With Orbán being Putin's biggest supporter in Europe, Hungary's turn to take on the presidency of the EU will no doubt raise major headaches for neighboring leaders and diplomats. Initiatives that Hungary puts forward in this period should be taken with a grain of salt.
When one soberly looks at the troubles facing Europe, the war in Ukraine is undoubtedly the source of the biggest problems. Russia and Ukraine will inevitably hold talks to end the war, and rather than looking to prolong the conflict, Hungary's perspective is to meaningfully engage in that process so all of Europe's interests can be put forward.
There is a 4% chance there will be a bilateral cease-fire or peace agreement in the Russo-Ukraine conflict in 2024, according to the Metaculus prediction community.