War Balance

Hungary vs Serbia: support for Ukraine and trade with Russia since 2022

Hungary: Toward Russia by 6.0% of a year's GDP since 2022 (likely 0.72% to 9.8% toward Russia; very likely · 97%). Serbia: Leaning toward Russia by 1.4% of a year's GDP since 2022 (likely from 3.6% toward Russia to 1.3% toward Ukraine; likely toward Russia · 84%).

Support for Ukraine in euros: Hungary €0.68bn, Serbia €2m. More in euros: Hungary; more as a share of GDP: Hungary.

Hungary → Serbia →

These numbers measure money: aid to Ukraine and the change in what Russia keeps from trade, against a world without the war. Weapons count at their money value: aid at market value when delivered, weapons and troops sent to Russia at the seller's gain where Russia paid and in full where it did not. Votes, diplomacy and intent are not in them.

Side by side

#CountryNetSupport for UkraineRussia kept from trade, vs no warRussian money frozen (return lost)Paid Russia since 2022
Hungary−6.0%−€11.4bn · −€1,192 per personlikely 0.72% to 9.8% toward Russiavery likely · 97%+€0.68bn+0.36% of GDPvery likely · >99%€12.3bn more6.4% of GDP morevery likely · 98%€0.20bn0.10% of GDP€30.6bn16.1% of GDP
Serbia−1.4%−€1.1bn · −€160 per personlikely from 3.6% toward Russia to 1.3% toward Ukrainelikely toward Russia · 84%−€2m<0.01% of GDPessentially zero€1.1bn more1.4% of GDP morelikely toward Russia · 83%–€9.5bn12.9% of GDP

Each row: the best estimate, then its range and the chance of its direction, as in the country's panel.

What makes up each number

MeasureHungarySerbia
Share of EU aid to Ukraine+€0.36bn+0.19% of GDP–
Cost of hosting refugees from Ukraine+€0.16bn+0.09% of GDP+€3m<0.01% of GDP
Private donations to Ukraine+€83m+0.04% of GDP–
Government aid to Ukraine+€54m+0.03% of GDP+€3m<0.01% of GDP
Share of IMF and World Bank lending to Ukraine+€10m<0.01% of GDP–
Purchases from Ukraine vs no war+€6m<0.01% of GDP+€16m+0.02% of GDP
Refugee spending kept in the host economy−€4m<0.01% of GDP–
Arms Ukraine bought here–−€12m−0.02% of GDP
Other countries' aid to Ukraine spent here–−€10m−0.01% of GDP
Extra services sold to Ukraine–−€1m<0.01% of GDP
Extra sales to Ukraine–−€1m<0.01% of GDP
Russia's gain from war-time fuel prices−€9.8bn−5.1% of GDP−€1bn−1.4% of GDP
Rosatom projects and Russian state loans−€0.78bn−0.41% of GDP–
Company profits in Russia−€0.77bn−0.41% of GDP−€7m<0.01% of GDP
Company taxes paid in Russia−€0.76bn−0.40% of GDP−€10m−0.01% of GDP
Russia's gain on fuel and goods it sold−€0.42bn−0.22% of GDP+€0.23bn+0.32% of GDP
Russian oil bought via other countries+€0.29bn+0.15% of GDP−€87m−0.12% of GDP
Extra price Russia paid because of sanctions−€37m−0.02% of GDP−€69m−0.09% of GDP
Services bought from Russia+€14m<0.01% of GDP+€9m+0.01% of GDP
Services sold to Russia+€7m<0.01% of GDP−€34m−0.05% of GDP
Profits of Russian-owned companies abroad–−€84m−0.11% of GDP
Weapons bought from Russia–+€7m<0.01% of GDP
Payment agents settling Russia's trade–−€7m<0.01% of GDP
Sellers' gain on sales to Russia–+€6m<0.01% of GDP
Frozen Russian central bank reserves€0.13bn0.07% of GDP–
Frozen Russian private assets€70m0.04% of GDP–

+ toward Ukraine, − toward Russia

Year by year

YearCountrySupport for UkraineTrade: toward Ukraine (+) / toward Russia (−)Russian money frozenNet
2022Hungary+€268m−€8.3bn+€14m−€8.0bn
Serbia+€1m−€950m€0−€949m
2023Hungary+€184m−€1.5bn+€63m−€1.3bn
Serbia−€2m−€260m€0−€262m
2024Hungary+€151m−€761m+€54m−€555m
Serbia−€4m+€13m€0+€9m
2025Hungary+€108m−€1.6bn+€41m−€1.5bn
Serbia+<€1m+<€1m€0+€1m
2026*Hungary−€36m−€27m+€24m−€38m
Serbia+€2m+€144m€0+€145m

Each year's amount: + toward Ukraine, − toward Russia. *2026: to August.

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Cite as: War Balance, figures to August 2026, https://warbalance.org/compare/hungary-vs-serbia/