn) and subsidies not linked to food production (£1.7bn)…"
signal failures
With Dr B Ching: "Labour's pre-election 'plan to fix Britain's railways' ignored HS2 but will be tested by problems paraded in an HS2 update last week from the National Audit Office. As the rail industry lacked coherence and leadership, the Department for Transport took charge of HS2, now estimated to cost £45bn-£57bn (excluding recently identified 'cost pressures') just for London-Birmingham. DafT created HS2 Ltd to deliver the project and entrusted development of HS2 train services to the firms responsible for Avanti West Coast (yes, really!)…"
eye tv
With Remote Controller: "The first French Olympiad for a century immediately revealed two location-related problems: the drenching July weather and the games taking place in the nation whose language Brits are most likely to speak. This encourages, among those fronting the BBC's Olympics 2024, an attempted bilinguality that comes out as Franglais. 'Bonsoir, tout le monde!' Hazel Irvine began her first commentary stint…"
keeping the lights on
With Old Sparky: "At the big launch of GB Energy last week, energy secretary Ed Miliband chose his words carefully. He is trying to walk back some of the literally unbelievable commitments Labour made before the election on 100 percent electricity decarbonisation and reducing our energy bills for good, all by 2030. Keir Starmer was not intending to undercut Miliband's retreat, but he was goaded by hacks into repeating a pre-election promise.…"
music and musicians
With Lunchtime O'Boulez: "After a year's 'reflection' on his habit of encouraging colleagues with the odd slap, news that conductor John Eliot Gardiner will not return to the choirs and orchestras he founded is no great surprise, though it disappointed some. The announcement from the collected ensembles of the Monteverdi Choir, the English Baroque Soloists et al suggested Gardiner had no choice, while his own version suggested he did…"
in the city
With Slicker: "And with one bound – or maybe two – he was free. Alistair Barclay has avoided the humiliation of either bankruptcy or an individual voluntary arrangement with his creditors receiving only pennies in the pound. The bankruptcy petition filed against him last December by Investec Bank, owed £950,000, was withdrawn two weeks ago and with it seemingly went the need for the IVA…"
eye world
Letter from Accra
From Our Own Correspondent:
"Akwaaba! Welcome to the home of the other presidential contest this winter. In Ghana, we used to pride ourselves on more or less credible, rather dull elections, in which the same two parties would slug it out every four years. This allowed us to worry about our friends across the Atlantic. As a sign of our concern, we offered citizenship rights to all African-Americans…"
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