Hungary's Prime Minister Viktor Orban on Tuesday imposed a new state of emergency in order to be able to tackle the challenges emanating from the conflict in neighboring Ukraine.

The country was already under another state of emergency linked to the COVID-19 pandemic.

"The world is on the brink of an economic crisis," Reuters quotes Orban to say, reiterating that Hungary must stay out of the war in Ukraine and "protect families' financial security."

The PM said his government's first measures would be announced on Wednesday.

(With input from agencies)